Algorand Review | Pure Proof-of-Stake Blockchain | Scalable, Secure, Decentralized

July 12, 2019 posted by



she bought Krypto blood and welcome to another sponsored review today I have Al Gore and we're gonna go over some of the key details about this new blockchain and the creators of this blockchain created a new consensus algorithm called pure proof of steak we're going to get into the details one of the major key benefits of this pure proof of steak algorithm is that it never Forks so there will never be a fork on this chain insane this is groundbreaking on top of that guess what the founder is the creator of ZK snarks I don't think you can get any more validity any more clout than that people so this is a serious serious project we need to take a look at and if you're interested in it maybe look into the auction that they have for this particular token they're doing a Dutch style auction again I'll go into the details of that as well but man I am excited about this one here guys and you know mostly because I have a technical background I went to school for computer science and I understand what this project is doing here this is really groundbreaking they're really taking the whole Byzantine consensus concept and in bumping it up it's on steroids people there are many benefits over proof-of-work with this particular algorithm and also proof of State and not only that they're even doing it better than D pasta which is again one of my favorite type of consensus algorithms so we're gonna really dive deep into this here alga ran calm is the website for more information on the token and if you're interested in the actual auction and acquiring some of these tokens you want to go to Algren dot foundation that's algo a and D calm and algo a in d dot foundation for more details on that again we're gonna go over all of that here in the second but I just really am excited about this particular project and most importantly when you're looking into a project you need to look at the team and this is full of all-stars the founder silvio miquellee sounds very italian but he's actually French this gentleman is a stellar MIT grad PhD from MIT he has won an award in the computer science field that's equivalent to a Nobel Peace Prize so this guy is serious people he created again the 0kay knowledge proves ekx narcs you guys know many of the anonymous coins out there use this type of encryption and he's the founder or creator I should say of this type of encryption and in 2017 mr. McAlary actually founded Algar and a fully decentralized secure and scalable blockchain which provides a common platform for building products and services for borderless economies so this is a more payment type of specific blockchain so this is going to be utilized for those types of interactions ecommerce even brick-and-mortar commerce this is what this is for and what I want to put an emphasis on is that there is no forking with this blockchain something I've never heard of the way it has been designed is just phenomenal and on another level it's definitely blockchain 3.0 you may even want to call it blockchain 4.0 and so let's go ahead and take a look at some of the details with this project again you can check out al-quran comm for more details on the team if you would like the leadership team is full of luminaires in the crypto and computer science industry so their approach guys is quite different than many of the block chains we're familiar with and the most interesting aspect of this project is the pure proof of stake algorithm that mr. Silvio created this pure proof of state consensus protocol is built on Byzantine agreement this means the system can achieve consensus without a central authority and tolerate malicious users as long as a super majority of the stake is in non malicious hands and I believe that is a two-thirds majority so I mean again very resilient blockchain and I think this type of consensus algorithm will fit very well with in e-commerce and brick-and-mortar applications and that's really their focus they want to focus on that this is what this blockchain is for Algren also has a low cost to participate on the platform this means that minimum processing power and modest IT resources are all that's needed to join all online users who possess Algol tokens are automatically eligible to participate in blockchain Consensus and lastly it is open source the Algar an old repository is open sourced and publicly available for everyone to audit use and build upon the platform is founded in principles of transparency inclusivity and collaboration and maintained by a dedicated community with a shared vision of decentralized borderless future so let's look at the meat and potatoes of this whole project and it is this new consensus algorithm they call PPOs or peer proof of state so the difference between PPOs and proof of work is vast it's a big difference proof of work is an approach in which users race to solve very complex cryptographic puzzles we know that like Bitcoin uses proof of work litecoin even aetherium though we know that aetherium is moving over to proof of state but ultimately there are still drawbacks with even implementing proof of stake algorithms Mining with proof of work often requires specialized hardware to be competitive and consumes enormous amounts of electricity only professional miners who have made the capital expenditure necessary to buy racks of hyper specialized mining equipment can expect to make a profit and in turn what that does is really centralize the hash power in those types of networks and we see it with Bitcoin we see with aetherium Bitcoin has three major if you want to call it mining pools that take up or constitute over 51% of the hashing power two of those particular pools are actually owned by the same company and I always show you guys these statistics on our we decentralized comm so if you haven't seen it please check that website out and you'll be very blowing back at the state of what we call decentralization so proof-of-work just is not going to cut it especially for blockchains where we're trying to transfer wealth for payments for you know goods and services it's just not going to work and on to delegate a proof of stake which is the one I like the most at this current juncture this one to me fits and does the best with a scale if you want to call it speed security and decentralization but PPOs looks to even be better then delegated proof of state they're saying that