Blockchain technology is regarded as a breakthrough in technology and the next generation of the Internet. Although blockchain has facilitated users around the world to exchange and transfer data, there are still some drawbacks, especially in terms of processing time and necessary power consumption.

Algorand was created to overcome these shortcomings by introducing a new consensus mechanism that saves time, the number of users, energy and security.

1. What is Algorand ?

Algorand is a new cryptocurrency with a view to making transactions within one minute with a large volume of users. In addition, the system also ensures the implementation of safe and smooth transactions even when attacked by “bad guys” outside. Algorand uses the Byzantine Agreement (BA) mechanism, which selects people based on the Verifed Random Function (VRF) and Proof-of-Stake (PoS) to achieve consensus among users in the process generating a new block.

* How does it work?

Phase 1: Select the user to create new block

Users l will randomly selected among users to create new block (the selection ratio of l will be directly proportional to the amount of money that l owns in the system). Once l is chosen, the system will inform other users. Then l will opt for one block of valid transactions and the block must require to be non-existent in the blockchain in order to send to other users for appraisement.

Phase 2: Select new user to appraise the new block

A group k of users will be accidentally selected among users to vote for the new block (the selection ratio of l will be directly proportional to the amount of money that l owns in the system). All users in the system will be informed about this group. If the t or k of the group accepts the block proposed by l, the block will be put into the blockchain.

* Note: Both l and k are chosen in the same way as lottery

2. Official channels

Website: https://www.algorand.com/

Telegram: https://t.me/algorand

Twitter: https://twitter.com/algorand

Medium: https://medium.com/algorand

3. What innovations does Algorand create?



Feature 1: Shorten the time

For traditional blockchain mechanism, whenever a new block is generated, it is sent to the entire users. Then, through a certain mechanism (PoW, PoS, etc), users will vote for whether the new block is accepted or removed. This result will be synthesized to determine if the new block is included in the blockchain. This mechanism has a major disadvantage that is until all users receive the new block data, the consensus mechanism starts to operate.

To overcome this drawback, Algorand's new protocol mechanism was created to allow users to vote immediately at the moment of receiving new block data. It means that when l recommends 01 new block into the system, member k1 in group k who is voted to receive the information can vote to approve instantaneously for new block without waiting until user k2 or k3 , … gets information. So when the last user receives the data and votes for the block, the consensus results for the new block will be released straightaway . New protocol mechanism will shorten the approval process from two phases to one phase.

Feature 2: Reduce time of recovering system after Network Partitioning Attack

Network partitioning is the separation of the primary network into independent subnets to optimize subnets. When the network is partitioned, all of the subnets’ nodes work as usual, but can not communicate with each other. Therefore, when network partitioning attack occurs, users fail to communicate with each other, resulting in asynchronous data.

As there is stratified attack data on the system, users will be more aware of this case as the system is completely standstill at that moment. So, the user can select the mode restoring system when attacked and then, send a message asking for restoring system . When the amount of request messages reaches a certain threshold, all users in the system will be synchronized and the system will operate normally.

4. Token sale strategy

Soft cap: 4 ml (mobilized from two investment company: Pillar and Union Square venture - large US-based investment companies supported Twitter and Etsy)

Hard cap: No information available

Token sales: No information available

5. Roadmap

Algorand's roadmap consists of 5 stages written in the form of hash codes and can be resolved by the SHA256 (SHA256 (msg) || SHA256 (nonce) algorithm. On 2nd May 2018, Algorand’s team delivered the decoded text for the first hash code to clarify the outstanding advantages that Algorand ICO offers to the user. Then, Algorand had further suggestion to help the community to decode the next roadmap stages. "2iCIvZu5IfHpXe8Oj2dtchjYWnDDz9QxCSNrBgN_Axo ="

6. Development Team

Core group:

Silvio Micali (CEO): A professor of electrical engineering and computer science at MIT, a member of the National Academy of Sciences, won the RSA in Cryptology and Gödel Prize in Computer Science Theory.

