Developed by cryptography pioneers, Algorand (ALGO) introduces a novel way to address major bottlenecks Web3 segment is struggling with in 2022.
What is Algorand (ALGO)?
Launched by Turing Award-winning MIT professor Silvio Micali in 2019, Algorand is an insanely fast blockchain that seeks to create a balance between decentralization, scalability, and security, thus solving the blockchain trilemma.
Algorand is a Layer 1 decentralized network with smart contract support. Its main goal is to guarantee borderless trust on a global scale without having to implement complex technology.
Algorand has established its name as a platform for building different types of decentralized applications including 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 a matter of seconds. Algorand offers a stack of programming languages to choose from: Java, JavaScript, Go, and Python SDKs.
Algorand key features
Algorand Virtual Machine
Besides the features mentioned above, Algorand’s AVM is an exceptionally fast tool to evaluate smart contracts and submit smart signatures in order to perform a transaction. Algorand can handle over 1,000 transactions per second and allows for settlement in under 5 seconds. The fees are also lower compared to Alogrand’s main market competitors (.001 ALGO).
Transaction Execution Approval Language (TEAL)
The TEAL language is Algorand’s assembly language for writing trustless smart contracts, which are then integrated into Layer 1. Algorand strives to provide efficient and seamless options for developers. The implementation of TEAL proves that the network is indeed fast, cost-efficient, and functionally advanced.
Algorand’s Pure-Proof-of-Stake
What makes Algorand stand out is its unique variation of the Proof-of-Stake consensus protocol, known as Pure-Proof-of-Stake (PPoS). The agreement could be reached in just two steps. However, 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 Algorand blockchain is able to recover very quickly. The attacker would also have to constantly pay cost fees in order to access and further disrupt the network.
Why do you need GetBlock’s nodes for Algorand?
Being a highly scalable and efficient network, Algorand is currently a popular choice among Web3 developers. GetBlock - a pioneer top-notch blockchain nodes provider - offers instant access to Algorand’s expanding ecosystem, thus making it possible to create various successful decentralized applications in an easy way.
GetBlock’s shared nodes for Algorand allow both beginners and experienced developers to try out the Algorand blockchain’s features under realistic conditions. GetBlock clients share node infrastructure with other peers.
Algorand dedicated nodes hosted by GetBlock are privately designed and tailored nodes, which could be of interest to larger decentralized businesses. Algo dedicated nodes guarantee fast Web3-driven technology integration.
Being a blockchain-as-a-service-provider, GetBlock continues to help its clients save time and money by offering an array of user-friendly services. If you have any questions, please do not hesitate to contact GetBlock.
