Algorand

Algorand is evidence of a stake blockchain cryptocurrency protocol that is scalable by solving the blockchain trilemma with its consensus mechanism. The Algorand platform helps Smart contracts, and its consensus set of rules is based on evidence of stake and a Byzantine agreement protocol.

Algorand’s native cryptocurrency is known as ALGO.

Algorand uses a decentralized Byzantine agreement protocol that leverages evidence of stake. As long as a supermajority of the stake is in non-malicious hands, the protocol can tolerate malicious customers, reaching consensus without a central authority.

Consensus on Algorand calls for three steps to suggest, verify and write the block to the blockchain.

The primary phase (the block idea phase) uses evidence of stake concepts. During this phase, a committee of customers in the system is chosen randomly to recommend the new block.

The committee’s choice is made via a method known as “cryptographic sortition,” where every consumer determines whether they are on the committee via locally executing a Verifiable random function (VRF). If the VRF suggests that the user is selected, the VRF returns cryptographic proof that is used to confirm that the person is on the committee. The likelihood that a given consumer will be on the committee is motivated by the number of Algo tokens held through that user (the stake).

After figuring out a person is on the block choice committee, that user can construct a proposed block and disseminates it to the community for assessment/analysis during the second phase. The user includes the cryptographic proof from the VRF in their proposed blocks to demonstrate committee membership.

Within the 2nd phase (the block finalization phase), a Byzantine agreement protocol (known as “BA*”) is used to vote on the proposed blocks. In this 2nd section, a new committee is formed thru cryptographic sortition. Customers have decided that they’re in this 2nd-phase voting committee, analyzing the proposed blocks they have obtained (consisting of verification of first-phase committee membership) and voting on whether any of the blocks have to be adopted. If the vote casting committee achieves consensus on a new block, then the new block is disseminated throughout the community.