Naveed Ihsanullah (CTO): Master in Faculty of Computer Science at Harvard University, Designer of Mozilla's Quantum Flow (for Firefox), the head of Global Software Repository

Nickolai Zeldovich: a professor of electrical engineering and computer science at MIT, a member of the Computer Science and Artificial Intelligence Laboratory, Ph.D. graduating from Stanford, co-conductor of the CryptDB encryption project, STACK tool, FSCQ system

Advisory Group

Naval Ravikant ( cryptocurrency advisor ): Chairman and co-founder of AngelList, founder of CoinList, partner of MetaStable Capital invested by experts, investor of Twitter, Uber, ...

Shafi Goldwasser (science advisor): Professor - Ph.D. in Electrical Engineering and Computer Science at MIT, co-leader of MIT's Cryptography and Information Security Group

Andrew Lo (Economic Advisor): Financial and Technology Specialist, Ph.D. at Harvard University, former governor of the Boston Stock Exchange, Founder and Science Director of AlphaSimple Group. , LLC (quantitative investment management company)

7. Partners



TodaCorp: Algorand and TodaCorp cooperated and formed Toda-Algorand Corporation in July, 2017. This joint venture provides an integrated technology that supports those who plan to implement and apply blockchain technology to their business through linking Algorand's technology in accounting book distribution and the top protocol technology of Tadacorp .

TodaCorp was originally a construction company in Japan with large projects in hospitals, medical facilities, schools, etc. After 135-year establishment and development, TodaCorp has now expanded its scale to a variety of field, and based in many countries such as Brazil, Thailand, Vietnam, ...

8. Community

Telegram: 10240 members

Twitter: 2640 followers

Medium: 490 followers

Algorand concentrates on interacting with the community mainly through the official Telegram channel. The number of members on this channel also increased rapidly (100 - 150 members per day). The admin team interacts with the community quite effectively and quickly.

9.Review

Advantages

Algorand ICO has provided the community with information about the project's ideas, objectives and future development direction, which are clear, detailed and full information through the whitepaper.

Algorand's development team is very strong, gathers famous professors in Computer Science from top US universities. They have extensive experience in implementing major projects and research in the industry and have clear orientation about projects, which create a sense of security for investors in the project.

Algorand has conducted a test to check the project's ability and it achieved good results, compared to their goals:

- Transaction time occurs within 1 minute

- Simple algorithms are still processed in seconds so that there is no need to require computational power or PoW.

- Security against network attacks is ensured.

Disadvantages

Although the project started in the first quarter of 2017, until now, except for information in terms of technology applied, Algorand reported somewhat less about the product. So far, Algorand has shared that they are still focusing on delivering networking test in the near future (undefined).

The roadmap was written completely in the form of SHA256 hash code. Despite attracting much interest from the community involved in the decoding, it made other users feel suspicious whether Algorand really has an assured plan for the project, and when the next phase of the project will be implemented.

Rate from Icogens :

HYPE RISK ROI TERM ICOGENS ’ SCORE MEDIUM LOW MEDIUM MEDIUM MEDIUM

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*Note: All the information (on icogens.com) including tokens sales, “interest level”, ROI rate, hype rate, risk rate are our subjective opinion and only for informational and educational purposes. The information ICO Gens provides is not an investment advice.

HYPE: index evaluating the spread of the project to the community on Telegram, bitcointalk , redit , Slack, Medium, Tweeter, Steemit, Fb, Articles,...

RISK: index evaluating the risk level of the project, based on Team elements, project idea, project’s transparency, project’s roadmap, Whitepaper.

ROI: index evaluating for Return on Investment in USD

TERM: index evaluating investment term (Short, Medium, Long Term) for capital strategy.

ICOGENS ’ SCORE: this score can be decided by scores of four other scores or it will reflect the level of interest ICOGENS ’ team has in the project. This score is separated from ROI score. It just shows how much Icogens core team concern the project.

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Source: icogens.com