What is Algorand?
Algorand is a blockchain network created by Silvio Micali, an MIT professor, in 2017. It is a decentralized institutional blockchain protocol that is capable of self-developing applications and transferring value. The Algorand protocol is very fast, secure, and scalable thanks to a consensus algorithm.
The new version of Algorand will solve the problems faced by the old blockchains regarding scalability and consensus.
Highlights of Algorand
Algorand: Blockchain will solve three problems:
1. Confidentality
Algorand will be safe from malicious attacks, safe for transactions, and help users store valuable assets and build many applications for businesses. It ensures retention above all networks, any level of consensus, and also protects user accounts.
2. Scalability
Algorand can handle a large number of transactions per second concurrently and is more scalable than Bitcoin and Ethereum. Nos will eliminate the need for computational power to solve cryptographic problems.
3. Decentralization
Transactions are verified by nodes, and each node has equal authority.
The Algorand protocol uses PPOS (Pure Proof of Stake), which is what differentiates Algorand from other blockchains. If a node is compromised, the participants are automatically protected with unique keys.
Other outstanding parameters
• Consensus Mechanism: Pure Proof of Stake
• Virtual system: Algorand Virtual Machine (AVM)
• Number of blocks: 19,845,178
• Ability to trade in 1 second: 15.86
• Wallet address number: 23,580,816
• Block speed: 4.4s
• Total projects: 230 small and large projects
• Market Cap $4.8 billion
• Status: Mainnet from 2019
Experiencing 2021 with the COVID-19 epidemic, Algorand’s development team has worked hard and tried to bring Algorand closer to users. In September 2021, Algorand (ALGO) had a breakthrough with 268% after being selected by El Salvador to support the nation’s blockchain.
On December 1, Borderless Capital will deploy a $500 million fund to support and provide for projects built on Algorand, called the Borderless ALGO Fund II.
At the same time, Algorand has more and more use cases in the network. Moreover, the cash flow from support funds is gradually pouring into the ecosystem, showing that the project development team’s efforts are attracting users.
Components of the Algorand ecosystem
The Algorand ecosystem has more than 220 projects with all the pieces, but none of them stands out.
1. DeFi
• According to DefiLlama, the TVL Algorand ecosystem is worth $93 million.
• Algofi is a full-fledged DeFi solution focused on decentralized lending and stablecoins.They are also about to launch a DEX on February 21, 2022. The Algofi project plans to launch the stableswap decentralized exchange in mid-March.
•Tinyman is a native AMM-DEX on HST Algorand. The project, with features such as token swap, adding liquidity, and stake in the first quarter of 2022, with a profit of $1.8M TVL.
• Yieldly is a yield-farming project on HST Algorand with features such as liquidity mining, cross-chain token swapping, prize pools, and so on.
2. Stablecoins
On HST Albania, there are 4 types of stablecoins, of which 2 are very familiar stablecoins: USDC and USDT. In addition, the protocol that will issue the stablecoin e-Money will connect Algorand to support all stablecoins across Europe.
3. Bridge
It includes 3 projects:
• Swingby: a project that will connect BCT and ETH to other blockchains.
• Algomint: bridge project, but only at the testnet stage, with KYC products.Although not directly implemented by KYC but through another service provider, it is also a major barrier for the Algorand ecosystem.
• Yieldy Finance facilitates the transfer of assets from Algorand to ETH and vice versa.
4. NFT
The NFT array on Algorand also has a lot of projects but has not really stood out in the market:
• AB2 Gallery: The NFT Market on Algorand recently went live, but it is still in Open Beta.
• Smilecoin: this is a Web3 and gaming project.
• NFT Market has run the testnet for Zestbloom.
• AlgoWorld: Algorand NFT project
• NFT Exxplore: for Algorand NFT
• As well as numerous other NFT projects…
5. Oracle
The ecosystem has a partnership with Razor Network to distribute offchain data onto the onchain and also helps with Defi’s development.
How to set up and use Algorand
Step 1: Visit the official website https://wallet.myalgo.com
Step 2: Select “I accept…” and “Continue”
Step 3: Set a password to log in to the software, lose it, you can still get your wallet back.
Step 4: Then you will enter the Algorand Wallet main management interface, select New Wallet (for newbies)
Step 5: Click “Show All” to display your entire wallet Recovery Phrase
If you save it to the file on the desktop, then click Copy (Not optimized)
Please write down 25 characters in order and then put it somewhere without anyone knowing (Optimal)
Then select “I have written….” and “Continue”
Step 6: After clicking Continue, the system will ask you to confirm the position of 4 random characters. This step will help you confirm that you have saved your 25 character recovery phrase.
Note: if you lose these 25 characters, you will lose your wallet
Step 7: Click “Receive” to view your wallet.
Step 8: Load Algorand into your wallet to use as a transaction fee: buy and sell, send coins, swap, etc.
Some other projects
1. PlanetWatch: This is a decentralized air quality monitoring and management network on Algorand. It received a $10 million valuation from Borderless Capital.
2. Attestiv is another project in the insurance field. It brings the authenticity of all data to help build efficiency, improve experience and provide information to customers.
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