The main aim of developing digital technology was to change the authority of centralized departments over currency and the flow of money. They still don’t know and cannot trace the platforms that created this spectacular technology in the form of bitcoin and other crypto assets.
There are many hypotheses on this. For instance, that it was a single person named Satoshi Nakamoto. He created and born the brainchild of his mind in the digital world. On the other hand, some people believe that Satoshi Nakamoto is a misnomer. In actual practice he is not a single person but a group of keen programmers. They believed in what they are making and ultimately achieved it. You can check platforms like HTTPS://BITINDEXAI.TOP/ for a smoother trading experience with the best trading techniques.
As soon as technology got advanced, this was not just got related to cryptocurrency only and its development. With the advancement in time, many new features crept into smart contracts. And other applications based on decentralized networks are one of them. Algorand is one of the children of these advancements. Thus, in this article, we are going to learn about various features of this entity Algorand aka ALGO. So come, let us explore it!
What Is Algorand?
Algorand is short for ALGO. This is a platform for developing and creating decentralized applications named Dapps. The blockchain that has the features of security, scope, and wide ability is fully satisfied in this platform and ALGO is made keeping these features in mind.
The Creator of the Platform
The idea of Algorand came into existence in the year 2019. The brain behind this technology is Silvio Macali. He is a MIT’ian and a computer scientist by profession. He is a well-established and famous scientist. On top of it, he has received many prestigious awards including the Turing Award in the field of cryptocurrencies for their incredible work.
There are protocols associated with it and it is seen by a non-profit organization name Algornd Foundation.
What Platform Is That?
It is an open-source platform. It has its source code easily accessible and within the reach of developers for its development according to the need. Its function is not only the development of applications. On top of it, it equally adjusts itself in the development ecosystem.
Additionally, it includes arranging and holding events like certification and hackathons. They have managed to secure a course at prestigious institutions like MIT and UC Berkeley. Moreover, the partnership of Algorand foundation is with FIFA which they provided with various digital solutions including maintaining NFTs and others.
Working of Algornad
The structure of Algorand is divided into two steps called a two-tier network. In the first layer of the network, one can create various exchanges, NFTs, and other tokens. Also, you can maintain smart contracts. The smart contracts are maintained in the next layer. And this layer needs a more advanced level of computing and programs. So, both the layers work simultaneously for the development of both and the efficiency and wide scope of the services associated with it.
The protocol governing the working of Algorand and its derivatives is ASA aka Algorand Standard Assets protocol. The basic aim behind the development of this protocol is to make the algorithm simple and easy to use. The tokens one creates are very simple. Thus, you can estimate their simplicity from the fact that a new user does not require any type of technical knowledge. They also developed a logo of ALGO based on this protocol.
Advantages of Algorand
You can use it as a payment platform for the payment of various transaction fees. Also, the governments of different countries are getting interested in digital platforms and currencies. Thus, this technology can easily fit into the governance model of tokens. Moreover, ALGO has a wide scope and anyone holding its tokens can consider himself a better portfolio holder among others.
Petr is a serial tech entrepreneur and the CEO of Apro Software, a machine learning company. Whenever he’s not blogging about technology for itechgyan.com or softwarebattle.com, Petr enjoys playing sports and going to the movies. He’s also deeply interested in mediation, Buddhism and biohacking.