Algorand
Algorand is a company implementing an open source public ledger and cryptocurrency payment system utilizing the Byzantine Agreement message-passing protocol to reach consensus among network participants.
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Cryptocurrency
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BlockchainArticle
The probability of a fork in the protocol is estimated at 1/1,000,000,000 and therefore blocks can be considered final upon validation.
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Proof-of-Weight
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CompanyTimeline
October 24, 2018
Algorand Secures $62M
The $62M comes from a broad global investment group representing the venture capital, cryptocurrency, and financial services communities.
Article
The developers of Algorand, including MIT professor and Turing Award winning Silvio Micali, have raised $4 million dollars in funding from venture capital firms including PillarPillar and Union Square Ventures. Stock investment in Algorand comes with an option for conversion into tokens.
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Further reading
Amy Castor
No Incentive? Algorand Blockchain Sparks Debate at Cryptography Event
https://www.coindesk.com/no-incentive-algorand-blockchain-sparks-debate-cryptography-event/https://www.coindesk.com/no-incentive-algorand-blockchain-sparks-debate-cryptography-event/
News article
Amy Castor
Scaling Consensus? This Turing Winner Thinks He's Found a Way
https://www.coindesk.com/scalable-blockchain-consensus-turing-award-winner-thinks-hes-got-solution/https://www.coindesk.com/scalable-blockchain-consensus-turing-award-winner-thinks-hes-got-solution/
News article
Jing Chen, Silvio Micali
Algorand
https://arxiv.org/pdf/1607.01341.pdfhttps://arxiv.org/pdf/1607.01341.pdf
Academic paper
Silvio Micali and Vinod Vaikuntanathan
Optimal and Player-Replaceable
https://dspace.mit.edu/bitstream/handle/1721.1/107927/MIT-CSAIL-TR-2017-004.pdf?sequence=1https://dspace.mit.edu/bitstream/handle/1721.1/107927/MIT-CSAIL-TR-2017-004.pdf?sequence=1
Academic paper
Stan Higgins
MIT Professor Raises $4 Million to Build a Better Blockchain
https://www.coindesk.com/mit-professor-raises-4-million-to-build-a-better-blockchain/https://www.coindesk.com/mit-professor-raises-4-million-to-build-a-better-blockchain/
News article
Yossi Gilad, Rotem Hemo, Silvio Micali, Georgios Vlachos, Nickolai Zeldovich
Algorand: Scaling Byzantine Agreementsfor Cryptocurrencies
https://people.csail.mit.edu/nickolai/papers/gilad-algorand-eprint.pdfhttps://people.csail.mit.edu/nickolai/papers/gilad-algorand-eprint.pdf
Academic paper
Documentaries, videos and podcasts
CESC2017 - Silvio Micali - ALGORAND
Oct 16, 2017
https://www.youtube.com/watch?v=NbnZi9SImYYhttps://www.youtube.com/watch?v=NbnZi9SImYY
FSR Event: Blockchain & the Future of Financial Services
May 10, 2017
https://www.youtube.com/watch?time_continue=979&v=L3L4tb5a8AUhttps://www.youtube.com/watch?time_continue=979&v=L3L4tb5a8AU
Prof. Silvio Micali: A New Scalable and Secure Approach to Byzantine Fault Tolerant Consensus (169)
Feb 7, 2017
https://www.youtube.com/watch?v=a40Xt7GnPvs&t=180shttps://www.youtube.com/watch?v=a40Xt7GnPvs&t=180s
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Article
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Silvio MicaliPeople
Article
The probability of a fork in the protocol is estimated at 1 / 1trillion,1/1,000,000,000 and therefore blocks can be considered final upon validation.
Further reading
Georgios Vlachos
Algorand’s Instant Consensus Protocol – Algorand – Medium
Blog post
Jing Chen, Silvio Micali
Algorand
https://arxiv.org/pdf/1607.01341.pdf
Academic Paperpaper
Silvio Micali and Vinod Vaikuntanathan
Optimal and Player-Replaceable
https://dspace.mit.edu/bitstream/handle/1721.1/107927/MIT-CSAIL-TR-2017-004.pdf?sequence=1
Academic Paperpaper
Yossi Gilad, Rotem Hemo, Silvio Micali, Georgios Vlachos, Nickolai Zeldovich
Algorand: Scaling Byzantine Agreementsfor Cryptocurrencies
https://people.csail.mit.edu/nickolai/papers/gilad-algorand-eprint.pdf
Academic Paperpaper
Article
Critics of Algorand assert the assumption of 2/3 honest nodes may not be fulfilled if honest nodes simply go offline without a monetary incentive to stay online; this is known as the lazy validator problem. Other decentralized systems have maintained network integrity without financial incentives like BitTorrent, and some aspects of Bitcoin and some non-mining aspects of Bitcoin. Given the potential monetary incentive for adversarial nodes, the robustness of non-incentive based blockchains remains an open question.
Article
The developers of Algorand, including MITMIT professor and Turing Award winning Silvio Micali, have raised $4 million dollars in funding from venture capital firms including Pillar and Union Square Ventures. Stock investment in Algorand comes with an option for conversion into tokens.
Security requires a 2/3 honest majority of online nodes.
Security assumes an honest majority of 2/3 of online nodes. The protocol also makes a message propagation assumption whereby all messages reach honest users in a timely fashion.
Categories
Related Topics
Open-source software
Massachusetts Institute of TechnologyFurther reading
Amy Castor
No Incentive? Algorand Blockchain Sparks Debate at Cryptography Event
https://www.coindesk.com/no-incentive-algorand-blockchain-sparks-debate-cryptography-event/
News article
Amy Castor
Scaling Consensus? This Turing Winner Thinks He's Found a Way
https://www.coindesk.com/scalable-blockchain-consensus-turing-award-winner-thinks-hes-got-solution/
News article
Stan Higgins
MIT Professor Raises $4 Million to Build a Better Blockchain
https://www.coindesk.com/mit-professor-raises-4-million-to-build-a-better-blockchain/
News article
Related Topics
Ouroboros (blockchain)