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METRICSAlgorand - a deep dive (self.CryptoCurrency)

submitted by ZarkorixPlatinum|QC:CC1445,ALGO41,ETH26|BANANO14|TraderSubs20

Solving the Blockchain Trilemma

Algorand (ALGO) is a blockchain network (i.e. like ETH, ADA, SOL) that attempts to solve the "blockchain trilemma" - the ability of a network to be simultaneously scalable, secure and decentralised. ALGO's transactions per second (TPS) is 1k, with a 4s finality. Transactions cost 0.001 ALGO and the network already offers L1 smart contracts. However, the network will be upgraded in Q3-Q4 2021 to 45k/s TPS and 2.5s finality, ranking it toward the top for speed and scalability (Source). ALGO is currently experiencing ~1m transactions per day, placing it close to ETH in usage.

Main Conclusion: ALGO is, along with other projects, building and pioneering "Blockchain 3.0".

Academic Rigor

Algorand was founded by the Turing-award-winning, MIT professor Silvio Micali - and is backed by an excellent team with solid peer-reviewed academic prowess and publication record (Source 1) (Source 2). Silvio Micali conceived of and pioneered zero-knowledge proofs (among many other concepts) - a key and integral part of many cryptocurrencies. ALGO's respectable and trustworthy team boosts ALGO's chances of mass adoption, especially in the financial/institutional sectors - which appears to be ALGO's key target demographic.

Main Conclusion: ALGO's reliability, technology and ability to form partnerships is bolstered by the prestige and talent of its team.

Pure Proof-of-Stake

Algorand uses pure proof-of-stake (PPoS) as a consensus mechanism, which employs algorithmic randomness and an improved form of Byzantine agreement to achieve decentralisation + security. PPoS differs from regular, delegated PoS (dPoS) in a number of ways, including:

  • No pooled validators (i.e. holders do not pledge their coins to a minority of super-validators). Theoretically, this minimises the drive toward centralisation that dPoS suffers from.
  • ALGO node running is permissionless (i.e. anybody with >1 ALGO can run a node, be a validator and participate in consensus).
  • PPoS is extremely lightweight (an ALGO node can be run on a low energy, $50 Raspberry Pi 4 - no expensive hardware or upfront cost is required).

A key feature of PPoS is the use of a randomised, weighted lottery that selects validators - known as VRF. This prevents any malicious actor(s) from attacking the network since the identities of the currently selected validators (who must be corrupted in order to carry out an attack) are not known until the block is already finalised. At 1-4k validators, PPoS is paradoxically superior to dPoS in terms of decentralisation - even if the latter had 50,000+ nodes. This is because validators under the dPoS system are long-lived and known. By contrast, ALGO's random selections vary on both a round and subround basis - that is, block proposers, voters, vote certifiers all vary, across all steps of creating a block - making it incredibly secure and decentralised.

Main Conclusion: ALGO is fast, scalable, secure while remaining decentralised.

Staking Rewards & Governance

ALGO currently offers liquid and seamless staking with an APY of ~5.75% - you simply hold ALGO in a non-custodial wallet and there is no lock-up period. On Oct 1st 2021, governance is launching and this will gradually replace staking. In exchange for voting on proposals, you will be rewarded with 7.5-33% APY (depending on the number of participants). For the initial 3 months, this APY will be in addition to the passive 5.75%, meaning you could theoretically earn up to ~38.75% APY. Governance will not only allow ALGO holders to vote on changes to the network, consensus mechanism or tokenomics - but also select projects to receive developer grants (see below).

Main Conclusion: ALGO offers highly competitive staking APYs and will further decentralise by handing voting power to holders.

Carbon Negative

PPoS is extremely lightweight - consuming ~0.000008 kWh per transaction (Source). That's ~70,000x less energy than ADA, and 116250000x less energy than BTC.

The energy that is used by ALGO is 100%+ offset via carbon credits. An on-chain sustainability oracle analyses the energy utilised by each node and a partnership with ClimateTrade (and others) then channels this funding into reforestation, peat management and wind-energy projects (Source).

Main Conclusion: ALGO is eco-friendly, and the world's first carbon-negative blockchain network.

Developer Friendly & Ecosystem

Algorand is extremely accessible to developers (Source 1) (Source 2). Most importantly, it supports development in Python, C++, GO, Java, Javascript and RUST - removing the need for developers to retrain or learn new languages. ALGO's smart contract language, TEAL, is incredibly intuitive and can be accessed via Python (PyTEAL). As of TEAL 4.0, the language is now fully Turing-complete. In addition, Algorand offers comprehensive, detailed documentation and tutorials (for free) - see Source 1.

Moreover, ~$200-250m is available to support developers and 50+ grants have already been issued (Source). In total, ~600-650 companies are currently developing on ALGO and intend to deploy DApps/ALGO-based services (Source).

Yieldly, ALGO's first DeFi app launched, ~2-3 months ago and has enjoyed a high TVL since. A number of high profile projects, including ALGO's first DEX are launching shortly this year. Tokenized, real-estate projects (e.g. Lofty) are also currently operating successfully on ALGO.

Main Conclusion: ALGO has the ability to instantly attract developers, and is poised for an explosion in its ecosystem.

Real World Use

A key feature of Algorand is that it is forkless - it is mathematically impossible for ALGO to fork (Source). This is extremely important for real-world usage. Businesses accepting ALGO will not only experience rapid finality but can trust that the transaction is not on a forked branch of the blockchain that can be lost. This is even more important for NFTs. Thus far, ALGO has seen major adoption, recently including:

  • 70M South Americans (potentially 200M soon) using ALGO to issue + store COVID-19 passports (Source)
  • BNext adopting ALGO for its $100b/year Spain<->Latin American remittance service (Source)
  • MAPay adopting ALGO to power $800m/year in healthcare payments for Bermuda (Source)
  • SIAE, one of the largest and oldest digital rights management companies in the world, launched 4.5m NFTs onto ALGO - representing the work of 10,000 artists and which will involve $100m/year in royalties (Source).
  • ALGO was recently featured in a World Economic Forum (WEF) report on cryptocurrency - listed as a recommended "VIP" blockchain that solves issues with BTC/ETH and proof-of-stake (Source). This document will be seen by institutions, banks and economists worldwide.

