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Objective Of Product:
- A Layer 1 Crypto currency with smart contract capability
- Our consensus model is permissionless and pure proof-of-stake. It creates full transparency, protection, and speed within a truly decentralized network. With blocks finalized in seconds, Algorand’s transaction throughput is on par with large payment and financial networks. And Algorand is the first blockchain to provide immediate transaction finality. No forking. No uncertainty.
- Papers based out of Cornell university
- Has produced several white papers nit just a paper on the original platform but also on key design elements.
- Algorand is based on (a novel and super fast) message-passing Byzantine agreement.
- Several techniques to manage blockchain-based ledgers have been proposed: proof of work , proof of stake , practical Byzantine fault-tolerance , or some combination.
- We call our approach Algorand, because we use algorithmic randomness to select, based on the ledger constructed so far, a set of verifiers who are in charge of constructing the next block of valid transactions. Naturally, we ensure that such selections are provably immune from manipulations and unpredictable until the last minute, but also that they ultimately are universally clear.
- Algorand’s approach is quite democratic, in the sense that neither in principle nor de facto it creates different classes of users (as “miners” and “ordinary users” in Bitcoin). In Algorand “all power resides with the set of all users”.
- One notable property of Algorand is that its transaction history may fork only with very small probability (e.g., one in a trillion, that is, or even 10−18). Algorand can also address some legal and political concerns.
White Paper Notes:
- Permissionless and Permissioned Environments. Algorand works efficiently and securely even in a totally permissionless environment, where arbitrarily many users are allowed to join the system at any time, without any vetting or permission of any kind. Of course, Algorand works even better in a permissioned environment.
- Works as long as 2/3 of users are honest
- All power resides with the users themselves. Algorand is a truy distributed system. In particular, there are no exogenous entities (as the “miners” in Bitcoin), who can control which transactions are recognized.
- New blocks take less than 10 minutes
- The amount of users and transactions is irrelevant and infinitely scalable
- Verification users are chosen at random
- As new block leaders are chosen at random and create the block and distribute it. A malicious attacker could not change this as by the time they know the block already exists it already been handed out to everyone who will in turn verify it.
- Lazy honesty: the programme can work with a large amount of users being offline.
- Other systems including cardano needs the majority of users to be online all the time and is much more susceptible to forks.
- Ideal hashing (fast and secure)
- Digital signing allows users to authenticate each other without exposing secret keys.
- Digital signitures are used for: Authentication users own payments, Generating credentials proving that it can act in certain processes, authenticating messages
- Idealized public ledger:
- The Initial status: money is associated with individual public keys
- Payments: this is just a simple ledger transaction
- Free joining via payments: Any user may join for free by generating public/ secret key pairs
- The magic ledger: All payments appear “in the sky” for all to see in a valid tamper proof list which is formed into a block and added to the pervious block after a set period of time forming the chain.
- Algorand allows for unspent balances to be logged without computation in bitcoin it sends any unspent balance back to itself to log it on the blockchain wasting power.
- Has looked at partitioning of network
Real World Applications including existing partnerships:
Git Hub Activity and road maps:
- Block proposal time 0.5 seconds
- Block finalization times 4.5 seconds, 2.5 by 2021
- Finalized TPS at 1,000 to grow to 45,000
Capital investment/ funding
- USV Investor
- Pillar Investor
- 11.11 ventures Investor
- Applied Crypto ventures Investor
- Lvna Capital Investor
- Bixin Capital Investor
- Continue capital Investor
- Brainchild Investor
- Cmb international Investor
- CPC Investor
- Eterna Investor
- Mozaik capital Investor
- Foundation capital Investor
- Hex capital Investor
- Leminscap Investor
- Meta stable Investor
- Multi coin capital Investor
- Neo global capital Investor
- New style capital Investor
- P2p capital Investor
- QCP capital Investor
- Spark pool Investor
- Transference fund Investor
- Wing Investor
- Youbi capital Investor
- 3.0 capital Investor
- Nirvana capital Investor
- Kosmos Investor
- IMO ventures Investor
- Cognitive blockchain Investor
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- EMGS Group: A multinational IT and consulting company with strong presence in the middle east providing blockchain consultants and developers to help building end to end solutions. Development partner/ consultant
- Euranet: A consulting and technology company specialized in compliance management, provider of ChoralChain, a SaaS supply chain traceability solution based on Algorand’s technology. Development partner/ consultant
- IBF DigiLabs: An initiative of IBF Net (The Islamic Business and Finance Network) to leverage research and technology for a halal ecosystem. Development partner/ consultant
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- Rocket insights US app developer Development partner/ consultant
