⭐ Merited by JayJuanGee (1)
why can't you explain how they do it?
It not that the information is not in the google search engine, it is your cult mentality refused to acknowledge reality.
But in your next post, you will just cry fud.
https://algorand.foundation/algorand-protocol/about-algorand-protocol
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Decentralization
The Algorand blockchain is entirely decentralized, which means there is no powerful central authority or single point of control.
A unique committee of users is randomly and secretly selected to approve every block.
Nodes are run by entities representing diverse backgrounds across many different countries.
Fair & Transparent
Control is distributed among all individual network participants
Accurate
No risk of data being manipulated, lost or destroyed
Secure
Fault tolerant with no special group of users for an attacker to target
Permissionless
Public & Open to All
Users do not need the approval of a trusted authority to use the Algorand blockchain.
There is a single class of users and no gatekeepers.
Every participant can read every block and have the opportunity to write a transaction in a future block.
Low Cost to Participate
The Algorand platform requires minimal processing power and modest IT resources to join.
All online users who possess algos are automatically eligible to participate in block consensus.
Pure Proof-of-Stake
Algorand uses a pure proof-of-stake (PPoS) consensus protocol built on Byzantine agreement.
This means the system can achieve consensus without a central authority and tolerate malicious users as long as a supermajority of the stake is in non-malicious hands.
The users’ influence on the choice of a new block is proportional to their stake in the system (number of algos).
Users are randomly and secretly selected to both propose blocks and vote on block proposals.
All online users have the chance to be selected to propose and to vote.
The likelihood that a user will be chosen is directly proportional to its stake.
Rewards
In Algorand, the power is in the hands of the users holding stake.
Every user receives an amount of rewards proportional to their stake for every block that is committed to the chain.
We do so to encourage users to join the Algorand platform and accelerate our path to decentralization.
Open Source
The Algorand node repository is open sourced and publicly available for anyone to audit, use, and build upon. The platform is founded in principles of transparency, inclusivity, and collaboration and maintained by a dedicated community with a shared vision of a decentralized, borderless future.
Protocol Evolution
Algorand is rooted in the idea that the system should allow for changes and avoid inflexible policies—enabling both the community and the protocol to evolve.
The Algorand platform takes a consensus approach to protocol changes, which facilitates continuous evolution of the protocol and eliminates potential hard forks that could fracture the community.
This ability is powered by the Algorand consensus protocol that enables the users to reach consensus on anything.
Not just on the next block, but also on a protocol upgrade.
Proposed changes are posted on the blockchain
The community uses Algorand’s consensus protocol to vote to accept or reject the change
When accepted, the community agrees on the block where the change happens
Everyone switches to the new protocol at the same time
The Algorand blockchain is entirely decentralized, which means there is no powerful central authority or single point of control.
A unique committee of users is randomly and secretly selected to approve every block.
Nodes are run by entities representing diverse backgrounds across many different countries.
Fair & Transparent
Control is distributed among all individual network participants
Accurate
No risk of data being manipulated, lost or destroyed
Secure
Fault tolerant with no special group of users for an attacker to target
Permissionless
Public & Open to All
Users do not need the approval of a trusted authority to use the Algorand blockchain.
There is a single class of users and no gatekeepers.
Every participant can read every block and have the opportunity to write a transaction in a future block.
Low Cost to Participate
The Algorand platform requires minimal processing power and modest IT resources to join.
All online users who possess algos are automatically eligible to participate in block consensus.
Pure Proof-of-Stake
Algorand uses a pure proof-of-stake (PPoS) consensus protocol built on Byzantine agreement.
This means the system can achieve consensus without a central authority and tolerate malicious users as long as a supermajority of the stake is in non-malicious hands.
The users’ influence on the choice of a new block is proportional to their stake in the system (number of algos).
Users are randomly and secretly selected to both propose blocks and vote on block proposals.
All online users have the chance to be selected to propose and to vote.
The likelihood that a user will be chosen is directly proportional to its stake.
Rewards
In Algorand, the power is in the hands of the users holding stake.
Every user receives an amount of rewards proportional to their stake for every block that is committed to the chain.
We do so to encourage users to join the Algorand platform and accelerate our path to decentralization.
Open Source
The Algorand node repository is open sourced and publicly available for anyone to audit, use, and build upon. The platform is founded in principles of transparency, inclusivity, and collaboration and maintained by a dedicated community with a shared vision of a decentralized, borderless future.
Protocol Evolution
Algorand is rooted in the idea that the system should allow for changes and avoid inflexible policies—enabling both the community and the protocol to evolve.
The Algorand platform takes a consensus approach to protocol changes, which facilitates continuous evolution of the protocol and eliminates potential hard forks that could fracture the community.
This ability is powered by the Algorand consensus protocol that enables the users to reach consensus on anything.
Not just on the next block, but also on a protocol upgrade.
Proposed changes are posted on the blockchain
The community uses Algorand’s consensus protocol to vote to accept or reject the change
When accepted, the community agrees on the block where the change happens
Everyone switches to the new protocol at the same time
As far as security goes, Bitcoin forks and Algorand never forks,
if this does not immediately point out to you that Algorand is more secure than Bitcoin could ever pretend to be,
well you should just quit reading and go play with your crayons.
https://www.thebalance.com/what-is-a-bitcoin-fork-4684459
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On a basic level, these forks arise out of different perspectives on transaction history,
*Forking is what can allow Double-Spends.*https://algorand.foundation/algorand-protocol/core-blockchain-innovation
Quote
Immediate Transaction Finality
The Algorand blockchain does not fork. Unlike with proof-of-work protocols, two different blocks can never be added to the chain in the same position.
