Algorand blockchain development

Algorand is a fast-acting blockchain with very low transaction costs. ALGO token with a market capitalization of $4 billion is among the top 50 cryptocurrencies. Boosty Labs is the largest blockchain development outsourcing company in Europe. Its world-class fintech and cloud engineering team with a solid background of practice that combines consulting, strategy, design and engineering at scale, can help with outsource development of Algorand and provide advisory services.

Algorand unique features

Blockchain trilemma solution

Algorand aims to solve the blockchain trilemma, which is to strike a balance between decentralization, scalability and security: the system must be resistant to errors, malicious code attacks and other problems. To do this, Algorand uses a protocol called Pure Proof-of-Stake (PPoS).

Algorand transactions’ advantages

Transactions are  fast – usually completed in less than five seconds; small – minimal transfer amount is 0.0001 ALGO; cheap – minimal transaction fee is 0.001 ALGO ($ 0.0014 at the current exchange rate).

NFT support

Algorand is the leading NFT platform and supports Fractional NFT technology, through which tokenized assets can be owned by multiple people.

DApps support

Algorand supports decentralized application development and provides APIs and SDKs for JavaScript, Python, Java and Go. Algorand has already developed many DApps – from crowdfunding apps to the COVID-19 tracker – and their number is constantly growing.

Algorand extra features

Ample opportunities for creating DeFi applications and dApps

In 2020, a function of smart contracts with state tracking was added to the Algorand protocol. It allows developers of decentralized applications and DeFi applications to scale them to tens of millions of transactions per day.

Integration with e-Money

Algorand is integrated with the e-Money protocol, which issues stablecoins based on European fiat currencies. The integration extends general access to  the Algorand ecosystem.

Enhanced Algorand development

In 2020, the project launched a venture capital program whereby Algorand developers of decentralized applications are provided with tools and resources.

Algorand is a smart contract-focused platform, very similar to Ethereum, but with some key differences that improve security, decentralization, and transaction speed and security. 
First thing worth paying attention to Algorand, this is a Pure Proof-of-Stake consensus protocol, PPoS. 

Coins like Bitcoin use a consensus mechanism Proof-of-Work, where miners compete with each other solving complex math problems. The first miner to find a new block on the blockchain receives a mining reward. However, this protocol has some disadvantages. Mining new blocks is very expensive, both in equipment and in electricity. The high cost makes profitable mining out of reach for the majority, which leads to centralization. 

In the Proof-of-Stake protocol, token holders participate in the consensus mechanism of the networks by simply keeping the coins staked. NEO, XTZ and VeChain are just a few examples of cryptocurrencies that use Proof-of-Stake. 

While you can get rewarded with these assets by holding and betting your tokens, this does not necessarily mean you can participate as well in the consensus mechanism. Unlike other cryptocurrencies, in Algorand, every token holder who has at least 1 Algo in his account can participate in staking. 

The more tokens you have on your balance, the higher the rewards. To take part in the consensus process, you will need to keep your Algo in their official wallet and announce your availability through a special transaction.

The platform also has a native currency, ALGO. It is a utility token that allows you to pay transaction fees and DApp calculations, as well as receive staking rewards. In traditional Proof-of-Stake blockchains, stock is limited to fixed staking. In Algorand, each user can stake any number of tokens for any period of time.

ALGO Key Metrics

Maximum Stock: 10 billion.

Current Circulation: 5.5 billion.

Release date of all tokens: 2030.

Staking reward: about 6% per year. 

Since not all tokens have been issued, ALGO is subject to inflation. How this will affect the value of the currency is controversial. However, for the price to rise, demand must exceed supply. 

Due to its qualities, Algorand is well suited to become a national digital currency. Moreover, the state of the Marshall Islands already uses the Algorand network for its national digital currency SOV. 

Non-fungible tokens are now very popular, and many companies use them for various purposes. Algorand is the leading NFT platform. Italy's largest copyright agency, SIAE, is creating NFTs representing authors' rights on the Algorand blockchain.