Wormhole Blockchain Added Algorand
Wormhole blockchain added Algorand. Founded in 2017 (and officially launched in 2019) by Turing Award-winning cryptographer Silvio Micali. Algorand’s high–performing Layer-1 blockchain brings fast, frictionless, and inclusive technologies to everyone.
Algorand aims to reshape a variety of industries — from TradFi and DeFi — to new creator economies and beyond. With an extraordinary commitment to interoperability and consistent delivery, its sustainable technology powers more participation, transparency, and efficiency for all. As the technology of choice for 2000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols, and exchange of value.
The consensus protocol
The problem with many blockchains is they sacrifice at least one of the key properties of security, scalability, and decentralization. This is known as the blockchain trilemma. Silvio and his team try to solve the blockchain trilemma by inventing a new Pure Proof of Stake (PPoS) consensus protocol, which is the protocol that the Algorand blockchain uses.
Algorand’s consensus protocol works by selecting a block proposer and a set of voting committees at each block round to propose a block and validate the proposal, respectively. The proposer and committees are randomly chosen from the pool of all token holders (the accounts that hold Algo tokens), and the likelihood of being chosen is proportional to the account’s stake in the network.
Multiple advance cryptographic algorithms go into this process, with fancy names like “verifiable random functions” and “cryptographic sortition”. Those algorithms ensure that the vote is fair, no one can collude, and that the overall system is highly secure.
Algorand Core Features
Algorand makes it easy to tokenize, transfer, and program conditions on any instrument of value. Users can create fungible tokens, NFTs, and security tokens with just a single transaction, with no smart contract code required. Or they can program sophisticated decentralized applications (dApps) with Algorand smart contracts.
Sustainability
Algorand aims to become the first carbon-negative blockchain. With its unique consensus mechanism, Algorand is far more energy efficient than other blockchains and is going further by offsetting its carbon footprint in partnership with ClimateTrade, a leader in CO2 emissions transparency and traceability that is using blockchain-based solutions to improve the efficiency of sustainability efforts for leading corporations around the globe.
Wormhole’s supported networks
Wormhole allows users to send assets to and from any of the supported chains without double-wrapping the asset. It enables seamless access to each network’s vibrant DeFi and NFT ecosystem.
ABOUT Wormhole
Wormhole provides a low lift, low code solution for multiple xChain use cases. The Wormhole SDK covers a wide range of use cases to make xChain simpler for tokens, NFTs, apps, and other generic messaging applications.
ABOUT Algorand
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure.
