Algorand is a new cryptocurrency utilizing a “Byzantine Agreement on Steroids” consensus protocol that proposes a solution for blockchain scalability, long transaction confirmation times, and the high energy consumption with Proof-of-Work (PoW) blockchains.
A test prototype of Algorand has demonstrated Algorand’s capability to perform with: 125x the transaction throughput of Bitcoin whilst scaling well to 500,000 users, Transaction confirmation times within a minute and a significantly small probability of forks, Trivial computations that require a few seconds of computation and do not require extensive computing power, miners, or proof of work to be done, Security against strong adversaries in the network
Algorand’s token will be used to collect pending transactions in the network and create a new block with them, verify their legitimacy by ensuring there are no fake transactions or attempts to double spend.
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Hardcap is unknown
Status: Whitepaper is ready
Computer scientist at MIT Computer Science and Artificial Intelligence Laboratory,. Received the Turing Award for the year 2012
Prof. Nickolai Zeldovich
Associate Professor at MIT
Assistant Professor at Stony Brook University
Professor of electrical engineering and computer science at MIT, Received the Turing Award for the year 2012