Only one block can have the required threshold of signatures in order to be certified in a given round.
All transactions are final in Algorand.
Once a block appears, users can rely on the transactions it contains immediately, as they can be confident that the block will forever be part of the chain.
Even if the Internet is split into multiple pools of users, only one safe and consistent Algorand chain will exist.
The Algorand blockchain does not fork. Unlike with proof-of-work protocols, two different blocks can never be added to the chain in the same position.
Only one block can have the required threshold of signatures in order to be certified in a given round.
All transactions are final in Algorand.
Once a block appears, users can rely on the transactions it contains immediately, as they can be confident that the block will forever be part of the chain.
Even if the Internet is split into multiple pools of users, only one safe and consistent Algorand chain will exist.
Turing Award-winning scientist, Algorand founder on creating the ideal crypto - Silvio Micali
https://www.youtube.com/watch?v=Ttw4DpDNSo8
Quote
Silvio Micali is a computer scientist, recognized for his work on cryptography.
He is the recipient of the Turing Award (in computer science), of the Gödel Prize (in theoretical computer science) and the RSA prize (in cryptography).
He has been on the faculty of the MIT Electrical Engineering and Computer Science Department, since 1983.
He is the recipient of the Turing Award (in computer science), of the Gödel Prize (in theoretical computer science) and the RSA prize (in cryptography).
He has been on the faculty of the MIT Electrical Engineering and Computer Science Department, since 1983.
Bitcoin is the easiest coin to restrict , one call to the power utilities and a automated disconnect by smart meter and bitcoin is dead.
Not as easy as you think, considering Bitcoin network is still running today.
Did I say, they are doing it in the US right now , no I did not.
What I said was they could if they wanted too, and it would be easy.
US Government has to ban btc mining 1st, that is less than 2 or 3 years away.
https://www.ictsd.org/how-do-power-companies-disconnect-service-with-digital-meters/
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Can Smart Electric Meters Be Turned Off Remotely?
Yes, of course. Southern California Edison said smart meters can be used to silence a customer’s service remotely.
Yes, of course. Southern California Edison said smart meters can be used to silence a customer’s service remotely.
1st states ban btc mining and eventually the Country
https://www.forbes.com/sites/siladityaray/2022/06/03/new-york-clamps-down-on-bitcoin-mining-in-newly-passed-bill/?sh=7ae439c76de5
And why will the bans increase
[Suspicious link removed]j.com/articles/electricity-shortage-warnings-grow-across-u-s-11652002380
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Electricity Shortage Warnings Grow Across U.S.
Power-grid operators caution that electricity supplies aren’t keeping up with demand amid transition to cleaner forms of energy
Because energy is not in abundance any more thanks to climate issues , war , and sanctions.Power-grid operators caution that electricity supplies aren’t keeping up with demand amid transition to cleaner forms of energy
https://www.npr.org/2021/10/01/1042209223/why-covid-is-affecting-chinas-power-rations
https://www.theweek.co.uk/news/uk-news/956911/what-is-power-rationing-uk-electricity
https://www.ft.com/content/13b06f9a-20cc-4499-9137-6299c0b81643
The failure by the btc cult to recognize that the energy abundance of the past few decades is changing ,
so that for most countries holding 1st world status will be unattainable.
In short, governments are most likely not going to be able to keep the lights on 24x7,
much less have the capacity for an overly wasteful PoW mining using up resources that are in short supply.
So unless one of the BTC cultist can build a Dyson sphere, even the current energy % wasted by PoW mining will be unsustainable very soon.
* The secondary danger of low energy resources, is economic.*
https://www.dallasnews.com/business/energy/2022/06/02/were-in-trouble-electric-rates-in-texas-have-surged-over-70-as-summer-kicks-in/
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Electric rates in Texas have surged over 70% as summer kicks in
With the Price of energy increasing and the loss of free investment capital going away because of the baby boomers shifting to safer investments like cash/bonds/tbills for their retirement, a large % of miners might go bankrupt before the bans occur.Most miners survive off investment of venture capitalists , not the actual mining itself.
https://www.bloomberg.com/news/newsletters/2022-06-01/in-crypto-downturn-startups-are-still-getting-venture-capital-dollars
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venture capital investing in crypto overall appears to be slowing
2. If were talking about energy and PoS doesnt solve the centralization problem, then we didnt save any energy, but just put it to waste for nothing, since it didnt solve any problem. So it consumes less energy, but wastes it, so whats the point. If i go on coinmarketcap rn i see 19731 cryptocurrencies being listed, with the majority being PoS. Every shitcoin nowadays claims to be superior to bitcoin, yet theres 19 thousand of them and yet not a single one of them, does what bitcoin can do. Are we saving energy if theres 19 thousand shitcoins that consume less energy than bitcoin, but none of them can do the task? I doubt it. And saving energy on societal level is a fancy word for mass poverty, Bitcoin mining is a way to harness new energy sources that werent profitable before and can be one step into an energy abundant future. And mining is the most profitable with the cheapest energy being used, and the cheapest energy thats available is energy that wouldnt have been used otherwise, like solar energy during non peak hours. Maybe there will be use cases to even support decentralized grids with bitcoin mining. The game theory is just on point again.