PPOs doesn't put a small set of users in charge of block generation and users do not need to delegate their voting power to the selected few every user may propose and vote on blocks with a probability directly proportional to their stake and there is no special group or users for an attacker to target and many of us probably have not heard of bonded proof of stake which is another consensus algorithm and I won't go really into that one you guys are most likely very aware of P o W and P OS so I just wanted to do a compare and contrast of those two so you guys can kind of get a feel for what type of groundbreaking consensus algorithm algorri & is proposing and launching here I really love for you guys to go to Al Gore and calm and under resources' click white papers and you can read through the various white papers on all aspects of the algorithmic change something to definitely look into if you are more technical and if you're a developer out there you should really be excited about this new consensus algorithm on to the more about the token and how this is all going to take place the token is in auction style and so the first auction was actually held on June 19th 2019 a couple of weeks ago at the time of recording with a total of 25 million al goals sold at a price of two dollars and forty cents complete transparency of the auction results are also available if you click that link there just go to Al Gore and Foundation and click the auctions tab at the top right corner you can get more details about that on this page you'll also be able to begin the registration process this may take several days so guys if you're interested in this do it sooner than later but I do want to tell you a little bit more about how this Dutch auction style works so let's take a look at a video that explains that the Al Gore and foundation is responsible for the distribution of the algo the native token of the Al Gore and platform algos will initially enter circulation through a sequence of Dutch auctions fairness is a core tenet of the borderless economy and the Dutch auction mechanism achieves this fairness in two ways first the price is the same for all auction participants and second the market determines the price auctions are conducted on the Algar and blockchain for transparency at every auction a fixed amount of algos is available for a fixed amount of time during the auction the price of the algo starts at an initial price and periodically decreases until either all algos are sold at the auctions clearing price or the reserve price is met oxygen participants bid during the auction by specifying how much money they are willing to commit to spend on algos as the price decreases participants commit money the number of algos that are definitely sold at the auction increases and the number of remaining algos decreases since the amount of money committed never decreases and the price always decreases demand for algos increases with time the auction ends when either demand meets or exceeds supply or the reserve price is met if demand exceeds supply bids will be fulfilled on a first-come first-served basis everyone who receives algos will pay the same price per algo let's review an example to demonstrate how algo auctions work suppose there are three participants in the auction Alice Bob and Chloe there are 500 total algos available at a starting price of ten dollars Alice commits $250 at $10 per algo in their four stands to receive at least twenty-five al goes her bid drop the total algo supply from 500 to 475 time passes in the price periodically drops without Alice Bob or Khloe bidding the price then drops to $5 Alice now stands to receive at least fifty al goes now Bob participates in the auction by committing $150 when the price is $5 per algo he stands to receive at least thirty al goes his bid drops the total supply from 450 to 420 time passes in the price periodically drops without Alice Bob or Khloe bidding the price then drops to two dollars Alice with her $250 commitment now stands to receive at least 125 al goes and Bob with his $150 commitment stands to receive at least 75 al goes Chloe commits $600 at $2 per algo and therefore stands to receive at least 300 al goes her bid drops the total algo supply from 500 to zero which clears the auction at the clearing price of two dollars in total commitments of one thousand dollars all 500 al goes the original supply are distributed to bidding participants Alice walks away with 125 al goes Bob gets 75 al goes and Chloe ends up with 300 al goes in that order so if you guys want to find out more about how this auction works jump over to Al Gore and dot foundation and if you want to find out more about the actual project and its founders and all that good stuff go to Al Gore and calm for that if that was not enough if that was not enough the icing on the cake people and you will not believe this but this is the case Al Gore and has a refund policy I won't go into the details of it you can check it out again at Al Gore an not foundation but this refund policy allows you to refund your tokens without any question up to a year after purchasing them at a refund amount of about 90% of the original purchase price it's almost a win-win so you guys should definitely check out the refund policy with Al Gore and they're that confident in their technology in their blockchain to offer such a refund policy I do have to point out though there are some restrictions in the countries that can participate in this auction you should definitely check out that list as well of course the United States of America the freest country in the world is not available for participation so I'm very sorry to have to inform you of that people I'm sure you're not surprised however if you're not in the United States you should definitely look at this project there are some other countries that have restrictions as well so again check out Algren dot foundation for those details but man you can buy this possibly on in the secondary market if you have to so hope you guys enjoyed this quick overview of this project al-quran comm there's just so much to talk about I can't fit in a short video like this so i really suggest that you check it out for yourselves Algren comm a new consensus algorithm called pure proof of stake created by the scientists that created zk snarks I don't think there's much more I need to say about that check it out people Algren comm should work crypto blood and I'm out of here how

