Algorand - A True Permissionless Blockchain - Introduction.
A truly decentralized network ensures absolute participation where protection is highly prioritized and speed is not retarded. A brief review of Algorand Blockchain will explain the above concepts.
Algorand as a platform whose targets is to uphold the true concept of decentralization by creating a technology that enables frictionless finance(both traditional finance and decentralized financial businesses. According to here, Algorand is a technology company that built 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.
Improving over existing blockchains in decentralized finance requires rigorous research to creating a decentralized, borderless economy as Algorand rightly did. Watch the video here
The ecosystem of Algorand provides a wide range of benefits and resourceful to businesses(individual and enterprises) and developers.
Since the network is free of central point of authority, it is pertinent to have a way of harmonizing decisions among the participants of the network to arrive at a decision. Everyone joining the network can participate in decision making based in the amount of their holdings (ALGO) which is used as a means of fueling the network. Holders of Algorand's token are considered part of the decision makers. Their contributions is proportional to the amount of $ALGO they hold as a given. This mechanism is termed Pure Proof of Stake (PPoS) in Algorand ecosystem. However, arriving at a decision to add a block to the running chains is done using same algorithm but is done by secretly selecting a committee at random to approve every block in order to avoid unfair practices by giant holders who may want to exploit the system with their wealth.
Using this model instill transparency, speed and security in Algorand's truly decentralized network since control is spread among all participants.
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Watch out as I will be releasing more articles to further enhance understanding of Algorand ecosystem.