What is Algorand? Algorand is an open source Layer 1 Blockchain that uses an AVM virtual machine that is not compatible with EVM. Algorand was launched in 2019 by the Algorand Foundation, the Algorand blockchain was born to improve security, scalability and decentralization. So what makes Algorand stand out? Let’s find out with Weakhand.
To better understand Algorand, please read the articles below:
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- What is Sui (SUI)? Sui Cryptocurrency Overview
- What is Taiko? Overview of Taiko Cryptocurrency
What is Algorand?
Overview of Algorand
Algorand is an open source, decentralized, secure, highly scalable, and fast layer 1 blockchain.
Algorand uses the PPoS (Pure Proof-of-Stake) consensus mechanism which is a variation of PoS to secure the network and allows for the processing of many transactions quickly without sacrificing quality. create decentralization.
Algorand is capable of processing 1000 TPS transactions and transaction times of about 5 seconds, at a cost of about 0.001 $ALGO.
Algorand allows developers to use the Algorand Standard Asset (ASA) protocol to create new tokens or transfer existing tokens to the Algorand ecosystem.
Algorand uses an AVM virtual machine that supports Turing-complete smart contracts, allowing developers to easily leverage powerful functionality by writing smart contracts in Python or Reach, a language similar to Turing. like simple javascript.
Highlights of Algorand
- Pure Proof-of-Stake (PPoS): Algorand uses Pure Proof-of-Stake (PPoS) consensus mechanism built on user-friendly Byzantine consensus, allowing everyone to participate in building financial protocols and applications. decentralized government.
- Algorand Standard Asset (ASA): Allows users to create and deploy crypto assets on the Algorand blockchain: Tokens, NFTs, stablecoins, … with advantages: fast and safe; low implementation costs; easy and simple asset release for developers and businesses; Global interoperability of all assets released on Algorand.
- Algorand Smart Contract (ASC1): Algorand’s ASC1 provides an advanced, cost-effective and scalable solution, implemented on-chain in a secure, tamper-proof manner. Algorand’s ASC1 smart contract is written in a new programming language called Transaction Execution Approval Language (TEAL), which, along with PyTeal, is a python language binding.
- Blockchain Algorand cannot fork: Algorand uses a PPoS consensus mechanism that facilitates the development of decentralized finance protocols and applications, while eliminating the problem of forks in Algorand’s blockchain.
Algorand’s ecosystem
Algorand’s ecosystem is relatively comprehensive and has more than 220 projects with all the pieces of the puzzle: DeFi, NFTs, Music, Gaming, Bridges and Oracles, Infrastructure providers, Governance, …
- DeFi: DeFi projects include: Alammex, Algodex, Algofi, Humbleswap, Tinyman, Folks Finance, …
- NFT Art & Music: Including projects: Rand Gallery, Abris, Aorist, Stoi, Republic, Cryptoslam, Dequency, Opullous.
- Gaming: Aegir Tactics, Alchemon, Algomond, Fracctal Monsters, Play Alloy, Zone, Polynize, Algoseas.
- Oracles and Bridges: Algomint, Flare, Icon, London Bridge, Messina, Wormhole, Pnetwork, Gorancle.
- Infrastructure: Aikon, Algoexplorer, Blockdaemon, Bloq, Bluemi, C3, Chainalysis, Rarsiq, Pocket Network.
Algorand’s Development Roadmap
Updating
Core Team
Silvio Micali – Founder
- Silvio’s qualifications: Bachelor of Mathematics from University Sapienza di Roma, Italian; Get a PhD University of Toronto; Doctor of Philosophy, Doctor of Computer Science, University of DUniversity of California, Berkeley.
- Silvio is the recipient of the Turing Prize (in computer science), the Gödel Prize (in theoretical computer science) and the RSA Prize (in cryptography).
- Silvio is a member of the National Academy of Sciences, the National Academy of Engineering, the American Academy of Arts and Sciences, and of the Academia dei Lincei. A faculty member in the Department of Electrical Engineering and Computer Science at MIT
- Silvio has been Founder at Algorand since 2017.
Paul Riegle – CPO
- Paul graduated from the University of Integrated Science and Technology James Madison; MBA graduate from Notre Dame University, Chicago.
- Paul has worked and held the following positions: Project Manager for sales activities at Monster Worldwide; MBA at the University of Notre Dame; Global product manager at IBM; Director, Product Management at Carbon Black.
- In September 2018, Paul worked at Algorand. From 2021 until now, Paul has held the position of Chief Product Officer (CPO) at algorand.
Matthew Commons – CFO
- Matthew graduated from the Wharton School of Finance and Marketing; Bachelor of International Studies and German Studies University Pennsylvania; MBA graduate from Harvard Business School.
