Launched in June 2019 by computer scientist and MIT professor Silvio Micali as permissionless and open-source that anyone can build on, Algorand is similar to Ethereum with its smart contract feature (agreements coded to build decentralized finance applications); is a decentralized, secure and scalable cryptocurrency project and blockchain network.Algorand's supply is limited to 10 billion. With a capacity of 1,000 transactions per second, it competes with global and traditional payment networks without sacrificing its decentralized and secure structure. The fact that the transaction fees on the network are very optional and very low provides a great advantage for those who use the algorithm. In addition, algorand has its own staking mechanism, unlike other cryptocurrencies; Pure Proof of Stake In this staking method, rewards from miners are distributed not only to miners but also to all algorand holders who stake algorand. To join the staking network, 1 algorand is sufficient.
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Algorand, which was launched in June 2019, is a decentralized, secure, and scalable cryptocurrency project and blockchain network. It is similar to Ethereum with its smart contract feature (contracts coded to create decentralized finance applications). With a capacity of 1,000 transactions per second, it competes with global and traditional payment networks without compromising its decentralized and secure structure.
Due to the programming behind Algorand, it stands out from its competitors, particularly due to its transaction speed and low transaction fees. While transfers from one account to another take as short as 4 seconds on Algorand, low-fee transactions sometimes wait for approval for days on Ethereum due to Ethereum's higher transaction fees (gas fees). In addition to improved transaction time, Algorand is an alternative to decentralized financial transactions with low transaction fees. Ethereum usage has been limited due to high transaction fees particularly recently while the users can perform decentralized financial transactions on Algorand for a fee of as little as 0.001 USD.
Silvio Micali is behind the Algorand Project just like Vitalik Buterin is behind Ethereum. Micali, a professor at MIT, is actually a renowned Turing-award-winning cryptographer and has made many studies on blockchain for several years. He has been supported by many economists, mathematicians, and software developers at the beginning of the Algorand project; therefore, the project is developed by a team of specialists who know their job well.
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