It is called Algorand and it is the blockchain of the future that offers incredible opportunities to developers and providers. We will discuss it at the Assoprovider event on April 16 with speaker expert Sergio Caserta.

"The Modern Blockchain: A Technology for a Frictionless Exchange Economy and Many Other Uses" is the title of the upcoming event that Assoprovider offers to its members (April 16, starting at 4 PM).

The speaker of the event will be Sergio Caserta, CDTI of Rome board member, is the Italy manager of Vanguard Communication and a “Algorand Ambassadorr” (in the course of this article, he will also explain what Algorand is and why it is a revolutionary blockchain).
We reached him for an interview in which he previews some of the topics that will be explored at the event (click here to register).

From Bitcoin to Ethereum

We have already discussed Blockchain on our blog, in the articles "Blockchain: the technology that brings trust to the Network" e Blockchain: 5 things to know about the next Internet. Blockchain should be imagined as a shared database, accessible to everyone, in which exchanges occurring on the Network are recorded, without the possibility of making modifications. Technology then eliminates intermediaries, with the users themselves responsible for controlling and approving the transactions in which they are involved. The first blockchain was that of Bitcoin, then other versions emerged, such as Ethereum, the idea of Vitalik Buterin.

"The event begins with a brief overview of the first-generation blockchain, that of bitcoin, and then reviews the main features of Ethereum, which represents progress due to its ability to manage multiple assets and develop applications. I will also discuss the limitations of Ethereum and how these have been overcome, thanks in part to the contribution of an Italian computer scientist, Silvio Micali."

The Italian that revolutionizes blockchain: what is Algorand and its advantages

The entire blockchain world revolves around the concept of consensus, which is the mechanism that ensures the correct execution of transactions occurring on the network, mitigating the risks of fraud.. The most common mechanisms used today to ensure consensus are encapsulated in two acronyms: POW, which stands for proof of work, and POS, which stands for Proof of Stake. 

In the POW, community members responsible for validating transactions are compensated with the creation of new bitcoins (the mining activity). However, this mechanism has disadvantages, such as the high environmental cost of mining bitcoins and the slowness of the validation process. The POS, on the other hand, overcomes some limitations: a certain amount of cryptocurrency is frozen for validators, and in the case of fraudulent operations, they lose that amount. In return, they earn percentages on the transactions they validate.

The revisitation of Proof of Stake, faster and less impactful on the environment, is the foundation of Algorand, the blockchain developed by Silvio Micali, born in Palermo, he established himself in the United States. Today a professor at MIT in Boston, he is among the winners of the Turing Award, considered the Nobel Prize of computing. He is credited with the invention of Algorand:

"Silvio Micali, with Algorand, has invented a new protocol that enhances the performance, scalability, and security of the blockchain. I will discuss Algorand and the great opportunities it offers developers today in the second part of my speech."

Opportunities of Algorand for Developers and Providers

Launched in 2019, Algorand is now also a foundation that offers rewards of up to 5,000 algo (each algo is equivalent to one euro) for programmers who decide to use its infrastructure to develop new applications, in addition to other grant opportunities worth tens of thousands of euros, which will be unveiled during the event.

But Algorand represents above all a great opportunity for providers, especially for those operating in the field ofInternet of Things:

"Algorand supports 5,000 transactions per second, with a latency time of less than three seconds. The performance of this blockchain is unique and aligns with those developing applications in the field of the Internet of Things, and beyond," concludes Caserta.

Would you like to learn more about Algorand, the modern blockchain, and the opportunities it offers? Join our event on April 16th. Click here to register.