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Algorand is a cryptocurrency that aims to address some of the limitations and challenges faced by earlier blockchain platforms, such as scalability, security, and decentralization. It was founded in 2017 by Turing Award-winning cryptographer Silvio Micali. Algorand operates on a proof-of-stake (PoS) consensus mechanism, which enables high transaction throughput, low latency, and energy efficiency.
Algorand's design revolves around a unique consensus algorithm called Pure Proof-of-Stake (PPoS). In this algorithm, a random subset of token holders is selected as the committee for each block. The committee is responsible for validating and finalizing transactions, as well as for proposing new blocks. The selection process is conducted through a cryptographic sortition mechanism, ensuring fairness and preventing malicious actors from gaining control over the network. This committee-based approach allows Algorand to achieve rapid block confirmation times of a few seconds. Another key feature of Algorand is its permissionless blockchain, which means anyone can participate in the network without needing approval from any central authority. This fosters a decentralized ecosystem and promotes inclusivity. Moreover, Algorand ensures security by employing cryptographic techniques such as verifiable random functions and a Byzantine Agreement protocol to guarantee agreement on the state of the blockchain, even in the presence of malicious actors. Furthermore, Algorand has implemented mechanisms to achieve transaction finality, meaning once a block is added to the blockchain, it is practically impossible to reverse. This provides users with a high level of confidence in the validity and immutability of their transactions. Additionally, Algorand's architecture allows for the creation of smart contracts and decentralized applications (dApps) on its platform, opening up possibilities for developers to build a wide range of blockchain-based solutions.
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Read more Finst is an Amsterdam-based cryptocurrency exchange led by a team of investment professionals who have previously helped build one of the largest retail investment platforms in Europe. Finst offers the lowest transaction fees in Europe for a wide range of cryptocurrencies through a unique and highly secure platform.
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