Jing Chen

Algorand (ALGO) is a blockchain platform designed to function like a major payment processor.

Algorand (ALGO) is a distributed ledger that strives to eliminate technical obstacles in blockchain technology while utilizing a permissionless consensus mechanism. The blockchain industry's biggest hurdles are the "blockchain trilemma," which includes security, scalability, and decentralization, as described in the Algorand whitepaper.

Algorand resolves the blockchain trilemma through its use of randomness and a pure proof-of-stake (PPoS) algorithm, which is built on a Byzantine agreement. The PPoS algorithm ensures superior scalability without compromising network decentralization and security, as well as protecting against a potential 51% attack.

To achieve decentralization, Algorand uses a randomized approach to select validators from all token holders. The PPoS algorithm automatically picks the nodes belonging to the next group that becomes eligible to add blocks, and every token holder has an equal chance to become a block validator. Thus, the network maintains decentralization and ensures security.

In terms of scalability, Algorand currently processes more than 1,200 transactions per second and aims to reach 3,000 transactions per second with instant finality.

Finally, Algorand guarantees a high level of security as an unforkable blockchain. Overall, Algorand aims to address the issues of the blockchain trilemma while enabling a high-performance, decentralized blockchain that is open to everyone.

Jing Chen

Algorand. Head of Theory Research & Chief Scientist

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Algorand (Head of Theory Research & Chief Scientist)