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- Blockcahin italia based in milan and Geneva consulting and development Development partner/ consultant
- Nona Digital consultants Development partner/ consultant
- Bleumi boston based payment blockchain developer Development partner/ consultant
- Cartan Cayman islands fintech management company Development partner/ consultant
- Emali hong kong based blockchain development company founded by Dr. Lawrence MA and Peter woo 2016. Our clients include major banks, 50+ educations and health institutes and governments. Development partner/ consultant
- Intellecteu global strategic development company and a leader in digital finance and emerging technologies. Development partner/ consultant
- Looptribe Looptribe is a software consulting company based in Brescia (Italy) and established in 2013 by three software engineers with a research background. Development partner/ consultant
- Reach built the fastest, safest, and easiest way to build applications on Algorand. Blockchain development is hard. We are here to help. No matter if you need an ex-Googler, Ph.D., or a Serial Entrepreneur, we have the staff with the skills that you need. Whether you want all of these services or just one, Reach will give you the resources you need to succeed. Development partner/ consultant
- Blockchain Australia solutions Blockchain Australia Solutions is a leading technology company that provides Consulting and medium and long, enterprise solutions on blockchain platforms. Development partner/ consultant
- EMGS consulting s a multinational information technology service and consulting company Development partner/ consultant
- Euranet Euranet is a consulting and technology company specialized in compliance management, founded in 1997. Development partner/ consultant
- IDF Digilabs The Islamic Business and Finance Network. Developing technology-based solutions for the smart Islamic economy, it contributes to both the objectives of the Shariah and the UN-mandated Sustainable Development Goals (SDGs) Development partner/ consultant
- Ulam Labs Ulam Labs is a software development company made of Python and Blockchain experts. We focus on custom software development, DevOps, consulting and outsourcing to ensure the best service and support for our clients. Development partner/ consultant
- Circle Circle is a global financial technology firm that enables businesses of all sizes to harness the power of stablecoins and public blockchains for payments, commerce and financial applications worldwide. Circle’s platform has supported over 100 million transactions worth tens of billions of dollars, with nearly 10 million retail customers, over a thousand businesses, while storing and securing more than $5 billion in digital currency assets. Circle’s USDC is the fastest growing full-reserve stablecoin in the world, with 2.3 Billion in circulation. Algorand will be the first blockchain with a stablecoin implementation based on that framework that is Powered by USDC. This will allow people to easily move funds between traditional banks and card networks to digital dollars on the Algorand blockchain. Algorand is helping Circle and USDC create a foundation for developing a wide range of scalable, secure and compliant financial applications. Algorand also brings unparalleled speed with low transaction fees needed to power Stablecoins.
- IDEX DEX is the world’s leading decentralized smart contract exchange to support real-time trading and high transaction throughput. IDEX is the most advanced DEX, supporting limit and market orders, gas-free cancels, and the ability to fill many trades at once. IDEX and Algorand will work closely together to develop advancements for financial tools and services to support new economic exchange. IDEX is leveraging the Algorand platform so that it can develop a solution with full finality, tokenization of assets, and programmatic transfers at Layer-1. Algorand’s forthcoming innovative and high performing primitives offer IDEX the incredible opportunity to offload smart contract complexities onto the Algorand platform’s native features. IDEX stands to gain invaluable benefits from Algorand’s core offerings.
- Republic is a private investing platform and technology services provider made up of numerous operating entities, that lets anyone invest in early stage companies. Spun out of AngelList, Republic’s private investing platform features more than 500,000 users investing as little as $10 in over 170 vetted companies. Republic defies industry trends by elevating the underrepresented entrepreneurs who traditionally go without access to private capital, while allowing for anyone — regardless of income or net worth — to invest in their vision of the future. Republic’s platform has over $100,000,000 to date invested by users and a 90% funding success rate. Republic is leveraging the Algorand platform to enable its low-cost structure and high throughput volumes to power its profit-sharing token, the Republic Note. Additionally, with Algorand’s simplified asset creation, instant financial exchange, and immediate transaction finality, Republic is leveraging technology at the forefront of open financial innovation. Algorand enables the Republic system to satisfy the requests of a regulated security token that trades freely among a great number of investments. Republic is issuing the Note as an Algorand Standard Asset (ASA), giving the Republic Note unique speed, scalability, and interoperablity capabilities it’s holders will demand.