Algorand (ALGO): FutureFi

What is Algorand (ALGO)?

Algorand was launched by Turing Award-winning MIT professor Silvio Micali in 2019, it’s an increadibly fast blockchain that creates a balance between decentralization, scalability, and security.

Algorand is a Layer 1 decentralized network with smart contract support. Its main aim is to guarantee borderless trust on a global scale without the need of having to implement difficult technology.

Algorand is known as a platform that builds different types of decentralized applications: DeFi, NFTs, and a variety of other projects. Its Algorand Virtual Machine (AVM) backs up Algorand blockchain nodes and executes smart contracts and smart signatures in no time. You can choose from a stack of programming languages for Algorand such as: Java, JavaScript, Go, and Python SDKs.

The key features of Algorand

Alogrand Virtual Machine

Slightly mentioned above, Algorand’s AVM is a really fast tool to evaluate smart contracts and submit smart signatures to create a transaction. Algorand can easily handle over 1,000 transactions per second and it allows for settlement in under 5 seconds. The fees are also lower compared to Alogrand’s main market competitors (.001 ALGO) which is a big pro.

Transaction Execution Approval Language (TEAL)

The TEAL language is Algorand’s assembly language for writing trustless smart contracts, that can be then integrated into Layer 1. The implementation of TEAL proves that the network is indeed fast, cost-efficient, and functionally advanced. This provides efficient and seamless options for blockchain developers.

Alogorand’s Pure-Proof-of-Stake

Pure-Proof-of-Stake (PPoS) really makes Algorand stand out is its unique variation of the Proof-of-Stake consensus protocol. The agreement could be reached in two siple steps but if the elected leader is not trusted by at least two-thirds of the participants, then the consensus is only possible via a constant number of steps.

Pure Proof-of-Stake makes the network resilient to malicious attacks. In the unlikely event of the network’s hack, the hacker would have to constantly pay cost fees in order to access and further disrupt the network and Algorand would be able to recover very quickly.

Why choose GetBlock’s nodes for Alogrand?

As a highly scalable and efficient network, Algorand is a popular choice among Web3 developers. GetBlock — a leading top-notch blockchain nodes provider — offers instant access to Algorand’s expanding ecosystem, and makes it possible to create various successful decentralized applications in an easy way.

GetBlock’s shared nodes for Algorand allow not only experienced developers but also beginners to try out the Algorand blockchain’s features under realistic conditions.

Algorand dedicated nodes by GetBlock are privately designed nodes, more suitible for larger decentralized businesses, this option guarantees fast Web3-driven technology integration.

As a blockchain-as-a-service-provider, GetBlock helps its clients to save time and money by offering an array of user-friendly services. Wheter you have any questions you can write them in the comments or to contact GetBlock’s team.

Article: https://getblock.io/blog/algorand-algo-futurefi-with-getblock-blockchain-nodes/

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
GetBlock

GetBlock

100 Followers

GetBlock is a service that provides fast and easy API connection to blockchain nodes of 40+ cryptocurrencies.