UNDERSTANDING ALGORAND BLOCKCHAIN || 10% beneficiary to tron-fan-club

INTRODUCtION

Before I will explain what Algorand is, I will like to about a country named the Marshall Islands which has over 50,000 people and is located in an isolated portion of the Pacific ocean. The country is located in a remote portion of the pacify ocean, they are only reliant on cross-border trade and finance and how things are run can make it complicated for some people to purchase goods and some things how to do with finance in a timely way. The government of the Marshall Islands decided to solve the problem of trade and financial services with blockchain technology and adopt the cryptocurrency name SOV. SOV is a cryptocurrency that runs on the Algorand blockchain.

A lot of people believe that it is a good idea that Marshall Island to adopt SOV because it will help them to reduce the transaction fees and also make their economy grow.

WHAT IS ALGORAND?

It is you know that Marshall Island is the only country first country to adopt a cryptocurrency as means of payment and nation cryptocurrency. Algorand decentralized blockchain and which is developed in a special way to help solve the problems that blockchain has to go through to achieve speed and security simultaneously. Algorand was developed back in 2017 and created by experts in cryptography.

Algorand is well developed by professionals in the cryptography space and works similar to Ethereum but it is faster than Ethereum.

PURE PROOF OF STAKE (PPOS)

The Algorand network uses Pure Proof Of Stake mechanism and which means that the algorithm gives a validator reward to all the holders of the token used by the Algorand blockchain called Algo cryptocurrency. Some of you would know how the normal Proof of Stake where validators how to stake their tokens to validate transactions on the blockchain but in Pure Proof of Stake doesn't need to stake your Algo coin for more Algo coins. In the Algorand blockchain, all the holders of Algo coin will receive about 4% to 6% Annual Percentage Yield (APY) of the amount of the coin they have in their wallet.

Like I said earlier, it is similar to Ethereum because it uses smart contract and with the help of smart contracts, it can use dApps. Some developers are now using Algorand blockchain because of its low gas fee.

ALGORAND STRUCTURE

They have a structure which is the based layer. What the Algorand blockchain layer 1 does is support smart contracts token and NFT creation and it is important to know that most of the easy processes are carried out of the base layer. But the difficult and large processes are carried out on layer 2 and it carries out the processes of the major blockchain.

ALGORAND FOUNDATION

Algorand network uses two communities which are algorand foundation and Algorand Inc. The two communities have different areas of consecration, the foundation is consecrating of the protocol governance while the Inc community consecrates on how to make people adopt the price of their network. The algorand foundation has helped several universities around the world and this made some universities adopt classes around Algorand blockchain technology.

TOKENOMICS

The naive coin of Algorand is Algo and the coin to several transactions on the Algorand blockchain. The Algo coin is inflationary because it is a Proof of Stake and more coins are minted every. Algo coin has a maximum supply of 10 billion coins.

CONCLUSION

One amazing thing about the Algorand blockchain is that uses a special protocol to help people save time to create a new smart contract. Developers can just fill a form on the network to create a token and thereafter create a smart contractor on that token. I believe you have learn one or two things todays content of Algorand Blockchain technology.

Ragards:

@olatunde1