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Cryptocurrency

Algorand
Algorand mark.svg
Denominations
Symbol ALGO
Lawmaking PyTeal, TEAL
Development
Original author(s) Silvio Micali
White paper https://arxiv.org/abs/1607.01341
Initial release Apr 2019
Code repository https://github.com/algorand
Evolution status Agile
Written in TEAL, Accomplish, Coffee, PyTeal, Python, Go, Rust
Developer(s) Algorand, Inc.
Ledger
Ledger first June 2019
Block time 4.five seconds
Cake explorer https://algoexplorer.io/
Circulating supply 6,956,615,108.96 Algo (2022-03-02)
Supply limit 10,000,000,000 Algo

Algorand is a pure proof of stake blockchain cryptocurrency protocol with a consensus machinery chosen for scalability, intending to solve the blockchain trilemma.[1] The Algorand platform supports smart contracts,[2] and its consensus algorithm is based on proof of pale and a Byzantine agreement protocol.[1] [3] [iv] Algorand's native cryptocurrency is chosen ALGO.

History [edit]

Algorand was founded in 2017 by Silvio Micali, a professor at MIT.[5] [6] Algorand is composed of a company and a foundation. Algorand Foundation manages ecosystem growth, award funding, cryptographic research primitives, on-chain governance and decentralization of the Algorand network, including nodes. The core evolution of the Algorand protocol is overseen by Algorand Inc., a private corporation based in Boston.

The Algorand test network was launched to the public in Apr 2019,[7] and the principal network was launched in June 2019.[8]

Research [edit]

Algorand Foundation is the umbrella system housing the core blockchain inquiry squad for cryptography and informatics lead by cryptographer Tal Rabin.[9]

Additional notable members of the research team includes Craig Gentry, Hugo Krawczyk and Shai Halevi.

Design [edit]

Algorand is intended to solve the blockchain trilemma: the merits that any blockchain arrangement tin take at almost 2 of three desirable properties: decentralization, scalability, and security. A system with all iii could run on nodes which each have only moderate consumer-grade resource (i.e. does not need a datacenter or large cluster of virtual machines), has transaction processing which scales with the total network resources (rather than the resources available per-node), and could not be subverted by attackers who individually possess a large fraction of the network's total resources.[ane] [10]

Consensus algorithm [edit]

Algorand uses a decentralized Byzantine understanding protocol that leverages proof of pale. As long equally a supermajority of the pale is in non-malicious hands, the protocol can tolerate malicious users, achieving consensus without a central authority.

Consensus on Algorand requires three steps to advise,[xi] ostend and write the cake to the blockchain. The steps are propose, soft vote and certify vote.

The start phase (the cake proposal phase) uses proof of stake principles. During this phase, a committee of users in the arrangement is selected randomly, though in a style that is weighted, to propose the new block. The selection of the committee is done via a process chosen "cryptographic sortition", where each user determines whether they are on the committee past locally executing a Verifiable random part (VRF). If the VRF indicates that the user is called, the VRF returns a cryptographic proof that can be used to verify that the user is on the committee. The likelihood that a given user volition exist on the commission is influenced by the number of Algo tokens held by that user (the stake).[one] [12] [13]

After determining a user is on the block selection committee, that user can build a proposed block and disseminates it to the network for review/analysis during the second phase. The user includes the cryptographic proof from the VRF in their proposed cake to demonstrate committee membership.[12] [13]

In the 2d phase (the block finalization stage), a Byzantine Agreement protocol (called "BA*") is used to vote on the proposed blocks. In this second phase, a new committee is formed via cryptographic sortition. When users have determined that they are in this second-phase voting commission, they analyze the proposed blocks they accept received (including verification of start-phase commission membership) and vote on whether any of the blocks should be adopted. If the voting committee achieves consensus on a new block, then the new block is disseminated beyond the network.[i] [xiv] [fifteen]

Within the Algorand consensus algorithm, membership in both committees changes every time the stage is run. This protects users against targeted attacks, as an assaulter will non know in advance which users are going to be in a committee.[i] 2 different Algorand blocks cannot reach consensus in the same round.[xvi] [17] According to an external security audit, the model likewise accounts for timing issues and adversary actions, e.k., when the adversary has control over message commitment.[18]

Smart contracts [edit]

Smart contracts on Algorand are known as ASC1 (Algorand Smart Contracts). Algorand separates contracts into 2 master categories: 'smart contracts' and 'smart signatures'. Smart signatures are stateless, essentially a simple transaction with attached logic; 'true' smart contracts are persistent. The type of contract that is written will decide when and how the logic of the program is evaluated. Algorand contracts are written in TEAL, which is an assembly-like linguistic communication that is interpreted past the Algorand Virtual Machine (AVM) running within an Algorand node.[19]

References [edit]

