Home Finance News Second anniversary of Algorand MainNet and Mathematical Guarantee that Algorand will not fork

Second anniversary of Algorand MainNet and Mathematical Guarantee that Algorand will not fork

Algorand
  • Algorand MainNet Second Anniversary
  • ALGO Family Excited
  • Algorand and ADA are good friends
  • Mathematical Guarantee that Algorand will not fork

Silvio Micali stated that he is excited for what is to come pointing to the 2nd anniversary of Algorand Mainnet.

Today marks the 2nd anniversary of Algorand MainNet.  We want to take a moment to thank our incredible community for driving this ecosystem forward through its continued development, innovation, and support since its launch. Looking forward to year 3! Build On Algorand FutureFi.

Community Response:  Wishing Algorand MainNet good, someone said, you do cryptocurrency like Italy playing football, Silvio.  It is all quick, all action, great partnerships all over the park.  You don’t fork about like team England going side to side heading nowhere like ADA. You guys are going straight for the target.

Someone tried to establish friendship, stating:  No need to hate ADA. ALGO and ADA can be very good friends. The founders already are.

2 years of Algorand is a step for Silvio Micali, but even more steps for humanity.  The whole ALGO family is excited.

 

For those who are new to Algorand, the consensus algorithm on the Algorand Network is permissionless, and all users who hold an ALGO balance will be able to participate. The consensus algorithm works in rounds, where each round is made up of two phases. The first phase is the block proposal phase, where the blocks are proposed as the new block.  The second phase is the block finalization phase, the time when votes are proposed on the blocks.

First block makes use of PoS principles for block proposal.  Using cryptographic sortition, a committee of users in the system is selected randomly. Verifiable Random Function (VRF) is used to determine whether a user is in the committee or not.

The second phase makes use of the Byzantine Agreement protocol (BA) for block finalization.  Using cryptographic sortition, a committee is again different, but differently than the first time.

The Algorand Consensus mechanism has the facility called “player replaceability.”  Every time a phase is run, users are protected against targeted attacks.  Attackers now know which users will be there in the committee.

Algorand provides for asynchronous safety and is therefore resilient to arbitrary partitions. Thus, two different blocks will not be able to reach a consensus in the same round. The mathematical guarantee is that the Algorand will not fork.

Algorand supports two types of smart contracts: stateless smart contracts (authorizing transactions) and stateful smart contracts (store data persistently).

Use cases:  4 million NFTs to Algorand blockchain, In March 2021, by the Società Italiana degli Autori ed Editori (SIAE), the Italian copyright collecting agency, representing copyrights in works produced by SIAE’s members.

Per Wikipedia:  “In February 2021, Ditto Music announced the launch of a project on the Algorand network called Opulous; Opulous will be a decentralized finance (DeFi) loan pool, where loans will be guaranteed against artists’ past streaming revenues and artists’ copyrights will be held as collateral.

In June 2020, Republic, a company that facilitates crowdfunding campaigns for startups and small-to-medium businesses (SMBs), issued a profit-sharing token on the Algorand platform.

In March 2020, there was the announcement that the Marshall Islands will issue their “Sovereign” digital currency using the Algorand network as a backbone.

In February 2020, PlanetWatch, a spinoff of CERN, announced a program involving deploying a global network of air quality sensors, where the sensors record measurement data onto the Algorand blockchain.

In 2020, two stablecoins, Tether and USD Coin (USDC), were launched on the Algorand network.”

 

 

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dan saada

Dan hold a master of finance from the ISEG (France) , Dan is also a Fan of cryptocurrencies and mining. Send a tip to: 0x4C6D67705aF449f0C0102D4C7C693ad4A64926e9

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