Blockchain based decentralized crypto currencies have drawn much attention and been widely-deployed in recent years. Algorand is one of them,that build and developed the world’s first open,permissionless,pure-proof-of-stake Blockchain protocol that,without forking,provides the necessary security,scalability and decentralization needed for today’s economy.
This article will explore how can Algorand solves the issue of security and scalability and what kind of approaches to win the customer’s trust.
Designed protocol:-
The Algorand, is designed on the protocol of pure-proof-of-stake, that is designed for speed and finalizing block instantly.
This is the designed implementation that defines how people can participate in a decentralized network. While using this protocol pure-proof-of-stake gives everyone the opportunity to participate in Algorand network. Because ‘pure’ means they are free to come and go as they please their algo are not locked up or bounded for any period of time as you can see in other block chains, there is no third party involvement in your assets. If any user can turn off the light switch at any time no penalty or fear of losing their stake. In other words, you can say it’s designed on independent platform.
Performance:-
In order to make this concept work, pure-proof-of stake is solving of computation intensive puzzle to validate transactions and create new block, each block is secured through Algorand techniques that requires miner to minimize computation power in order to add new blocks.
Approaches to solve the issue of security and scalability
It is clear that, why Algorand chooses pure-proof-of- stake because it allows the participant to make decisions freely without any participant need superior authority. So these are the approaches that is used to solving the issue of security and scalability to wins the users trust are mentioned below:-
· Slow speed of processing transaction are faced and ppos provides fast validation
· Solves the difficulty in executing cross border transactions
· Most of the users faced numerous hidden payment charges to make their investment less profitable. Algorand provides an open less platform that solves the issue of hidden charges
· Stops the 51% Sybil attack
· No need for special equipment
· No forking
· No uncertainty
· A stable platform you can trust
It is no doubt that Algorand technology solves all of these issues regarding to ‘security and scalability’ by its revolutionary tool like providing the protocol of pure-proof-of-stake.
This revolutionary tool, the Algorand is designed to solve the issues and gives the solutions that are aforementioned and is embedded with features which make it unbeatable and reliable for users, who carrying the Algo token.
The alarming issue of scaling:-
Algorand Blockchain is really a firm believer in pure-proof-of-stake approved to create a big change in payment systems through its efficient infrastructure and techniques; that confirms the transaction with latency on the order of minute while scaling too many users.
Besides as, Algo executes the 1000 transactions in every second in the processing time from of 5 seconds, users of Algorand’s enjoy the security, low cost of payment, less energy,less computing process and gain more profits.
Algorand make the less complicated payment channel and cheaper for its users. So Algorand is basically a very simple and fast network, proposed for all users and we have no longer need of a lengthy computational process.
Conclusion:-
To put in a nutshell, Algorand is a balanced project that solves the Blockchain trilemma and it’s a strong tie between users and their network. So, that’s why they win 60 million users at that time because they win the trust of users by providing them a permissionless platform by solving their issues regarding to security and scalability.
I think there are more project solving the trilemma, but let us see if they can continue their work (without lets say security breaches in the future). I think Algorand has great solution for this usin VRF.