Dear ATOMARS Community,
We are pleased to announce the listing of Algorand (ALGO) on ATOMARS exchange. Algorand (ALGO) deposits are effective starting December 2, 2019 and the following trading pairs will be available: ALGO/BTC, ALGO/USDT, ALGO/TUSD, ALGO/USDC, and ALGO/PAX.
ALGORAND PROJECT SUMMARY
Algorand is an open source cryptocurrency that was founded by cryptography pioneer and MIT professor Silvio Micali. Algorand presents a public and permissionless, pure proof-of-stake protocol which is the first of its kind and launched in June 2019. With this consensus mechanism, full participation is achieved, security is higher and speed is faster, all within its completely decentralized network. Algorand’s transaction throughput competes with large payment and financial systems as blocks get finalized within seconds.
Algorand uses a pure proof-of-stake (PPoS) consensus protocol, which means the system does not need a central authority to achieve consensus and can tolerate malicious users as long as a greater part of staking remains in the hands of non-malicious users. How much stake a user places with ALGO (Algorand’s native currency) in the system determines how much influence they have on the choice of a new block. Users are selected randomly and secretly to make and vote on block proposals.
FEATURES OF ALGORAND
• Self-Validating Transactions: This makes it possible to separate consensus and storage, boosting the efficiency and structure of the Algorand blockchain. This technical improvement on the platform ensures speed, incentives, sustainable rewards and more.
• Vault: Vault is a blockchain compression technology that enables users to join and participate in the Algorand network immediately, without the burden of downloading, which enables efficient onboarding, chain growth and better info retrieval.
• Pixel: This is a new digital signature scheme that has been built specifically for proof-of-stake systems that reduces space requirements through aggregation of committee member signatures while using key rotation to maintain forward security.
• Atomic Swaps: This implements Algorand transaction finality and implements same-chain swapping of assets, without any form of time or hash locks in a transaction. Atomic Swaps allow for instant single transactions and removes the need for time locks while advancing the next generation of technology.
• Post-and-Sale Trade Technology: This allows sellers to post assets for sale at any given price, eliminating double trades, ambiguity and acquisition costs borne by the customer.
• Smart Contracts: Algorand’s consensus mechanism is leveraged by smart contract to provide faster and cheaper forms of smart contracts that do not require heavy resources, maintain high security standards and aim to provide next-generation processing.
• Decentralization: As an entirely decentralized blockchain, there is no single central authority or point of control. Instead a committee of users are selected randomly and in secret to approve each block.
• Pure Proof-of-Stake Consensus Protocol: This protocol, built on Byzantine agreement, enables the systems to achieve consensus without relying on a central authority and addresses malicious users by ensuring the majority of staked ALGO is left in the hands of non-malicious users.
• Rewards: Algorand Users receive rewards that are proportional to their stake for each block committed to the chain. This is done to encourage mass adoption of Algorand and accelerate the path to a decentralized world.