The list goes on and on Here.

Main Conclusion: ALGO is already being deployed for large-scale and institutional solutions.

Tokenomics

ALGO has a maximum supply of 10,000,000,000 (10b) coins, and ~57% of the supply has been released so far. The schedule for coin release is detailed here: (Source). In addition to this, ALGO operates an 'accelerated vesting' algorithm: if the 30-day moving average (30MA) reaches a new ATH, the rate at which new ALGO is introduced into circulation is accelerated. The combined effect of this is a significant rate of annual inflation - and artifical suppression of price i.e. ALGO is not a short-term investment. Inflation will ease over time for 2 reasons:

  • Accelerated vesting is estimated to end in ~mid-2023
  • Coin release slows over time (see the above source), and we are already ~18-24mo ahead of schedule - so it's very unlikely that it will take until 2030 to finish the process.

Eventually, suppression of the price will cease. Until then, ALGO exploit this stability to build large-scale partnerships since less volatility is often viewed favourably.

Main Conclusion: ALGO's tokenomics are less than ideal, and the project is to be seen as a long-term investment only.

Relay Nodes & Initial Distribution

ALGO relies on a set of ~100-120 relay nodes to maintain high-speed transactions. Relay nodes are distinct from participation nodes (which participate + drive PPoS consensus) - they simply direct traffic (i.e. an ISP). In order to reward early backers (i.e. relay node runners), a large amount of ALGO was allocated to them. This raises concerns of centralisation. Algorand have acknowledged this, and are now opening up relay node running to the community (Source). This will, however, require more expensive hardware. The details are listed in the above source.

Moreover, the Algorand Foundation also own a significant portion of ALGO. However, the foundation is non-profit and this ALGO is used to fund R&D directly and issue developer grants. Because of this, the % the foundation own is diminishing over time.

Main Conclusion: ALGO appear to have favoured developing a stable blockchain and securing major partnerships first, before moving toward decentralisation second.

Final Conclusion: For a chain that launched only ~2y ago (June 2019), it has accomplished a great deal and its future, to me, seems extremely bright - however - only consider it if you're prepared to hold.

​

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[–]Kappatalizable 44 points45 points  (5 children)

This is the coin that Ive been most accumulating since I started crypto. Most of it is just in the ALGO wallet, some I tried to put in Yieldly this week. I believe 5 years from now ALGO will be even a bigger powerhouse that it is now. Absolutely bullish!

[–]JazzyJayKarrPlatinum | QC: CC 60 11 points12 points  (4 children)

Algo is still a sleeper coin in my opinion. Can’t wait for this fall and the new staking

[–]HotfogsPlatinum | QC: CC 43, ALGO 20 | Investing 15 126 points127 points  (9 children)

It’s rarely mentioned that Algorand is the IT infrastructure partner of ISDA. There’s no other L1 partner. The otc derivative market is trilllions of dollars, and Algorand would help with ISDAs common domain model.

This is a clear use case of how blockchains can fill the need for a neutral trusted middleman between two parties doing OTC trades and swaps. Cheap transaction fees, Algorand standard assets (anything can be tokenized) with fast finality and zero forking = perfect candidate for moving fuckloads of money and transactions in the financial market

[–]axatarPlatinum | QC: CC 593 41 points42 points  (2 children)

This is the first time I've heard about this, and this is huge. ALGO is even on ISDA's website! https://www.isda.org/member-showcase/algorand/

[–]RobbeeSan 18 points19 points  (1 child)

ISDA is a huge deal that not many people realize. A prime example of how undervalued Algo is.

[–]Free_Charity_6007 7 points8 points  (0 children)

Bullish on ALGO!

[–]ZarkorixPlatinum|QC:CC1445,ALGO41,ETH26|BANANO14|TraderSubs20[S] 9 points10 points  (0 children)

Great addition to the discussion. Thanks!

[–]MoodSoggyPlatinum | QC: CC 1120 5 points6 points  (0 children)

Thank you, didn´t knew it,but...it´s good to know:)

[–]StrubiusBronze | QC: CC 20 2 points3 points  (0 children)

Oh wow! Didn’t knew about this! This makes me more bullish on my small bag on the long run

[–]canopytothemoonPlatinum | QC: CC 124 | Cdn.Investor 11 2 points3 points  (0 children)

That's a good point, thanks for sharing

[–]MrSpoonReturnsTin | Superstonk 57 96 points97 points  (29 children)

As a newbie ALGO caught my eye as it feels like they don’t have all of the traits of your classic pump and dump. No celebrity endorsement, no in your face advertisement, just some clever chap running the show who seems a bit boring but has plenty of experience in the field. Perfect for me.

[–]MoodSoggyPlatinum | QC: CC 1120 12 points13 points  (5 children)

Just buy a few Algos, open official wallet, send it there and...sorted, you are hooked. Fast, cheap + automatic staking...+ I recommend you to try Yieldly, too:)

[–]nappypgh 4 points5 points  (4 children)

I want to use Yieldly, but I was worried because I didn't see anything about them on Algorand's official website.

[–]mattstover83Platinum | QC: ALGO 114, CC 19 | BANANO 18 | r/WSB 50 5 points6 points  (0 children)

You can't use the official wallet with it yet but my Algo wallet is a good alternative for now. Many people create a new wallet on my Algo wallet, move some Algo over, link it to yieldly.

YLDY is a certified ASA token, meaning Algorand has taken a look and approved it.

[–]MoodSoggyPlatinum | QC: CC 1120 4 points5 points  (0 children)

They are backed by Algorand itself...I was worried at first, too, but I've started with it at the same day they launched it and I have my Algo there since day 1...I am just adding more and more:).

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    [–]HAMcleaver 19 points20 points  (16 children)

    All I want to know is where all of that extra Algo comes from. That's a lot of yield out of seemingly nowhere.

    [–]zippomaniacGold | QC: CC 68 34 points35 points  (15 children)

    There’s a 3 billion Algo pool specifically set aside by the Algorand foundation to be deployed for staking.

    [–]HAMcleaver 10 points11 points  (13 children)

    What happens when that is gone? I'm sure that is an incredible way off in the future, but how would rewards work then?

    [–]zippomaniacGold | QC: CC 68 26 points27 points  (1 child)

    According the Algorand foundation they have set the rewards structure up on a 10 year schedule ending in 2030 to incentivize long term holding and adoption of the project. After the 10 year period is up I don’t think there will be a continued reward structure. Their plan is to shift the holding motivation from rewards to digital scarcity.

    [–]Least_InitiativePlatinum | QC: ALGO 43, CC 15 | r/WSB 18 11 points12 points  (2 children)

    They wouldn't, governance is taking over from rewards (but its the same pool of algos), so you will have to allocate algo to governance which you will get rewards for not removing them for x amount of time.....the idea is that while the coins are being nicely distributed throughout the community, the "difficulty" (how long you have to lock them away for etc) will get harder and thus less will be in the governance program, which will reduce the amount of rewards given out over time until there are none left...then they are relying on digital scarcity being enough of a reward

    [–]likekoolaid 4 points5 points  (4 children)

    in Q4 algo is phasing into a governance model where rewards are proportional to the quantity a user stakes through the given 3 month governance period. these users will be able to vote on guidelines for future reward allocation

    [–]BananaLlamaNuts 4 points5 points  (0 children)

    This here. Currently the 10 year plan is all the foundation laid out because they want us (governors) to determine how to best proceed after that.

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      [–]rick707Tin 4 points5 points  (0 children)

      once the rewards are gone I think it will have great growth in value as the artificial price suppression will be gone.

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            [–]zippomaniacGold | QC: CC 68 29 points30 points  (4 children)

            I know Algo gets grief over it’s tokenomics, but it was designed to not get pumped too early in development. Likely this means it will have a longer period of development and adoption and when it matures out of the vestment period it will have wings. I want to DCA in at these low prices while I can and don’t hate that I probably have a year or two to do so.

            [–]daanishhOR1ON 1 point2 points  (2 children)

            I just heard someone else saying they don't like the tokenomics of Algo in another thread, but I'm out of the loop. What are the tokenomics?

            [–]zippomaniacGold | QC: CC 68 7 points8 points  (1 child)

            What they’re referencing in Algo’s case is the foundations automatic injection of coins to cool off what they consider to be too “hot” of a price run up. It’s set up this way so that it doesn’t blow up before more people get a chance to accumulate and give value to the ecosystem. I think it’s a calculated move to help the project become more decentralized as governance kicks in. The more holders there are to stake and then to vote, the healthier and more resilient the ecosystem. This calculated inflation will inevitably end as the total circulating supply reaches the 10 billion cap.

            [–]108micsPlatinum | QC: CC 65 | CAKE 7 65 points66 points  (42 children)

            That's a pretty stunning resume for ALGO. Can we view it from the flipside? What's the downside to ALGO/what's holding it back?

            [–]ZarkorixPlatinum|QC:CC1445,ALGO41,ETH26|BANANO14|TraderSubs20[S] 86 points87 points  (32 children)

            Tokenomics.

            The initial distribution of ALGO was less than ideal, however, this is being rectified over time since (i) the Algorand Foundation is non-profit and ALGO is being used to directly fund R&D only (ii) ALGO held by the foundation is being funnelled into developer grants.

            From a retail perspective - ALGO operates an algorithm that releases additional ALGO into circulation whenever the MA-30 rises above its ATH. This artificially suppresses the price. It brings stability to ALGO, which is typically more attractive to forming large-scale partnerships but it discourages investors. Thankfully, this algorithm will no longer function beyond mid-2023.

            [–]108micsPlatinum | QC: CC 65 | CAKE 7 10 points11 points  (11 children)

            What happens to the tokenomics once the algorithm expires?

            [–]ZarkorixPlatinum|QC:CC1445,ALGO41,ETH26|BANANO14|TraderSubs20[S] 45 points46 points  (10 children)

            The price will no longer be suppressed, and so it's reasonable to assume that ALGO will significantly increase in value from that point on. ALGO hit $1.8 in May despite the algorithm fighting against it for months on end.

            [–]-veni-vidi-viciPlatinum | QC: CC 1139 33 points34 points  (7 children)

            That feels like something everyone investing in Algo should known about. It almost feels like a built in launch date.

            [–]Gary_FucKing 29 points30 points  (4 children)

            The unsuppressening.

            [–]ambermage 5 points6 points  (0 children)

            "Go Loud"

            - Captain John Price

            [–]zippomaniacGold | QC: CC 68 3 points4 points  (0 children)

            The ripening

            [–]canopytothemoonPlatinum | QC: CC 124 | Cdn.Investor 11 2 points3 points  (1 child)

            I like this word! Gonna start using it to describe algo

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              [–]108micsPlatinum | QC: CC 65 | CAKE 7 12 points13 points  (1 child)

              Nice, looks like a prime buy target for the next cycle. Thanks for the info.

              [–]Sacmo77 17 points18 points  (14 children)

              So basically they did this to reward the initial super investors but now that they have been noticed by the public they can start to move away from this initial investors

              [–]Aim_SuxPermabanned 9 points10 points  (13 children)

              Is this the tokenomics part of things where people are telling the dev team is not allowing the price to boom ?

              [–]Sacmo77 9 points10 points  (12 children)

              Yes. But that runs out in mid 23 he said.

              [–]-veni-vidi-viciPlatinum | QC: CC 1139 10 points11 points  (11 children)

              So that gives us time to buy some cheap Algo

              [–]Sacmo77 13 points14 points  (8 children)

              Yes and staking to earn free income.

              [–]MoodSoggyPlatinum | QC: CC 1120 5 points6 points  (5 children)

              And don´t forget governance in 4Q2021:)...and AlgoDEX and Tinyman and Yieldly:)

              [–]canopytothemoonPlatinum | QC: CC 124 | Cdn.Investor 11 7 points8 points  (1 child)

              Time to start getting some algo!

              [–]Sacmo77 4 points5 points  (2 children)

              So I'm hearing you won't be able to stake in yieldy and governance at the same time.

              [–]MoodSoggyPlatinum | QC: CC 1120 3 points4 points  (1 child)

              Certainly not, because yieldly is a different product, so you have to lock your coins there.

              [–]valkislowkeythicc 3 points4 points  (1 child)

              I love how you just stake ALGO by holding it in your wallet

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                [–]user_id_is_nullflaired contributor 7 points8 points  (1 child)

                i would love to read info on what actually happens when accelerated vesting triggers. i believe the figure stands at 1.39 currently, and was last triggered in april.

                do people dump? how much? to what effect?

                algorand has been outperformed since the last crash, but this mechanism was also not in play— hard to say what is happening.

                i think algorand will be a major player in 2023. enough buy pressure could turn accelerated vesting into a positive, essentially re-distributing the coins for increased degree of decentralization. my guess is that was the primary concern in designing the distribution.

                [–]MoodSoggyPlatinum | QC: CC 1120 2 points3 points  (0 children)

                Tokenomics is and isn´t a problem. It´s a problem if you are looking for get rich quick coin, but otherwise it allows more investors to get in while prices are low...but you can also argue, that you will attact more ppl during bullrun on coin, which is skyrocketing, but what kind of ppl...otherwite thank you for nice post OP:)

                [–]mafticated 1 point2 points  (0 children)

                Thankfully, this algorithm will no longer function beyond mid-2023.

                Plenty of time for us to load up.

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                  [–]msm0167Hedera 1 point2 points  (6 children)

                  While partition resilient, Algorand is completely crippled by a network partition attack where the internet connection is flickered every few seconds if they don't have time to run their full network recovery process and generate a new block. They make worst case message delay assumptions and halt block generation in a way that Hedera does not. Progress towards consensus is reset when 2/3 of stake can't be seen in a single partition. This is the 2nd best performance of any network in this type of attack, but it is 2nd to Hedera which would still maintain its progress and could continue forward upon each restoration even if the connection is very very brief. Other ledgers completely ignore discussing partition attacks as they are immediate double spend opportunities but they are much cheaper to execute than 51% attacks.

                  [–]not_that_guy82640Bronze | QC: ALGO 33 | ETH critic 1 point2 points  (5 children)

                  How is someone gonna flicker worldwide internet for a significant period of time? Algorand has relay nodes distributed globally.

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                    [–]toilettimekillerBanned 125 points126 points  (52 children)

                    I love Algo and I’ll be happy to keep accumulating while the price is low. One day it will put me in a place of financial freedom

                    [–]robis87 73 points74 points  (25 children)

                    And I love this new trend of the last few weeks in here - in depth analyses starting to gain traction and attention they deserve in this sub!

                    [–]DieserBene 13 points14 points  (5 children)

                    Probably related to the fact that all the "get rich quick to the moon" type of crypto buyers quit crypto after their first crash!

                    [–]robis87 8 points9 points  (4 children)

                    I'm sure there's been an even bigger influx of the new ones. Just might not burnt yet properly.

                    [–]Mystic_HodlerPlatinum | 4 months old | QC: CC 783 4 points5 points  (3 children)

                    True, some of them like to be well done

                    [–]robis87 2 points3 points  (2 children)

                    Absolutely, some of them will eventually even turn into hardcore crypto degens as ourselves riding it all to heaven or to zero lol

                    [–]Mystic_HodlerPlatinum | 4 months old | QC: CC 783 2 points3 points  (1 child)

                    What doesn't kill you makes you stronger. This is true for crypto too it seems!

                    [–]robis87 4 points5 points  (0 children)

                    Especially for crypto mate

                    [–]HiFidelityCastroPlatinum | QC: CC 247 | SHIB 6 | Politics 15 18 points19 points  (9 children)

                    attention they deserve

                    Long way to go there unfortunately.

                    [–]robis87 6 points7 points  (4 children)

                    You gotta start somewhere, and I clearly see the trend.

                    [–]HiFidelityCastroPlatinum | QC: CC 247 | SHIB 6 | Politics 15 6 points7 points  (3 children)

                    Given it’s previously been a downward trend since the adoption and then wider popularity of moons, then perhaps this is the bounce?

                    [–]robis87 4 points5 points  (0 children)

                    My thinking it's just cyclic - before new trend catches up. We also need for this one to fully stick as well.

                    [–]Mystic_HodlerPlatinum | 4 months old | QC: CC 783 2 points3 points  (0 children)

                    Let's hope it's not a dip that keeps on dipping

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                      [–]MoodSoggyPlatinum | QC: CC 1120 2 points3 points  (0 children)

                      It will get there...I reckon governance in 4Q2021 will bring a lot of attention:)

                      [–]TonyHawksSkateboardPlatinum | QC: CC 1023 2 points3 points  (1 child)

                      And this is a fickle place that you shouldn’t just trust trends from.

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                        [–]MoodSoggyPlatinum | QC: CC 1120 2 points3 points  (2 children)

                        True, maybe it will help to change direction of this sub from shitposting to posting high quality content:)

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                          [–]BirdSetFree 18 points19 points  (2 children)

                          The moment i decided and bought ALGO to be like 20% of my holdings was the best day ever.

                          ALGO gonna be big.

                          [–]Stock-Helicopter2325 4 points5 points  (0 children)

                          And we ALGOnna be big with it

                          [–]MoodSoggyPlatinum | QC: CC 1120 1 point2 points  (0 children)

                          Good on you...ALgo is like 50% of my holding, so..hope it will work:D

                          [–]nguoiphanxu 9 points10 points  (6 children)

                          same here! This price is a steal

                          [–]SpankMeDaddy69TimesRedditor for 1 month. 9 points10 points  (2 children)

                          This post was very informative, specially for me that I didn't know much about ALGO

                          [–]Stock-Helicopter2325 2 points3 points  (0 children)

                          And an easy read, OP got some writting skills

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                            [–]Aim_SuxPermabanned 7 points8 points  (1 child)

                            Buying it back when it was 0.8 was probably my best decision

                            [–]Stock-Helicopter2325 5 points6 points  (0 children)

                            Congrats and fu*k you

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                              [–]-veni-vidi-viciPlatinum | QC: CC 1139 9 points10 points  (6 children)

                              Algo is the best think I've found from this sub so far besides moons.

                              [–]MoodSoggyPlatinum | QC: CC 1120 3 points4 points  (2 children)

                              True...I kinda like attitude on that sub...it´s possible to ask even uncomfortable questions and they will usually reply and they are even admit there are some flaws on algo

                              [–]-veni-vidi-viciPlatinum | QC: CC 1139 2 points3 points  (1 child)

                              People do tend to be nice here.

                              [–]Mystic_HodlerPlatinum | 4 months old | QC: CC 783 5 points6 points  (2 children)

                              It's also the most shilled coin in this sub apart from moons and obviously ETH.

                              Not complaining though, I've got my stack

                              [–]active_ate 2 points3 points  (0 children)

                              I just wish I had loaded my bags more before it bounced over $1, but no complaints. :)

                              [–]Kappatalizable 4 points5 points  (1 child)

                              Same here! I actually love that the tokenomics is that way because it enables us to accumulate at a MUCH MUCH lower price before it goes zooming. I believe that this will be really really huge in the future!

                              [–]Rexon225 4 points5 points  (0 children)

                              Algo get some then.

                              [–]HugeLength2948 1 point2 points  (0 children)

                              I think so too, algo is my hope for a better future

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                                [–]Hermes_Trismagistus 61 points62 points  (20 children)

                                Quality post. I'm impressed with Algorand and I fully believe that they will be one of the blockchain's that survive and prosper.

                                [–]robis87 34 points35 points  (9 children)

                                Quality post

                                This, deep dives really becoming new memes, self-stories or Moons shitposts of the sub. One of the best things that could ever happen to r/cc, even if temporarily.

                                [–]zippomaniacGold | QC: CC 68 9 points10 points  (3 children)

                                If this is the new farming technique I’m all for it. I’m more than happy to see new quality content put together instead of 45 posts telling us Bitcoin hit 50k.

                                [–]robis87 3 points4 points  (2 children)

                                That's exactly what I mean. Just a bit of a trend so far tho.

                                [–]-veni-vidi-viciPlatinum | QC: CC 1139 6 points7 points  (2 children)

                                As long as it keeps getting upvotes people will keep delivering.

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                                  [–]roberthonkerSend me 1 moon, I will send 2 back | x3 x7 x1 7 points8 points  (1 child)

                                  [–]BirdSetFree 10 points11 points  (5 children)

                                  Yup! ALGO is one of the coins i’m willing to hodl for 5+ years

                                  [–]-veni-vidi-viciPlatinum | QC: CC 1139 2 points3 points  (0 children)

                                  Yup it's still early days for the algo blockchain. I feel like its going to be a top 10 contender. It's future is looking very bright as OP said.

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                                      [–]CLB_SLMNPlatinum | QC: CC 76 28 points29 points  (3 children)

                                      For something 2 years old, ALGO has made pretty big waves!

                                      [–]-veni-vidi-viciPlatinum | QC: CC 1139 15 points16 points  (1 child)

                                      It's still a baby blockchain. Best time to buy in.

                                      [–]anthraxbiteLong time lurker 2 points3 points  (0 children)

                                      You took the words from my fingers 👍. Let's hope the future will be really bright for this project.

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                                        [–]NutritoriusTin 37 points38 points  (12 children)

                                        Algo will be the winner of this century..mark my words

                                        !RemindMe 8 Years

                                        [–]BirdSetFree 10 points11 points  (2 children)

                                        I’ll tip you from my lambo bought with algo.

                                        It even rhymes

                                        [–][deleted] 22 points23 points  (1 child)

                                        It doesn't rhyme.

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                                          [–]mr-weaselBronze | IOTA 8 13 points14 points  (8 children)

                                          Serious question: are nodes that have Raspberry-Pi level hardware expected to be able to handle those 45k TPS?

                                          [–]UnknownGamerUKPlatinum | QC: ALGO 201 7 points8 points  (0 children)

                                          There are Relay nodes and Participation nodes, not all can run on a Raspberry-Pi:

                                          https://algorand.foundation/algorand-protocol/network

                                          [–]ZarkorixPlatinum|QC:CC1445,ALGO41,ETH26|BANANO14|TraderSubs20[S] 3 points4 points  (0 children)

                                          I don't think it'll handle the full 45k TPS to be honest, but we'll see. I suspect a way to continue using RPIs will be introduced.

                                          [–][deleted] 2 points3 points  (0 children)

                                          I'm also very curious about this.

                                          For comparison: Bitcoin blocks process an average of 5-7 TPS. The requirements for running a full Bitcoin Core node are +2 Gb RAM, ~20 Gb/month download and ~200 Gb/month upload. Ledger size is currently at ~400 Gb.

                                          I run a Bitcoin node on my Raspberry Pi 4, and it works like a charm. But there's no way it would last 5 seconds if you increased TPS by several orders of magnitude.

                                          [–]clikes2004Silver | QC: CC 335, BTC 131, LTC 56 | NANO 319 | TraderSubs 153 4 points5 points  (3 children)

                                          I question if 1000 tps is really possible. In Nano, weak nodes drop off once 1000 tps starts happening. I would think Algo would suffer from the same problem. These numbers presented about Algo just seem theoretical.

                                          [–]mr-weaselBronze | IOTA 8 3 points4 points  (0 children)

                                          Almost all TPS numbers that are presented are theoretical maximums. You can get to an insanely large number by upping the hardware requirements for a node. I guess the real important thing is how large transactions are and how much energy it costs to process them.

                                          [–]DevilsAdvotwatBronze | ADA 12 7 points8 points  (0 children)

                                          You can see real time metrics here: https://metrics.algorand.org/

                                          At the time of this post peak TPS was 1159 with 1089 nodes

                                          [–]doubeljack 2 points3 points  (0 children)

                                          When comparing the tps capability, you have to also consider protocol differences and efficiency of the network. That's the key to algorand's scaling. Algo has already achieved over 1k tps. That's not theoretical. 45k tps is theoretical but it should become reality later this yer.

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                                            [–]scott4kevinTin | CC critic 55 points56 points  (17 children)

                                            ALGO is so underrated

                                            [–]milehigh89 43 points44 points  (8 children)

                                            ALGO buy some then

                                            [–]roberthonkerSend me 1 moon, I will send 2 back | x3 x7 x1 6 points7 points  (0 children)

                                            Yes, join us

                                            [–]Sap7eGold | QC: CC 61 5 points6 points  (1 child)

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                                              [–]robis87 2 points3 points  (0 children)

                                              Absolutely, together with VXV, Quant, ALBT and few others.

                                              [–]deadsho7Platinum | QC: CC 800 3 points4 points  (0 children)

                                              I think its doing fine keeping the tokenomics in mind.

                                              [–]KyleSchneider2019Tin | r/WSB 12 3 points4 points  (1 child)

                                              Absolutely not, check its market cap. 😆

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                                                [–][deleted] 10 points11 points  (0 children)

                                                I really like Algo, and I’m glad it’s tokenomics keep it from blowing up too much, allowing me to slowly accumulate a decent sized bag. Looking forward to seeing how governance plays out

                                                [–]madpanda94Banned 28 points29 points  (2 children)

                                                Amazing coin. I suggest you to visit Planetwatchers site, an environmentally friendly project built on ALGO blockchain

                                                [–]BirdSetFree 7 points8 points  (0 children)

                                                Nice! A crop monitoring service built on ALGO!

                                                [–]No_matter_whatIPlatinum | QC: CC 68 4 points5 points  (0 children)

                                                Adoption of the future indeed.

                                                [–]statesBoy313Banned 22 points23 points  (6 children)

                                                ALGO with it then

                                                [–]BirdSetFree 2 points3 points  (2 children)

                                                FYI

                                                You can use the below as a faucet for your wallet to get the stacking rewards! Get that compounding interest rolling

                                                https://www.algorandfaucet.com

                                                [–][deleted] 5 points6 points  (0 children)

                                                If you go, we ALGO as well

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                                                  [–][deleted] 8 points9 points  (0 children)

                                                  My £20 in ALGO is generating more interest than my bank savings account, that's already enough reason for me to like it.

                                                  [–]cmplieger 35 points36 points  (8 children)

                                                  You didn't list any of the negatives which makes this an ad, not a deep dive.

                                                  [–]jaredbddPlatinum | QC: CC 986 | LRC 9 | r/WSB 20 13 points14 points  (0 children)

                                                  Really undervalued right now especially with AlgoDex launch around the corner. Also good post OP

                                                  [–]HarryBergeron927 11 points12 points  (5 children)

                                                  I own ALGO, but I’m confused about something. In its pPOS there is no incentive to run a node, and all initial node operators were selected by the foundation. So how does that facilitate decentralization? That’s great that anyone can run a node. But why would you? This seems to me to trend toward a select designated entities operating the entirety of the network.

                                                  [–]KyleSchneider2019Tin | r/WSB 12 19 points20 points  (3 children)

                                                  You have to dive deeper into it:

                                                  • In the Algorand network, the consensus algorithm is permissionless, and all users who hold an ALGO balance can participate. 

                                                  • The consensus algorithm works in rounds, with each round made up of two phases.

                                                  • Algorand uses lotteries known as cryptographic sortition (CS) to select voting committees for consensus, said lotteries use verifiable random functions (VRF), random number generators that create a hash and proof to guarantee a random hash as indeed authentic, the latter in case a user is chosen.

                                                  1. Each partaker determines whether they are in the committee or not by locally executing a VRF, if it checkouts with the network, a cryptographic proof is returned to verify that the user made it into the committee. 

                                                  2. After determining responsibility on the block selection committee, a proposed block must be built and disseminated to the network for review/analysis during the second phase.

                                                  • CS as described above is again used to determine the second committee, different from the first committee, though it is a possibility that there could be an overlap in memberships between the two committees, and exists one simple reason for it, because probable repetitions help to maintain a high degree of randomization, that way potential malicious parties won't get a telegraphed path to conduct far-reaching attacks.

                                                  • The probability of being selected at any of the committees depends on units of owned coins to negate the chance of sybil-attacks, i.e. employing tons of addresses to facilitate a network to be compromised.

                                                  1. In the second phase a Byzantine Agreement protocol (BA⋆) provides a method to check/vote the proposed blocks, working under a >⅔ honest majority which does not rely on the second committee participants being synchronized.

                                                  • The aforementioned step of the process could be roughly understood as a match of the game Guess who?, however, in a much bigger scale and where the players indiscriminately tests themselves over time.

                                                  1. If the voting committee validates a lucky block, then the block is disseminated across the network as the new block.

                                                  • Apropos, two different blocks cannot reach consensus in the same round.

                                                  1. The rewards for validating are an income, based on a percentage of the staked amount a validator holds.

                                                  • Algorand, Inc. currently employs a more liberal rewards scheme in order to benefit every hodler whether or not their coins are staked and participate towards the consensus protocol, to stimulate the adoption and growth of the network by rewarding all those supporting the coin.

                                                  .

                                                  .

                                                  .

                                                  Check this proposal from the founder, Silvio Micali:

                                                  The goal is to entrust the future of the Algorand ecosystem to participants who are committed to the Algorand network and its vision.

                                                  To accomplish this, we invite all ALGO holders to volunteer to become governors and vote on some of the most important decisions regarding ecosystem development.

                                                  Governors serve for a quarter at a time, committing their algos and receiving rewards to compensate them for their time and their commitment to the role. All voting will be weighted by the governance stake of the participant (i.e. the number of Algos that they committed).

                                                  The Foundation will set up the votes but will not participate in the governors’ program.

                                                  Other Algo holders may choose to disclose the number of Algos they intend to commit to the program in advance publicly. The governance program will move decision making on utilization of the Algorand Ecosystem Resources Pool (AERP) into the hands of the community. The AERP is made up of 5 separate funds, from rewards to research and innovation, this year (2021) consisting in more than 3 billion algos.

                                                  .

                                                  .

                                                  .

                                                  My personal key takeaways:

                                                  As the network grows and changes, it's to be expected that the reward distribution will shift and favor active stake-holders and validators.

                                                  The always increasing likelihood of reprising roles, because more coins actually equals higher chances to be elected at any of the committees, makes it seem like Algorand will always be a highly centralized and niche environment.

                                                  Finally, one other inconvenient goes for the way stakers compound, an specific mechanism to do empty transactions seems negligent at best, devious at worst.

                                                  .

                                                  .

                                                  .

                                                  Imho, it's a glorified plutocracy with gigantic chances of being state backed, again imho, thus why this sub is highly biased and the project isn't seen as an utter shitcoin, on par with Doge, lol.

                                                  There are other things too, however, they're more business oriented, regarding tokenomics.

                                                  [–]MoodSoggyPlatinum | QC: CC 1120 1 point2 points  (1 child)

                                                  Nice reply with perfect explanation:)

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                                                      [–]AncestralManoCall me Moon Samurai 11 points12 points  (2 children)

                                                      Okay, you got my attention and my money.

