​

https://preview.redd.it/kp8ptk3vyzn41.png?width=950&format=png&auto=webp&s=efaa5106252f9dacffbb50fbae51c4ab8c4b368e

What is Algorando [ALGO]?

Founded in 2017 by MIT professor Silvio Micali, Algorand is a completely decentralized, secure and scalable blockchain. To create the project, Silvio worked with an internationally recognized team of researchers, mathematicians, cryptographers and economists.

Thanks to its unique consensus algorithm, the Algorand blockchain cannot be forked. Due to its high speed, this project wants to become a true means of exchange and this platform will also facilitate the tokenization of any asset.

“Algorand uses a pure participation test protocol (PPoS) based on the Byzantine consensus. The influence of each user in the choice of a new block is proportional to their bet (number of tokens) in the system. Users are selected by random and secret to propose blocks and vote on block proposals All online users have the opportunity to be selected to propose and vote. The probability of choosing a user and the weight of their proposals and votes are directly proportional to your participation.”, they explain on their website.

​

https://preview.redd.it/t24977mzyzn41.png?width=700&format=png&auto=webp&s=00c5f5fd6379fa4ae0138205bcce9cd106039733

​

https://preview.redd.it/8c5kz3d3trn41.png?width=1280&format=png&auto=webp&s=9a8cd14afae31705bddd8556f3a2912463311792

Recently, the largest stablecoin Tether was launched on the Algorand blockchain. And just a few days ago we have the first national currency to be launched on the Algorand blockchain. It is a cryptocurrency SOV (Marshallese sovereign) that should free this small island state from the Pacific from using the US dollar. They chose the Algorand protocol for its scalability, speed and security reasons.

Marshall Islands

The Marshall Islands extend to the archipelago of Micronesia in the middle of the Pacific Ocean. The nearest continent is Australia, but it is more than 3000 km away. It is, therefore, a remote place.

And yet the government of fewer than 60,000 inhabitants came up with the idea of having their own digital currency. This idea has risen in 2018 and only two years later, in 2020, this digital currency comes to light. And it is on the Algorand blockchain, which scales well enough without sacrificing security or decentralization, thus solving the so-called blockchain trilemma as Vitalik Buterin called it.

For a digital currency, the features of transaction finality, transaction speed and low fees, all tighten up with security, are important.

So far, US dollars have been used in the Marshal Islands. Now, banks will have to start using and accepting the national digital currency of the SOV.

?

Marshall Islands / kiwirip / Pixabay

Marshallese sovereign (SOV) digital currency

The SOV digital currency has a limited number of coins. Its maximum limit was set at 24 million coins.

The SOV will not be launched on the Algorand public permissionless blockchain, but on the private permissioned co-chain. This will give the central bank and the government of the Marshall Islands more surveillance over the network than is the case with decentralized cryptocurrencies such as bitcoin, which seems logical to the national digital currency.

“The Marshall Island’s vision for global participation and inclusion in an open financial system by harnessing the benefits of blockchain technology is aligned with a truly global and decentralized society that we believe is made possible with our technology,” said Silvio Micali, founder of Algorand. “We are proud to support the country on its groundbreaking journey towards mainstream digital currency adoption.”

The determination of the total number of coins should serve to prevent unwanted inflation. For SOV, algorithms will ensure a 4% annual inflation growth. The management of coins in circulation is one of the tools that governments use to counter economic turbulences, and it is precisely those countries facing such problems, such as Argentina and Venezuela, that can learn from the progress of such states.

Venezuela has already created its national digital currency Petro, which should be covered by Venezuelan oil. However, they do not enjoy much trust at the moment. Moreover, the digital currency Petro was created in addition to the national currency Bolivar to allow the Venezuelan government to circumvent the economic embargo.

However, unlike Venezuela, the Marshall Islands are not under any economic embargo. But there is used US dollar for trade only. This will be now changed, the desire to break free, at least in part, led the representatives of this small archipelago to this interesting step.

Kenneth Kedi, Speaker of the Marshallese Parliament, expressed, “I am excited about the technological partnership with Algorand. With it, a strong alliance is forming to develop the SOV project. This is another milestone towards developing the Marshall Islands financial services industry.”

