Algorand: A Better Distributed Ledger

Abstract

Blockchain is the most rapidly improving technology in distributed computing. It has come a long way from being a new paradigm which is gaining momentum in the ledger technology. