Discovering Algorand: The First Truly Decentralised Permissionless Blockchain
Date:
Discovering Algorand: The First Truly Decentralised Permissionless Blockchain
Blockchain is a disrupting technology that stands to revolutionise traditional computer infrastructures and the Internet itself. It consists of a distributed ledger of immutable data, freely accessible and editable by everyone. Blockchains change the way transactional systems work, they secure peer-to-peer transactions –such as payments, data, and asset transfers– without relying on any trusted third party; and usher in new pioneering methods to represent and exchange value (digital and physical) –such as cryptocurrencies, fungible and non-fungible tokens, and smart contracts. However, like any historical revolution, the blockchain comes with its challenges: in their first decade, blockchains have suffered technical limitations, mostly related to decentralisation, scalability, and security guarantees. The famous blockchain trilemma states that any blockchain can only guarantee only two out of those three properties simultaneously. In this speech, I will introduce Algorand, an open, permissionless, truly decentralised, and efficient blockchain that has solved the trilemma through cryptography. In the first part of my speech, I will address the importance of the trilemma and how Algorand has solved it; then I will present Algorand’s main features and capabilities. Finally, I will conclude my speech with a reflection on the code is law concept, outlining the limitations caused by smart contracts’ weaknesses and the best practices to mitigate them in Algorand.
Stefano De Angelis
DLT22