Algorand is at the forefront of blockchain technology. Thanks to its pure proof of stake protocol, and its most outstanding developments, this next-generation network is totally sustainable from an ecological point of view, while laying the foundation for technological advances.
Importance of new technologies
New technologies, including blockchain networks, are very important for the development of communities throughout the planet. Being able to have access to new tools, people manage to develop in a more connected way with the world, while improving production processes. As well as, new technologies are extremely useful for education and communications.
In a globalized world, everything is increasingly interconnected, which is why it is crucial to have access to technologies that allow better performance in this scenario. Next-generation blockchain networks like Algorand bring accessibility to a new digital era, where everything is rapidly evolving.
The most developed countries have a greater number of tools at their disposal, which is why open technologies such as those that make up the Algorand infrastructure are essential to achieve greater global inclusion. An example of this is what is happening on the African continent or in Latin America, regions where several projects are taking advantage of this technology to achieve greater development in a sustainable manner.
Algorand’s contributions in the new digital era
We are currently entering a new digital era, where the centralization that increased during the development of the so-called web 2.0 seems to have undermined users, who demand new paradigms. In response to this, the idea of web3 arises, where new technologies are incorporated, such as blockchain networks, to migrate to a model with greater decentralization and transparency.
Thanks to this type of network, it is possible to dispense with a central government that controls the general infrastructure (something that happens in large data centers today), with the users themselves making the decisions in a decentralized manner. Proof of this is the governance program of the Algorand foundation, where ALGO holders are given the opportunity to become “governors” and vote on the different decisions regarding the protocol. This program will scale, to leave more decisions in the hands of the participants over time.
Algorand has characteristics that make it a unique project of its kind, where its powerful smart contracts allow the development of Dapps with the possibility of exploring multiple edges. On the other hand, other tools present in the network, such as its ASA tokens, allow people to create their own assets, using the benefits of the network. This issue encourages the development of a large number of projects within the ecosystem, which in turn can mint non-fungible tokens (NFT) easily and safely.
Disruptive and secure consensus protocol
From the beginning, Algorand has been conceived as a sustainable blockchain network, being friendly to the environment. Its consensus protocol, called pure proof-of-stake, does not require «mining», something that is used in «proof-of-work» protocols, such as bitcoin or ethereum. In this way, the indiscriminate use of electrical energy is not encouraged, nor is the emission of polluting agents.
On the contrary, Algorand’s protocol is completely ecological, since it is based on the selection by random committees among the participating users, to be in charge of the validations. Also, this turns out to be much more stable than those that use proof of work, since the network since its inception has had zero downtime to date.
Also the speed to carry out the transactions is much faster than that of its competitors, as well as the commissions for the operating costs are really low.
To put us in context, Algorand warned about all these issues at the beginning, even before the mass media began to criticize bitcoin or ethereum for their large energy consumption. Therefore, this network does not use its developments merely for fashion, but rather it is a matter of convictions present in its entire team, and an unavoidable commitment to technological sustainability, principles that must be present to achieve sustainable digital evolution.
New technologies are very important to achieve the equitable development of all communities in the world. Algorand, as a next generation blockchain network, allows equal access to its development tools. Its consensus protocol is sustainable with the environment, while providing speed, scalability, decentralization and low costs for projects, but without neglecting security parameters.