                                                      [–]robis87 3 points4 points  (0 children)

                                                      The salesman we don't deserve.

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                                                        [–]Stock-Helicopter2325 4 points5 points  (1 child)

                                                        Aka greencrypto, sustainable blockchain, carbon-negative, carbon neutral, low environmental impact blockchain.

                                                        [–]zippomaniacGold | QC: CC 68 1 point2 points  (0 children)

                                                        Yes, this was the first thing about Algo that caught my attention. I was very pleasantly surprised that it had a lot of other good qualities to offer in terms of development and governance as well.

                                                        [–]anotherjohnishereMoon Monk 4 points5 points  (4 children)

                                                        This is a nice dive 👌 check mine out from a few days ago

                                                        [–]ticket321Gold | 4 months old | QC: CC 33 12 points13 points  (2 children)

                                                        I have to be honest. I've heard the name ALGO many times but never paid attention.

                                                        The APY and the ability to code in python are winners in my book. Not a programmer, but I find Python much easier to read compared to Solidity. And I can actually write basic python.

                                                        Looked up the price and at $1.17ish, I think I'll take a small risk.

                                                        Thanks for the very informative article, friend!

                                                        [–]whatthefuckistimePermabanned[🍰] 3 points4 points  (2 children)

                                                        I honestly really like ALGO but I don't think it's a good bull market play, will buy more when the market cools down tho

                                                        [–]EcstaticOddityDoesn't know shit about fuck 10 points11 points  (5 children)

                                                        The only reason Algorand isn't a bigger % of my portfolio is because of the bad tokenomics

                                                        [–]Tallywacka 6 points7 points  (1 child)

                                                        I don’t think there tokenomics are bad, just not what everyone is looking for

                                                        A good diversity pick for that reason

                                                        [–]zippomaniacGold | QC: CC 68 3 points4 points  (0 children)

                                                        Yeah I’m with you, I don’t like the common assertion that Algo has “bad” tokenomics. They were designed intentionally to act as they do. Calling them bad implies there’s some fundamental flaw in the design or deployment. I am currently grateful for the “bad” tokenomics as it gave me a longer time frame to research Algo before I invested. Likely they would be trading at a multiple of their current price without the vesting schedule and I’m so happy to be able to buy in at the current price.

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                                                          [–]kaguna14300 2 points3 points  (0 children)

                                                          Thanks for the info man appreciate it

                                                          [–]islandtravel 2 points3 points  (2 children)

                                                          First Harmony One and now Algo. Seeing my biggest bags on trending puts a smile on my face

                                                          [–]DevilsAdvotwatBronze | ADA 12 4 points5 points  (1 child)

                                                          Is there a deep dive post into Harmony ONE as well on here, can you link?

                                                          [–]SpilgudTin | Superstonk 10 2 points3 points  (0 children)

                                                          TIL Algorand stands for Algorithmic Randomness, and my bag is too small

                                                          [–]SuthekinggPlatinum | QC: ETH 768, CC 130 | TraderSubs 768 2 points3 points  (0 children)

                                                          I'm planning on investing some in Algo next month! Glad to see a post about it

                                                          [–]tosser_0Platinum | QC: ALGO 53, CC 41 | Politics 77 2 points3 points  (0 children)

                                                          Also check out Yieldly if you want to get in on a DeFi project that is audited, and recently launched (so price is super low).

                                                          I'm staking Yieldly to earn 39% APY, and some Algo rewards.

                                                          There is also an interesting no-loss prize game that gives 17% on Algo staking.

                                                          [–]curioustreeTin 2 points3 points  (3 children)

                                                          Tokenomics makes me weary, but I HODL because I believe it’s still solid. This ones gonna take some time, but my entry is too good to let go of it.

                                                          [–]Think_PositivelyPlatinum | QC: CC 274 2 points3 points  (2 children)

                                                          IMO the tokenomics should excite anyone like you who seems content to hodl for a while. The stability relative to other coins described above mitigates short-term gains, but it is also somewhat of a hedge against downswings in addition to making it appeal to devs. I'm no professional programmer, but the fact that it supports so many programming languages has got to be a significant plus for prospective devs.

                                                          Lastly, one thing that is only hinted at in OP's post is the unknown impact that US cronyism will have on adoption and thus price. In addition to the commendations noted above, Silvio is an MIT guy rumored to have a working relationship with Gary Gensler. IMO this puts Algorand towards the top of the list for the eventual government compliance regulations, but more importantly, it implies he's somewhat connected to the US government and US military-industrial complex as DARPA operates out of MIT. I know that's all a bit tinfoil hatty, and I don't write it to imply that Algo is a shoe-in for government adoption. I'm just trying to say that if any blockchain has an in w/the US, Algorand does.

                                                          [–]WilcoreUPlatinum | QC: CC 319 2 points3 points  (0 children)

                                                          Cover me in ALGO

                                                          [–]RealTenz 6 points7 points  (0 children)

                                                          Finally someone highlighting ALGO. As much as I love ADA but it steals ALGO all of the spotlight. ALGO ist probably the most underrated one out of the top players

                                                          [–]I_MESS_WITH_KARMATin 3 points4 points  (0 children)

                                                          70M South Americans (potentially 200M soon) using ALGO to issue + store COVID-19 passports

                                                          Always good to see some short-term usage of these technologies, there are too many interesting projects with good concepts but only on the long term

                                                          [–]SpackleSlapPlatinum | QC: CC 48, ETH 24, ATOM 22 | TraderSubs 24 3 points4 points  (0 children)

                                                          Algo bueno !!

                                                          [–]ST-Fish 8 points9 points  (15 children)

                                                          You can't call this "a deep dive", and only talk about the positives, with only a sentence at the end saying that it has problems, like all other projects.

                                                          You need to write a little bit more about the problems, like the centralized relay nodes that are the backbone of the network, without which the network just slows to a crawl.

                                                          Adding centralization to fix scaling isn't "solving the blockchain trilemma", it's taking the easy way out, and the fact that you failed to mention this at least once in your posts shows you are disingenuous and are trying to shill your bags.

                                                          The only real reason ALGO ever got popular in this subreddit was the good staking rewards, that's it.

