Audit Date: 27 September 2022
ECOSYSTEM SCORE
27 September 2022
75
ALERTS
Sep 23, 2022

Algorand Protocol Upgrade Introduces State Proofs for Trustless Cross Chain Communication and 5x Faster Performance

REVIEW NOTES
Jul 06, 2022

Performance score increased due to Uptime.

Jun 22, 2022

Protocol Support score decreased due to Email and Slack support.

Jun 22, 2022

Add-Ons score increased due to Bridges.

PERFORMANCE
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80
NODES

1,794 nodes

WRITE SPEED

10,909 ms

READ SPEED

N/A

GAS FEES

1,000 microalgos

UP TIME

100%

PERFORMANCE MATRIX VALUE MONITORED AT
Gas Fee 1,000 microalgos
Write Speed 10,909 ms
Uptime Percentage 100%
Node Count 1,794 nodes
Reddit Total Members Online 188 members
Reddit Total Members 69,600 members
Discord Total Subscribers Online 2,440 subscribers
Discord Total Subscribers 39,794 subscribers
Telegram Err 22 err
Telegram Ppm 5 ppm
Telegram Views Per Post 1,878 views
Telegram Total Subscribers Online 1,050 subscribers
Telegram Total Subscribers 25,401 subscribers
FOUNDATION TOOLS
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66
ESSENTIAL TOOLS
PROGRAMMING LANGUAGE SUPPORT
SDKs
DOCUMENTATION
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100
API DOCUMENTATION

Exists

100
NODE SETUP

Exists

100
SKELETON CODE

Exists

100
VALIDATOR NODES

Exists

100
GRANT PROGRAM
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50
AVAILABLE GRANT

50 million USD

ADD-ONS
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67
THIRD PARTY SERVICES
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100
PROTOCOL SUPPORT
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50
ADOPTION
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100
DEVELOPERS

844

REPOSITORIES

64

COMMUNITY
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100

Overview 

With blockchain unleashing its potential to drive global transformation, more industries seek to implement blockchain technology in their business. However, the challenges related to scalability, security, and interoperability are still one of the major concerns for second-generation blockchain protocols.

Aiming to solve the prevailing issues of the blockchains, Avalanche offers a fully decentralized, secure and scalable blockchain ecosystem. From building advanced dApps to creating digital assets, everything is possible with Avalanche's high sustainable and economic infrastructure, designed to scale unparalleled growth.

About Algorand

Algorand is a third-generation blockchain protocol and a fully decentralized project, having it's mainnet launched in June 2019. Designed to be a highly sustainable and scalable open-source protocol, Algorand supports the development of enterprise-grade advanced dApps and a wide range of blockchain-powered use cases in its ecosystem. The network further claims to have its focus, particularly on the DeFi industry.

Algorand's Architecture

Algorand protocol is enabled by Algorand virtual machine (AVM) that supports powerful smart contracts to streamline the development of sophisticated dApps. Further, with layer-1 capabilities, Algorand facilitates the development of custom blockchains. These layer-1 blockchains deployed on the Algorand ecosystem benefit from Algorand's unique attributes and capabilities like atomic transfers, Algorand standard assets and rekeying approach.

Consensus mechanism

Algorand adopts a permissionless and pure proof-of-stake (PoS) consensus mechanism, achieving high scalability, speed and security. It ensures the fair participation of nodes while completing transactions in seconds.

Key features of Algorand

  • Fast, scalable and secure: Avalanche and its layer-1 protocols can handle 1,000TPS, requiring 5 seconds to finalize a transaction.
  • Smart signatures: Components containing logic required to sign transactions for signature delegation.
  • Reduced risk: Instant settlement and trustless execution of transactions, eliminating the chances of manipulation and tampering.
  • Low-cost development: Transaction execution on Algorand requires .001 Algos, which is low compared to major protocols.
  • Flexibility: Avalanche supports custom dApps and smart contracts with unique business logic.

Founders

Silvio Micali is the founder of Algorand. Micali has been an MIT professor in the electrical engineering and computer science department since 1983, and he is a Turing award winner and cryptography expert. He laid the foundation of Algorand with the vision to introduce the world to a high-performing and technically advanced blockchain protocol with no centralized authority involved.

Popular use cases of Algorand

AlgoFund

A launchpad to help enterprises and startups launch their ICOs on crypto projects to raise liquidity and funds and spread awareness among people about new coins and projects.

Dequency

A futuristic Web3 synchronization license platform or marketplace where musical and visual content creators can connect and collaborate for NFT and metaverse trading purposes.

Algofi

The official DeFi hub of the Algorand protocol is designed to regulate activities on decentralized exchanges, lending platforms, NFT marketplaces, trading, and more.

What's trending on Avalanche?

Besides defining a roadmap for 2022, Avalance is getting traction with its exciting rewards program and the decentralization of Algorand's governance through DAO. The network seeks to encourage users worldwide to join the ecosystem and contribute to its growth with such offers.