The myth of blockchain—decentralization, scalability and security. The truth is most blockchain technologies cannot deliver true decentralization. Sivio Micali, founder of Algorand Foundation, stated that neither Proof of work of Bitcoin nor delegated Pos is truly decentralized, but Algorand’s Pure Pos is.
What’s the definition Algorand’s Pure Pos?
- each token has the same power,
- token always at your fingertips,
- majority token is in honest hands = security.
How a block is generated?
- Blockchain grows via a sequence of ever changing committees
- Committees = owners of 1000 tokens randomly selected
- Selected user: propagates a single, short and easy message.
Each token runs its own lottery, which mean the probability of winning is proportional to one’s total money in the system.
Algo’s frictionless finance enable all transactions to be done in 5 secs with low cost at 0.001 Algo. Algorands’ road map launches from its unique consensus protocol, layer-1 strategy and Co-chains, smart chain. The major property of Algorand is the evolvability, which means intelligent change. Silvio argued no matter how we design blockchain now, we need to prepare the future change. Algorand will evolve to satisfy not only current need of current community but also the future global need.
