Algorand is a scalable, secure and decentralized digital currency and transactions platform.
Algorand offers a solution to the restrictions that are present in the blockchain consensus of PoW by combining the updated Byzantine Agreement (BA) protocol with a cryptographic algorithm known as “Cryptographic Sorting”. Thanks to the new consensus, the following advantages will be achieved - 125x of the Bitcoin network capacity when serving 500,000 users, confirmation of transactions within a minute and a significantly low probability of forks, there are no large computing power requirements. Instead of the traditional consensuses, in which chance plays a more secondary role, the lottery is used here. A new unit in the system is generated in 2 phases – the choice of the generator and the choice of the verifier, both participants are chosen by the lottery. The probability of winning the lottery depends on how much money the honest users have in the system — if someone was involved in any manipulation attempts, the chance of winning drops significantly. As in Dfinity, decisions about changes in the network are provided by users voting for their approval or rejection.
Token: There is no information about tokens and metrics, as well as information about an ICO.
Team: The Algoranda team deserves close attention. It is headed by the famous professor of the Massachusetts Institute of Technology and the Turing Award winner Silvio Micali. The other team members and advisors are from Stanford, Berkeley, New York University, Waterloo, Harvard, and there is a graduate of the Massachusetts Institute of Technology; a very experienced consultant who consulted with some of the Fortune 500 companies. There are several videos of Silvio Micali on Youtube that can give an idea of how he is interested in this project.
Silvio Micali - since 1983, he has been working at the faculty of MIT, in the department of electrical engineering and computer science, where he is a professor of Ford. An expert in the field of cryptography, zero knowledge, pseudo-random generation, secure protocols and design mechanisms. Silvio is the winner of the Turing Award (in the field of computer science), the Gödel Prize (in the field of theoretical computer science) and the RSA Prize (in cryptography). He is a member of the National Academy of Sciences, the National Academy of Engineering and the American Academy of Arts and Sciences.
Jamie Goldstein is an experienced founder and investor in the early stages. Before Pillar (project partner company), Jamie has been an investment partner at North Venture Partners for 18 years. His active investments include Actifio, Plexxi, Layer3 TV and O3b Networks.
Andrew Lo – Professor Lo is a global expert in finance and technology and holds a Ph.D. in economics from Harvard University. Former Governor of the Boston Stock Exchange, he is currently a researcher at the National Bureau of Economic Research.
The Algorand team is very large, here are 3 participants just for an example of their merits. All of them are excellent specialists, with great experience, scientific regalia and awards.
Partners: Pillar VC – young, so far little-known venture company. UNION SQUARE VENTURES is a venture capital company, founded in 2003, in New York, which manages assets totaling $1 billion as of March 2016.
Competitors: XMR, LTC, BCH, BTC, DASH, the closest technological competitor is Dfinity.
Conclusion: A good idea supported technically and by test, a star team, early investment. There is no data on tokenometrics, the conduct of ICO yet, as the team is busy with developing and promised to do this after running the testnet. The project is clearly in the list of observables.