Algorand (ALGO)
Table of Contents
About
“We are the world’s most decentralized, scalable, and secure blockchain infrastructure. From decentralized finance to generative NFT art (and everything in between), our sustainable blockchain is powering the economic models of the future.”
In 2017, Silvio Micali (a professor of computer science at the Massachusetts Institute of Technology) founded Algorand, a fully decentralized, secure, and scalable blockchain which provides a common platform for building products and services for a borderless economy.
Silvio Micali is a recipient of the Turing Award (in 2012) for his fundamental contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies and blockchain protocols.
What Makes Algorand Unique?
Algorand was invented to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. Algorand is designed so that there are lower transaction fees, and is based on a permissionless pure proof-of-stake (PoS) blockchain protocol.
Major Developments
- Algorand Chosen as Public Blockchain to Support Digital Guarantees Platform in Italy [Dec 2022]
- new platform is expected to become operational in early 2023 and will be the first time an EU Member State enables the use of blockchain technology for bank and insurance guarantees
- Algorand Protocol version 3.9 boosts performance 5x [Sep 2022]
- introduction of State Proofs that enable trustless interoperability, 6000 TPS, sub 4 second average block latency, and AVM 7 with on chain randomness within smart contracts
- Universal Music Group to Release NFTs on LimeWire’s Algorand Marketplace [May 2022]
- music label behind Taylor Swift, U2, Kendrick Lamar, and BTS will let artists drop NFTs on the new Web3 version of LimeWire