Steemit crypto Academy contest-S1W1|| My Favorite Blockchain by@merci26
My Favourite Blockchain: The Algorand Blockchain
%20Finance%20Pitch%20Deck%20Presentation%20(2).png)
Algorand is a proof-of-stake blockchain cryptocurrency network with a scalability-focused consensus mechanism that aims to overcome the blockchain trilemma. Smart contracts are supported by the Algorand platform, which uses a consensus mechanism built on proof of stake as well as a Byzantine agreement protocol. The native cryptocurrency of the Algorand blockchain is ALGO.
Why the Algorand Blockchain is my Favourite
The Algorand blockchain is my favourite because of its goals. It is the first blockchain designed to fix the blockchain trilemma.
The blockchain trilemma is a phenomenon that states that a blockchain may only have two of three desirable properties: decentralization, scalability, and security.
The Algorand blockchain in its design promises to be truly decentralized, highly scalable and ultimately secure, a fit that cannot be matched by any other blockchain today.
Early Shortcomings of the Algorand Blockchain
The Algorand blockchain can only be accessed from high-powered computer machines at first, therefore smartphones and tablets are excluded. This is a result of a defect in the design of the Algorand blockchain. As a result, Dapps produced on the Algorand blockchain are not compatible with mobile devices.
Algorand has declared that they would improve their infrastructure to use 'Falcon Keys' to solve this problem. Falcon Keys will allow users to connect to the Algorand blockchain from low-power devices like smartphones and smartwatches. If this upgrade is properly implemented, the Dapps project development will be more or less the same as developing apps for a smartphone operating system.
Changes that would make the Algorand network better
The Algorand network has suffered severely from doldrums in the price of its currency/assets. The price of the Algorand coin has remained stagnant for a long time.
The team behind the Algorand blockchain could put in conscious efforts at shaking up the market by burning off some Algorand tokens.
The design and adoption of more Dapps that have real-world relevance on the Algorand blockchain will also go a long way to eliminate doldrums on the chain.
A Project Built on the Algorand Blockchain: Yieldly
Yieldly is a DeFi project hosted on the Algorand blockchain. The official website for this project is yieldly.finance.
Yieldly is Algorand's first major Defi protocol, with the purpose of allowing users and projects to transfer digital wealth without trouble, gas waste, or security threats. Yieldly's services include staking and liquidity mining pools, cross-chain trading, and Algo and NFT no-loss lotteries.
The Defi protocol has established itself as an ecosystem pioneer and incubator, with product offerings that include governance, marketplaces, launchpads, and AMMs.
Yieldly's smart contracts can be trusted, according to the company's creators, who say that the yieldly Defi has been rigorously examined by Halborn, an award-winning cybersecurity firm that has evaluated Coinbase, SushiSwap, Polygon, and other prominent projects.
The Yieldly Defi has the following features:
- Staking Pool
- Liquidity staking pool
- Distribution pools
- Algo Prize Game (soon to be discontinued)
I invite @ngoenyi @mesola @estyroberts @tamighty @iamchukwudi to participate in this contest
I love this about Algorand Blockchain. You are making me to change my mind about my own favorite Blockchain. You have written so we'll about this. Thanks for the invite, I will surely make my entry soon. Let's see how it goes
Thanks ma. Algorand has helped with the issue of trilemma
Hey @merci26.
Your post is unique. It's actually a reminder for the homework task we once did on this academy. Algorand blockchain is a very good one from your description.
Yes. It is one of the project discussed by one of our prof either @pelon53 or @nane15 can’t really recall. I really did a thorough research about the blockchain, and came to appreciate it more.
I have read your post carefully. YOU know how to convince the reader of the correctness of your idea. I am too far away from such risky projects as DeFi, although I know that many succeed in this. Perhaps my age is slowing me down from participating in the Algorand blockchain. I'm trying to invest in Bitcoin and Steem, my proven and beloved blockchain Steemit.
😀. I am glad I am able to convince you.. you can still change your mind about your favorite blockchain. Algorand can never be underestimated
I will remain a patriot of Steemit, thank you very much, my dear @merci26!
Reading your post, I was not aware of Algorand Blockchain.
It looks quite interesting and that it is a network that offers good benefits.
Success and blessings
Thank you. Algorand is one that has helped greatly in the issue of trilemma
Algorand blockchain is one of the best blockchain because it is secure scable and decentralized. The future of this blockchain is very bright.
Best of luckk...
Very bright indeed. You just said it all. Thanks dear friend.
As I'm still a beginner in crypto world I have not heard about the this blockchain but when you explain ot I feel like researching about it.
Hey dear, you can go ahead and research more about this interesting blockchain