Introduction
In this article, I will explain about Algorand, and how we can set up algorand on our System.
Algorand
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.
What distinguishes Algorand as a green blockchain?
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.
Are you able to mine ALGO?
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.
Setup Algorand on Windows Machine
- 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.
Step 1
Download the Docker Compose installer from .
