Before trying to wrap your head around blockchain technology, it is important to understand why it matters. From our perspective, blockchain is important because today’s increasingly centralized economies have significant flaws:
That said, we believe that open source blockchain technology holds the key to building a global borderless economy that is secure, open and transparent.
A blockchain is an immutable database of recorded transactions that is shared across a network of computers (called nodes). Transactions are propagated through the network, verified, and bundled together into blocks. Each block of transactions is verified by the decentralized network of participating nodes and appended to the previous blocks. Every block is assigned a unique code (called a hash) that users can reference in the future and prove to anyone that their transactions were indeed added into that block. Any user can freely read from and write to this immutable database.
Existing blockchain solutions aspire to solve the above problems. However, they are either slow or permissioned. Slow blockchains cannot handle the amount of transactions that flow through the economy every day. Permissioned blockchains concentrate power in the hands of a few players, and cannot adapt to the arrival of new participants.
Algorand is the first blockchain that is scalable and permissionless. This allows for a number of benefits, in particular:
We believe that Algorand has the technical innovation in a platform that delivers decentralization, scalability and security. Algorand’s first-of-its-kind, permissionless, pure proof-of-stake protocol supports the scale, open participation, and transaction finality needed by users to build opportunity and fulfill the promise of blockchain technology.
We are defining the standard for blockchain technology and making possible a new borderless economy. To understand how Algorand works and what our technology does, click here.