What is Algorand?

 

In this article, I will explain about Algorand, and how we can set up algorand on our System.

 

 

Algorand is a scalability-focused blockchain cryptocurrency technology. The Algorand platform supports smart contracts, and its consensus method is pure proof-of-stake (PPoS), which recruits network operators from the whole pool of ALGO currency holders, as well as a Byzantine agreement protocol. ALGO is the name of Algorand's native cryptocurrency. ALGO is a digital currency as well as a blockchain platform that is used to secure the Algorand blockchain and pay transaction fees for Algorand-based transactions. The Algorand platform is meant to handle a large number of transactions fast, much like a big payment processor such as Mastercard or Visa. Algorand is a direct competitor to Ethereum since it can host other cryptocurrencies and blockchain-based initiatives. Because it is an open-source blockchain, anybody may access and contribute to the platform's code.

• Transactions handled over the Algorand network are completed in around four seconds.
• The transaction charge is merely 1,000 microAlgos, or.001 Algos.
• Because Algorand does not support forking, transactions are final once they are verified in a block. A throughput of 1,000 TPS translates to 1,000 completed transactions per second.

You can learn more about Algorand here.

 

 

Algorand bills itself as the most efficient and environmentally friendly blockchain. Algorand has been carbon-negative since April 2021, which means that the platform acquires carbon credits that more than offset its carbon emissions.

 

 

Rather than being mined, ALGO is verified. To administer a blockchain network, the proof-of-stake consensus process, including pure proof of stake, employs validators rather than miners. Crypto mining is most commonly connected with the proof-of-work consensus process.

 

• Unlike some blockchain, Algorand has a Docker Image, so you need to install and set up docker on your PC.
• And in order to run the Algorand commands, we would need Git Bash.

 

Download the Docker Compose installer from here.

 

 

Execute the installer and follow the steps to install the Docker Compose on your PC.

 

 

Open the Docker Compose Application, and keep docker running in the background.

 

 

Clone the Algorand Sandbox app using the following commands

Step 5

 

Open Git Bash and execute the following command on the location where your cloned folder is saved

The above command will take quite some time, and would require a lot of bandwidth. So hang in there until docker is installed and extracted on your PC.

 

 

 

Source: developer.algorand.org

 

Public Networks 

1. MainNet is the major Algorand Network, featuring real-value assets such as the Algo, Algorand's native currency. Learn more here.
2. In terms of protocol (i.e. software) version, TestNet is identical to MainNet, but it features test Algos, which are accessible via a faucet, and a different genesis block, which implies the status of accounts and distribution of monies is different. Learn more here.
3. BetaNet will be the location for the initial testing of new protocol-level functionality. Learn more here.

Side-by-side Network Comparison

 

	MainNet	TestNet	BetaNet
Protocol Version	Current	Current	Future
Genesis Distribution	Unique	Unique	Unique
Algo Accessibility	For sale	Free from faucet	Free from faucet
Network Reliability	Most Stable	Very Stable, but restarts are possible	Experimental; frequent restarts

 

Private Networks

• release - stable dev build of algod and master branch of Indexer.
• nightly - nightly dev build of algod and the dev branch of Indexer.
• beta - beta build of algod and dev branch of Indexer.
• dev - dev branch of algod and indexer, building algod takes a while so this will be slower than the other private network configurations.

 

The Algorand network is made up of two kinds of nodes: relay nodes and non-relay nodes. Relay nodes are typically utilized for communication routing to a group of non-relay nodes that are linked. Relay nodes communicate with other relay nodes and route blocks to all non-relay nodes that are linked. Non-relay nodes can only connect to relay nodes and participate in consensus. Non-relay nodes can link to several relay nodes but never another non-relay node.

 

In addition to the two-node kinds, nodes can be archived and indexed. The full ledger is stored on archival nodes, and if the indexer is enabled, the search range via the API REST endpoint is expanded. The installation process is the same for both node types. A few configuration parameter adjustments are required to configure a node for a given type, as explained below. The node will be configured as a non-relay node in non-archival and non-indexed mode by default.

 

To read more visit.

 

1. ./sandbox up testnet -v is used to start the Algorand testnet node. You can replace "testnet" with "betanet", etc.
2. ./sandbox down is used to stop the algorand node.
3. ./sandbox test is used to run tests.
4. ./sandbox goal node catchup [catchup_point] is used to sync the node with the network using the fast catchup point.
5. ./sandbox goal node status is used to sync the node with the network.
6. ./sandbox goal node status -w 1000 is used to tell the time delay between two successive sync.
7. ./sandbox goal wallet new is used to create a new wallet.
8. ./sandbox goal wallet list is used to list all the wallets details.
9. ./sandbox goal account new is used to create a new account.
10. ./sandbox goal account list is used to list all the account details.

 

Algorand provides SDK in 4 languages namely Go, JavaScript, Java, and Python. Use the provided methods to install SDK particular to the language used.

 

1. Python SDK

2. JavaScript SDK

3. Go SDK

4. Java SDK

 

Thank for reading the article, hope you got to know about Algorand, and how we can set it up on our system.

 

We will continue the Algorand series.