When the facts of any sort of financial transaction are hidden, it becomes sometimes difficult to ascertain whether the deal has any sort of fraudulent or exploitive elements, especially if that transaction is built upon many complications. Cryptocurrency, or more specifically a part of the cryptocurrency, the public ledger (although it is important to mention that not all blockchain ledgers are public) is a tamperproof sequence of data that is transparent. This is also secure and all the elements of a transaction are apparent to the users so that there isn’t fraud committed.
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This is how financial systems should act, especially in a democracy. But currently, the disadvantages of a public ledger are high. One is the scaling problem. Other is the computational power required to process the data. Algorand plans to remedy this. It is based on a proof-of-work system but it uses a random algorithm to select a supervising authority of sorts. The unpredictability ensures that transactions are not manipulated but the system is such in the end, the transactions are clear for everyone.
Algorand works in a difficult mannert hat is, by providing permissionless and permissioned environments. It allows permissionless access to anyone who wants to partake in any sort of transaction through this network. But it works even better in a setting when given permission. This is coupled with strong protection against any adversarial setting, entailing that data cannot easily be corrupted, the corrupted users can easily be controlled and coordinated and informing honest users at according to its in-built mechanism within a short timeframe.
This is done by Alground through five techniques. The first is the fast Byzantine Agreement Protocol. In this, a block is created by a message created by the user to all other users and the confirmation is made by 2/3 users which makes the three-step loop end in agreement. The agreed block is then certified. The second one is cryptographic sortition where each block is certified by only a handful of randomly selected users. Third is the Seed where the last block is used to determine the next one. The fourth one is the secret cryptographic sortition and secret credentials. And lastly, the player replaceability in which the leader of the block dies.
Current Price – Algorand (ALGO)
The confidence in the coin should be high and it is shown as coinmarketcap ranks it as the 20th highest ranked coin. At thee time of writing, ALGO, the utility coin of Algorand, the value coin is $2.02. This is also expected to rise with time.