Algorand: Blockchain Based COVID Passports? | ALGO Explained (CRYPTO)
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Algorand is a decentralized, scalable, and secure network that was founded by Silvio Micali in twenty-seventeen. This ecosystem is majorly based on the Banking and Payment sectors. Micali developed a consensus mechanism called Pure Proof of Stake. But before the inception of this consensus mechanism, Proof of work was mainly used by Blockchains such as Bitcoin and Ethereum that faced challenges like usage of high computing power, slow processing, forking, the possibility of a 51% attack that leads to an inefficient and expensive protocol. Although Ethereum is now moving toward Proof of Stake to increase its scalability, there are still some intrinsic issues with this consensus mechanism.
On the contrary, Pure Proof of Stake gives a chance to every user to propose and vote on blocks that are selected secretly in a random manner. With this technology, small stakeholders cannot cheat, and those with large stakes will not cheat otherwise their holdings will be devalued, leaving them with no monetary benefit.
Make sure to watch till the end of the video to find out everything you need to know about Algorand!
Keep in mind that we do not provide personal investment advice. Make sure to always do your own research before making any form of investment.
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