                                                          [–]coherentakETH love you long time 3 points4 points  (7 children)

                                                          It's kind of like EOS where you do need good infrastructure for a high performance network but instead they separated block producers into relay nodes and consensus / participation nodes. If it stopped here I would agree it's centralized however governance will happen in a few months and eventually anyone will be able to anonymously run a relay node. Governance will vote on performance metrics and be able to pick and kick out relay nodes. To me that's decentralized infrastructure and like I said it's even better because they don't actually produce the blocks.

                                                          If we don't go down this route we have to use L2 solutions which is basically pushing the processing and data to centralized sources but keeping the hashes on the blockchain. You see how it's not much different? There is no perfect solution but Algo is pretty damn clever, much more simple and robust than L2, and they've done a great job so far with Teal and the AVM.

                                                          [–]scoumoune 1 point2 points  (0 children)

                                                          Watch out, this is one TRIGGERED Supah Fish.

                                                          There seems to be a huge focus on these relay nodes, which don’t even participate in the consensus. They aren’t strictly needed for protocol to work. Also, the developer docs give super simple and clear instructions on how to set up a relay node or a consensus node.

                                                          Seems like people are just running around parroting the same FUD without knowing more than what they heard from the previous person. Not criticizing you, but this seems to be the main thing that is skinning the Fish.

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                                                              [–]sc4ever966 - 7 years account age. 175 - 350 comment karma. 1 point2 points  (2 children)

                                                              Where is a good place to stake it? I currently doing it through coinbase and it pays only 4%.

                                                              [–]ZarkorixPlatinum|QC:CC1445,ALGO41,ETH26|BANANO14|TraderSubs20[S] 4 points5 points  (0 children)

                                                              The official mobile wallet is the best place. It's extremely easy to use. You will get the full 5.75% APY there and will also be able to participate in governance there.

                                                              [–]K0NGOPlatinum | QC: CC 502, ALGO 21 | r/SQL 63 1 point2 points  (0 children)

                                                              I stake it on the official “Algorand Wallet” which can be downloaded through the App Store

                                                              [–]MengeritePlatinum | QC: CC 100, BTC 21 | r/WSB 16 1 point2 points  (0 children)

                                                              Great post. I've been holding and researching ALGO for a few months now, but I didn't realize it used that much less power even compared to ADA.

                                                              I highly recommend anyone interested in ALGO to listen to this Lex Fridman episode with Silvio Micali. Lex asks the questions that most of us have and Silvio gives great answers.

                                                              OP, could you talk a little bit more about how Algorand avoids centralization? Silvio talks about the centralization incentives for miners in PoW, but miners aren't validators. We learned in the block size wars that miners cannot dictate changes to the Bitcoin network. In PoS, tokens are votes. If you hold enough, you could vote to give yourself more tokens (Yearn example). By giving yourself more tokens, you get even more votes.

                                                              Silvio states often that he is making a big assumption: that if rich people could acquire a dominant share of the tokens that they wouldn't want to destroy their own value. The gaping hole in this logic is state actors, who could absolutely print fiat -> buy ALGO -> destroy the blockchain. Current ALGO market cap is $3 billion. Even considering the supply curve effect on price, the US could easily do this. As the market gap grows, this will admittedly become harder, but printing money is easy enough.

                                                              This is my last main concern (and I have it for all PoS chains including ETH 2.0).

                                                              [–]Furious_piratePermabanned 1 point2 points  (0 children)

                                                              ALGO has one of the easiest staking I ever came across.

                                                              Just hodl algo in the wallet. THAT IS IT. no other step

                                                              [–]llort_lemmort 1 point2 points  (1 child)

                                                              How will Algorand deal with chain bloat? If Algorand supports 45k TPS the chain will become very big very quickly (if every transaction is only 4 bytes that's already 5.6 TB of data per year). Will every node need to store all of that data or do they have a solution for that problem?

                                                              [–]ZarkorixPlatinum|QC:CC1445,ALGO41,ETH26|BANANO14|TraderSubs20[S] 2 points3 points  (0 children)

                                                              Currently, lighterweight ALGO nodes are able to sync from a snapshot point - which are taken periodically. This prevents them from needing to download and store the full chain. This system may be expanded to accommodate 45k TPS, but there are no details yet.

                                                              [–]deluxemochaTin 1 point2 points  (1 child)

                                                              Wait, how do I run an ALGO node on my Pi? 🥺👉👈

                                                              [–]mdaizoviTin 1 point2 points  (0 children)

                                                              visit Planetwatchers site, an environmentally friendly project built on ALGO blockchain

                                                              [–]NeomuffinsPlatinum | QC: CC 71 1 point2 points  (0 children)

                                                              I just hope I have enough ALGO by the time governance goes live to get 1 ALGO per day. Thats my goal.

                                                              [–]RockEmSockEmRabi 1 point2 points  (0 children)

                                                              Been slowly adding ALGO the last couple months. Sounds like I need to speed up my DCA prior to October 1. Absolutely love that it’s carbon negative. That’s a game changer

                                                              [–]SkittilTin 1 point2 points  (0 children)

                                                              I love the consistent rewards from algo, even if it’s like 1/10 of a cent every so often it really gives a nice dopamine hit

                                                              [–]LibertarianCommie999Platinum | QC: CC 452, BTC 19 1 point2 points  (0 children)

                                                              Helluva in depth post, thanks and good job op

                                                              [–]drinkerxPlatinum | QC: CC 69 1 point2 points  (0 children)

                                                              Not today Satan

                                                              [–][deleted] 1 point2 points  (0 children)

                                                              One I'll look at this post and will be reminded that I made one of the best decisions in my life.
                                                              RemindMe! 5 years "You're goddamn right"

                                                              [–]AvacadisPlatinum | QC: CC 39 1 point2 points  (1 child)

                                                              Wow thanks for posting this, I was aware of ALGO but didn’t know what it was. Thanks to you I will add ALGO into my DCA strategy. I have to say that they have interesting price surpressing strategy, that enables us to buy more algo until 2023! :)

                                                              [–]ZarkorixPlatinum|QC:CC1445,ALGO41,ETH26|BANANO14|TraderSubs20[S] 1 point2 points  (0 children)

                                                              Welcome and good luck!

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