Algorand (ALGO) Wallet

Algorand Foundation (ALGO)

Algorand is a permissionless blockchain network that was created to solve the issue of slow transactions that blockchains such as Bitcoin have been criticized for. The Algorand blockchain was created in June 2019 by Silvio Micali and uses a unique consensus algorithm called Pure Proof-of-Stake. The said algorithm is built on Byzantine protocol where the value of a user’s new block proposition or vote is proportional to their stake. The users are chosen randomly and anonymously and any user can be selected, however, their chances for selection increase the more assets they stake. Pure Proof-of-Stake is the component that allows the Algorand network to access a high transaction rate and enhanced scalability. Such a consensus algorithm also prevents the Algorand blockchain from forking as blocks are proposed and voted for one at a time. ALGO is the network’s native token and is used for participation rewards and to relay node runners.

Tinyman on Algorand

Tinyman is a decentralized trading protocol that utilizes the framework of the Algorand blockchain. The protocol’s mainnet went live in October 2021, however, a few months later it was attacked by unauthorized users. In February 2022 the mainnet was relaunched and in March a compensation program was introduced to cover the losses caused by the attack. Tinyman utilizes Algorand’s Layer-1 solution that allows the protocol to benefit from the Pure Proof-of-Stake consensus mechanism and process a high volume of transactions. With the help of Tinyman users can trade any assets on the Algorand blockchain, including ALGO, by utilizing liquidity pools.

Algorand Governance

Governance is a program developed by the Algorand Foundation that was created to simplify the process of voting concerning the development of the Algorand network. Each governance cycle lasts 3 months during which ALGO holders can sign up, vote, and earn rewards. To earn said rewards, users must vote and keep their ALGO balance above the amount they committed. The first Governance period took place in September 2021 and, currently, the fourth period is in session.