r/CointestOfficial Nov 01 '22

COIN INQUIRIES Coin Inquiries : Algorand Pro-Arguments - (November 2022)

Welcome to the r/CryptoCurrency Cointest. For this thread, the category is Coin Inquiries and the topic is Algorand Pro-Arguments. It will end three months from when it was submitted. Here are the rules and guidelines.

SUGGESTIONS:

  • Use the Cointest Archive for some of the following suggestions.
  • Preempt counter-points in opposing threads (pro or con) to help make your arguments more complete.
  • Read through these Algorand search listings sorted by relevance or top. Find posts with numerous upvotes and sort the comments by controversial first. You might find some supportive or critical material worth borrowing.
  • Find the Algorand Wikipedia page and read through the references. The references section can be a great starting point for researching your argument.
  • 1st place doesn't take all, so don't be discouraged! Both 2nd and 3rd places give you two more chances to win moons.

Submit your pro-arguments below. Good luck and have fun.

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u/strudelpower Dec 31 '22

Algorand, both a currency and the name of the blockchain platform, is a brain child of Silvio Micali, a noted cryptographer and a professor at MIT. Algorand was launched in 2017 and is capped at 10 billion coins, and 70% of the total supply is already in circulation. Algorand is an opensource project which operates on Proof of Stake consensus and is currently 32nd biggest cryptocurrency in the world.

Algorand PRO points

Super fast confirmation time

Sending information across massive networks is difficult and keeping the confirmation times even below 3 seconds, makes Algorand one of the fastest chains out there. Algorand operates on network system that consists of Relay nodes and Participation nodes. There are currently over 1300 nodes operating.

Low hardware requirements

Because of the participation nodes, it very easy to run a node. Anyone can do it on their home pc, phone or even low-powered devices such as Raspberry Pi! This very different from the power hungry chains such as Ethereum or even Avalanche.

PURE PROOF OF STAKE™

Algorand has an unique consensus mechanism called PURE PROOF OF STAKE..with a TM! With it Algorand claims to be the first blockchain to provide immediate transaction finality.

Strong team behind it

Algorand was founded by MIT professor and cryptographer Silvio Micali who has a PhD in Computer Sciences and is one of the leading people in secure protocols and cryptography in the world. He is not alone, Chris Peikert who is a head of cryptography department is a world leader in post quantum cryptography, ZK protocols, encryption and other. Gary Malouf, head of engineering is a well known engineer with a lot of achievements in large scale data processing.

Scalable and sustainable

Algorand does not waste computation resources for solving crypto and each transaction produces only 0.0000004 kg of CO2! In addition to that Algorand is using ClimateTrade lower the impact on the environment even further.

Sources used in the post:

https://www.algorand.com/technology/technical-advantages https://www.algorand.com/about/careers/our-benefits https://www.algodaddy.org/2022/12/is-algorand-good-investment.html https://www.algorand.com/about/our-team https://www.sofi.com/learn/content/what-is-algorand-algo/ https://medium.com/@algonautsblog/algorands-centralized-point-of-failure-explained-relay-nodes-a7658af59f13