State of the Blockchain and Algorands Unique Role
There is the saying; "It is not the beauty of a building that matters; it is the construction of the foundation that will stand the test of time." As blockchain networks find their way gradually into the digital world, their existence should as well stand the test of time. There is a need to develop strong blockchain networks to harness its potentials to identify the lingering pitfalls in a centralized economy. At the same time, it strives to maintain a sustainable digital world.
Algorand foundation maintains this durable and robust network. The Algorand Company provides its global users with a unique, open framework where one can spend their investments independent of their location through effective and efficient governance and research while making a borderless economy a reality. Unlike the conventional centralized network where one administrator controls and manages all aspects of the network with permission, the Algorand foundation develops its network to assist with initial regulation and evolution of the public blockchain, with the primary objective of fostering broad network engagement and decentralization.
The Algorand foundation is built on core technology that offers public, permissionless, pure proof-of-stake blockchain known as "The Algorand Consensus Mechanism." This mechanism will promote open participation in a decentralized platform to foster efficient, fast, and securely scalable payment and financial networks for many users without forking while eliminating the fear of security threats resulting from faulty systems encountered in centralized networks. Partnering industries now follows a scalable path that transcends from decentralized exchanges to digital securities to asset tokenization
Let's recall that the Algorand network is built on three main protocols that serve as pedestals for sophisticated applications: Smart Contracts, Algorand Standard Assets, and Atomic Transfers. The Algorand Network Upgrades these protocols by releasing new binaries known as "Algorand's executable files," or bug fix, which allows the new consensus version introduced to be in consensus, thus, allowing all the networks to recognize each other while speaking the same language at the same time. This upgrade will prevent system compromise. For example, suppose a particular protocol or component goes down due to an attack. In that case, other protocols will not be compromised. It would remain operational. To bring the entire system down, they will have to attack all at once, but this can't be possible due to the Algorand network upgrade mechanisms.
Governance in Algorand
Network governance is supported by the Economic and Technological Advisory Committees of the Algorand Foundation to create a long-term governance system planned for Algorand Blockchain users with community participation. The Economic Advisory Committee is responsible for creating economic guidelines and research policies while the Technical Advisory Committee harnesses the technological aspect of Algorand protocol.
The Algosigner
The pure-state team has announced a new version of the Algorand wallet known as the "The AlgoSigner." This is the first Algorand wallet extension for chrome browser with an open-source platform that enables users to make payments, investments, and assets transfer quickly and securely. The AlgoSigner new version is now composed of core functionalities for Algorand Standard Assets (ASAs) while enabling users to transact with diverse assets and token types, alongside payments, when interacting with AlgoSigner-enabled dApps.
The Core Advantages of the Algosigner
Most digital wallets have been designed to store a user's wallet address in a single file with no tied-in wallet password. This makes it easier for hackers to withdraw the user's funds without prior knowledge. The Algosigner is made up of a security check that sends warnings and messages on the potential attack's user interface. Other technical advantages include;
- Search, opt-in, and transfer of assets in the user interface.
- dApp support for transactions to destroy assets if these features have been configured.
- dApp support for application transactions.
- dApp transactions subject to additional validation with clearer errors returned.
- Support for close-to in dApp payment and asset transfer transactions.
- Securely store and encrypt Algorand account secrets.
- Authorize ALGO transactions generated by dApps without giving them direct access to your keys.
- Approve payment for dApp-related purchases and services.
- Send and receive funds.
- Sign and approve transactions when using dApps.
- View Algorand token balances.
Partnership with Delchain
Delchain is a financial and cooperative service provider for blockchain industries located in the Bahamas. It offers a wide range of services, including digital asset management, trading, fiat banking, financial advisory, market making, tokenization, etc. Recently, Delchain provided a vast range of opportunities for its clients to generate passive income. This will allow clients to buy, trade, stake, and digital custody assets while earning weekly rewards through the newly introduced staking platform. With this staking platform, clients can trade with different token types that support Delchain with unlimited holding requirements to start staking.
Delchain adds ALGO to its Portfolio of Digital Assets
Delchain added the ALGO and USDT (Tether) on Algorand and Algorand Standard Assets (ASAs) to its digital assets portfolio for custody, trading, and staking. Clients will leverage on the Algorand Standard Assets (ASA) unique functionality in the standardized Layer-1 mechanism, which is fungible token, incorporated into the Delchain staking platform.
Advantages of Declchain
It offers the best liquidity and highly accessible; with blockchain technology, one can create a global liquid market for digital assets like real estate. Unlike other financial service providers where specific assets such as drawings, paintings etc., are rarely traded, Delchain liquefies its custody assets readily accessible and tradable using the Algorand digital token.
Lower cost of transactions; Delchain, a digital asset financial service provider, utilizes Algorand digital token built on standardized, Layer-1 mechanism to offer cheap and cost-effective transactions compared to other financial institutions that involve counterparties. In general, it has been reported that most financial institutions can save up to $12 billion for the cost of the reconciliation process utilizing the services of digital tokens such as the Algo.
Improved transparency; unlike traditional financial institution which involves third party authenticator during financial transactions with no guaranteed transparency, Algo digital token works on the mechanisms of immutability which allows clients and investors to be fully aware of their staking, buying, selling and the custody of their digital assets while protecting their rights. Delchain is currently taking advantage of this immutability.
Delchain leverages the full potentials of Algorand to deliver sophisticated blockchain applications while generating returns and rewards through the trading and staking platform. Therefore, I encourage investors, companies, and other financial services to utilize this great opportunity to achieve better competitiveness through the transparency, liquidity, accessibility, reward, and passive income generation provided by Alorand Digital Token.