About Algorand

Algorand is the blockchain smart contract platform that aims to solve the so-called blockchain trilemma of scalability, security, and decentralization. It is based on the pure proof-of-stake (PPoS) consensus algorithm. Algorand was founded by Silvio Micali, the Turing Award-winning cryptographer in 2017.

Final summary

Algorand is a very ambitious project, which can provide the necessary security, scalability and transaction finality to the projects like national digital currencies. It is just a perfect fit. Those advantages can make them reach their long-term goal. To bring the blockchain technology, that enables frictionless finance to the world!

​

https://preview.redd.it/7byojpj5pen41.png?width=1200&format=png&auto=webp&s=ba4d193c385afa8cfb964e349dfb562484c66f15

A QUICK SUMMARY

The public, permissionless blockchain enables all organizations, individuals, and governments to transact with efficiency, security, and transparency, both internally and with each other. It also enables private enterprises to expand their addressable markets, increase revenue, generate new product opportunities, and more.

Such a blockchain however, may not satisfy the privacy and regulatory requirements that traditional public and private institutions (e.g., financial, central banks, governments, health care, etc.) must follow. Such institutions may need to both know and carefully select those who run their networks and validate their activities. A private, permissioned blockchain, ideally that is interoperable with the public chain is better suited to implement these goals. However, without this interoperability, it also risks isolating its users, by making it very hard for them to interact with other private blockchains and the world at large.

At Algorand, we have been developing our co-chain architecture to enjoy the advantages of both types of blockchain. Essentially, a co-chain

1. Is totally independent from the public chain, shields its transactions from all outsiders, chooses its own validators, and runs its own Algorand consensus algorithm;
2. Interoperates with the Algorand main chain to transact with other co-chains, and everyone else, with the same ease and security with which the members of Algorand’s permissionless chain transact with each other; and
3. Enjoys, both in its internal and external interactions, the same atomic transactions, layer-1 smart contracts, and all other primitives and tools offered by the permissionless Algorand protocol. In fact, it automatically inherits all the improvements and upgrades that will be added to Algorand’s permissionless protocol.

The world needs both permissionless and permissioned blockchains. Algorand provides best-of-breed implementations for both types of blockchains. More importantly, Algorand guarantees their synergy. No matter how scalable, distributed, and secure a permissioned chain may be, its members may not want to interact only with each other, but also with other chains and with the world at large.

The Algorand co-chain architecture enables the members of a permissioned chain to work most securely and efficiently not only with each other, but also, while retaining maximum autonomy, with the Algorand permissionless chain and members of other chains as well.

* The Algorand Co-Chain architecture has been developed by Sergey Gorbunov, Maurice Herlihy and Silvio Micali. Their full technical paper will be published in the near future.

https://www.realio.fund/static/assets/downloads/realio-wp.pdf

Algorand community, as we work to release our first STO on the Algorand blockchain ($RST), here is some nice work-from-home reading material. This should help clarify a lot as it relates to how we are building our layer 2 solution to integrate with Algorand and make use of ASAs and atomic swaps. Some updates have been made to the website as well. https://www.realio.fund/

https://preview.redd.it/q0llnzvt93n41.png?width=975&format=png&auto=webp&s=6fd9ccb10ee111dbc0499edb386e0a3e7715e520

Hi Algoranders,

I posted this in another sub-Reddit but I'd like to share some good news here and hopefully a fun few-minute distraction. I put together a little cryptocurrency tournament for the top 64 cryptos that starts on Tuesday.

Algorand is IN as a #12 seed in the XRP bracket, taking on #5 seed USD Coin in the 1st round. Voting starts on Tuesday and the coin with the most votes moves on to face the winner of (4) Cardano and (13) Synthetix Network.

You can vote here: https://twitter.com/UltimateCrypto7

I'm not making any money, just trying to have some fun.

​

https://preview.redd.it/yxls4wpezym41.png?width=1768&format=png&auto=webp&s=2ccb3f584af87c3aca64cd92276bc2671de7b95b

https://preview.redd.it/kmz8l5mfzym41.png?width=2718&format=png&auto=webp&s=85cc7cececb39ae90713bc4f4a7860afe65751ad