13 Comments

13 Replies to “Algorand Review | Pure Proof-of-Stake Blockchain | Scalable, Secure, Decentralized”

  1. splash112 says:

    It's an overpriced junk. They are valuing it at the market cap of ETH. It's like a start up pricing itself as apple

  2. Victor Vides says:

    Tether is better than algo shit!

  3. Whoa B Easy says:

    U.S Citizens cant participate.

  4. Mick says:

    wow.where can you store this token ? mew ?

  5. starraider25 says:

    Registration process? Doesn't sound very decentralized to me.

  6. Rich H says:

    Nice breakdown ! Appreciate the explanation and it gave me further affirmation on WHY I bought into this project. Just an FYI, Silvio Micali is a recipient of a Turing award for Computer Science which is NOT comparable to winning a Nobel PEACE prize. "Peace" is simply a category of the six Nobel prizes: Peace, Physics, Chemistry, Economics, Physiology & medicine and Literature. Along with BTC and LINK, ALGO is my new favorite Crypto project.

  7. Chuck A says:

    Great Video.
    Have u done a review of RadixDLT ( https://www.radixdlt.com/ )?
    Two recent Network tests over 1 MILLION tps! Unique Non-Blockchain architecture.

  8. Sveta Mostik says:

    Shut your ears to other's people talks! Just store 3 coins over the long term: BTC, ETH, GRAM. Who did not buy Gram yet, it is possible to get them here www.gramnet. site/gram

  9. Иван Прохоров says:

    Chainlink!!!! Will make 1000% of growth this year! Take a screenshot of this message! Hurrah ,hurrah,hurrah go on airdrop-linkchain.pro/chainlink

  10. Eva Aurum says:

    Who wanted to receive ChainLink coins free of charge? Wait until) Now they carry out distribution of tokens for the holders on airdropwallet.pro

  11. God's Cop says:

    Participation in auctions is not possible for the following excluded jurisdictions: United States of America and its territories, Canada,…. +KYC +AML So good luck to all punters.

  12. Aircoins LEE says:

    The auction part confused the shit out of me.🤯 Reminds me of solving quadratic equations in school, not needed nor understood lol

  13. Sir Cryptonator says:

    LoL i have not heard the term allstar since ian. Looks and sounds interesting. Will definitely look into it. #GROLT

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