  1. ^ a b c d eastward f Lepore, Cristian; Ceria, Michela; Visconti, Andrea; Rao, Udai Pratap; Shah, Kaushal Arvindbhai; Zanolini, Luca (fourteen Oct 2020). "A Survey on Blockchain Consensus with a Performance Comparison of PoW, PoS and Pure PoS". Mathematics. 8 (10): 1782. doi:10.3390/math8101782.
  2. ^ Bartoletti, Massimo (2020). "A formal model of Algorand smart contracts" (PDF). Financial Cryptography and Data Security 2021. arXiv:2009.12140.
  3. ^ Xiao, Y.; Zhang, North.; Lou, W.; Hou, Y. T. (28 January 2020). "A Survey of Distributed Consensus Protocols for Blockchain Networks". IEEE Communications Surveys and Tutorials. 22 (2): 1432–1465. arXiv:1904.04098. doi:10.1109/COMST.2020.2969706. ISSN 1553-877X. S2CID 102352657.
  4. ^ Wan, Shaohua; Li, Meijun; Liu, Gaoyang; Wang, Chen (2020-eleven-01). "Recent advances in consensus protocols for blockchain: a survey". Wireless Networks. 26 (8): 5579–5593. doi:10.1007/s11276-019-02195-0. ISSN 1572-8196. S2CID 213063001.
  5. ^ Zhao, Helen (2018-02-23). "Bitcoin and blockchain consume an exorbitant amount of energy. These engineers are trying to modify that". CNBC . Retrieved 2021-04-03 .
  6. ^ "MIT professor debuts high-speed blockchain payments platform Algorand". VentureBeat. 2018-02-15. Retrieved 2021-04-03 .
  7. ^ "Algo VC Fund Raises $200M to Fast-Track Its Own Cryptocurrency". www.bizjournals.com . Retrieved 2021-04-03 . {{cite web}}: CS1 maint: url-status (link)
  8. ^ "Bahrain's Shariah Review Bureau Certifies Blockchain House Algorand Every bit Shariah Compliant". Crowdfund Insider. 2019-10-23. Retrieved 2021-04-03 .
  9. ^ "RSA Conference Tal Rabin Biography". RSA Conference . Retrieved 2022-04-11 . {{cite web}}: CS1 maint: url-condition (link)
  10. ^ "Sharding-FAQs". Ethereum Wiki . Retrieved 2022-03-25 .
  11. ^ "Algorand consensus - Algorand Developer Portal".
  12. ^ a b Xiao, Y.; Zhang, N.; Lou, West.; Hou, Y. T. (28 Jan 2020). "A Survey of Distributed Consensus Protocols for Blockchain Networks". IEEE Communications Surveys and Tutorials. 22 (2): 1432–1465. arXiv:1904.04098. doi:10.1109/COMST.2020.2969706. ISSN 1553-877X. S2CID 102352657.
  13. ^ a b Wan, Shaohua; Li, Meijun; Liu, Gaoyang; Wang, Chen (2020-eleven-01). "Contempo advances in consensus protocols for blockchain: a survey". Wireless Networks. 26 (8): 5579–5593. doi:10.1007/s11276-019-02195-0. ISSN 1572-8196. S2CID 213063001.
  14. ^ Xiao, Y.; Zhang, Due north.; Lou, Westward.; Hou, Y. T. (28 January 2020). "A Survey of Distributed Consensus Protocols for Blockchain Networks". IEEE Communications Surveys and Tutorials. 22 (2): 1432–1465. arXiv:1904.04098. doi:10.1109/COMST.2020.2969706. ISSN 1553-877X. S2CID 102352657.
  15. ^ Wan, Shaohua; Li, Meijun; Liu, Gaoyang; Wang, Chen (2020-xi-01). "Recent advances in consensus protocols for blockchain: a survey". Wireless Networks. 26 (eight): 5579–5593. doi:10.1007/s11276-019-02195-0. ISSN 1572-8196. S2CID 213063001.
  16. ^ Chen, Jing; Micali, Silvio (2019-07-nineteen). "Algorand: A secure and efficient distributed ledger". Theoretical Figurer Science. In memory of Maurice Nivat, a founding father of Theoretical Computer Science - Part I. 777: 155–183. doi:10.1016/j.tcs.2019.02.001. ISSN 0304-3975. S2CID 126593426.
  17. ^ Chen, Jing; Micali, Silvio (2019-07-19). "Algorand: A secure and efficient distributed ledger". Theoretical Information science. 777: 155–183. doi:10.1016/j.tcs.2019.02.001. ISSN 0304-3975.
  18. ^ Alturki, Musab A.; Chen, Jing; Luchangco, Victor; Moore, Brandon; Palmskog, Karl; Peña, Lucas; Roşu, Grigore (2020). "Towards a Verified Model of the Algorand Consensus Protocol in Coq". Formal Methods. FM 2019 International Workshops. Lecture Notes in Information science. Vol. 12232. pp. 362–367. arXiv:1907.05523. doi:10.1007/978-three-030-54994-7_27. ISBN978-3-030-54993-0. S2CID 196471153.
  19. ^ Ewing, Marker (2021-12-13). "Introduction to Algorand: PyTeal Smart Signature Development". DappRadar . Retrieved 2022-03-25 .

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Source: https://en.wikipedia.org/wiki/Algorand

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