- Matthew has worked and held the following positions: Lecturer at MIT Cambridge Business Forum; Chief Financial Officer and Chief Operating Officer at Ogin, Inc; CEO, President and Co-Founder at Cambridge Blockchain, Inc; Chairman of Commons Partners LLC.
- Currently Matthew is Chief Financial Officer (CFO) at Algorand.
Jing Chen – Head of Theory Research and Chief Scientist
- Jing earned a Bachelor’s and Doctor’s degree in Computer Science from Tsinghua University; Doctor of Philosophy, Doctor of Computer Science Institute Massachusetts Technology.
- Jing works at Stony Brook University, a flagship SUNY university, as an Assistant Professor.
- Since 2018 Jing has been working at Algorand as a Scientist.
Michele Quintaglie – CMO
- Michele graduated with a Bachelor of Arts from the University Villanova; Advanced study at the University of London; obtained a Master’s degree in Communication and Journalism from the University of Nairobi.
- Michele has worked and held positions: Global Communications Director (CCO) at VISA; Director of Global Corporate Marketing & External Communications at United Technologies; Head of global media relations and public relations at Raytheon Technologies; Principal at Dwight St. Advisory.
- In 2022, Michele returns to work at Algorand as Director of Marketing and Communications.
Gary Malouf – VP of Engineering
- Gary graduated with a degree in Applied Mathematics from Marist College; Graduated from School Operations Research Northeastern University.
- Gary worked and held positions: Architect at Crossing Communications Inc; Technical consulting at Unaffiliated; Vice President of Technology at OfferLogic; Deputy Technical Director, Technical Director at Wayfair.
- In August 2021, Gary returned to work at Algorand as Deputy Technical Department.
- Chris earned his PhD in Computer Science and Artificial Intelligence from MIT; Chris received a Professorship in Computer Science and Engineering at the University of Michigan.
- Chris specializes in research and work in the fields of cryptography, networks, cryptographic theory, algorithms, and computational complexity.
- Currently Chris is Head of Cryptography at Algorand.
Anne T. Warner – General Counsel
- Anne T earned a Bachelor of Arts, Bachelor of Russian Studies from Yale University; Studied International Law at Harvard Law School.
- Anne T has worked and held the following positions: Senior Consultant at Inverness Medical (now Alere, Inc.); International consultant, CEO,International consultant, Managing Director at Alexion Pharmaceuticals; Consultant and Director at Pegasystems; Consultant at The Velcro Companies.
- Currently Anne T works at Algoran as a Consultant.
Advisory Board
In addition to the highly qualified and experienced Core Team in both DeFi and TraFi, Algorand also has a team of advisors who are Professors and Doctors in the fields of finance, crypto and economics,…
Investors
Algorand has raised approximately $132M from 16 investors: Brainchild, NGC Ventures (venture arm of NEO Global,) Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc., Wibson, 11-11 Ventures, DG Ventures, Winslow Strong, Invermaster, …
In October 6, 2021, Arrington Capital supported $100M to build an ecosystem on Algorand.
In September 2021, Algorand continued to receive $250M from Skybridge and $300M from the Algorand Foundation itself.
Tokenomics
Information about Algorand Token
- Token Name: Algorand
- Ticker: ALGO
- Blockchain: Algorand
- Standard: Updating
- Total Supply: 10,000,000,000
ALGO Token Allocation
- Public 1 Round: 25,000,000 ALGO equivalent to 0.25%.
- Public 2 Round: 2,975,000,000 ALGO equivalent to 29.8%.
- Team: 2,500,000,000 ALGO equivalent to 25%.
- Rewards: 1,750,000,000 ALGO equivalent to 17.5%.
- Mining: 2,500,000,000 ALGO equivalent to 25%.
- Grants: 250,000,000 ALGO equivalent to 2.5%.
ALGO Token Release
- Public 1 Round: 100% unlocked.
- Public 2 Round: Not yet implemented.
- Team: 100% unlocked.
- Rewards: 0.9143% TGE, then vesting 0.914% /month.
- Mining: 4.1667% TGE, then vesting 4.17%/month.
- Grants: 1.7334% TGE, then vesting 1.73%/month.
ALGO Token Use Case
- Pay fees on the network.
- Stake participates in validating Validator
- Reward Developers who participate in Hackathon programs. Algorand’s contests and campaigns.
ALGO Token Exchange
ALGO token is currently traded on exchanges: Binance, Kucoin, Houbi, Gate, Crypto.com, Bybit, MEXC, OKX, …
Project Information Channel
- Website: https://algorand.com/
- Twitter: https://twitter.com/algorand?lang=en
- Telegram: https://t.me/algorand
- Medium:
Summary
Algorand is a layer 1 blockchain using PPoS algorithm (pure proof of stake), Algorand was born to improve security, scalability, low fees and decentralization.
The article hopes to provide useful information to readers about the Algorand project and ALGO token.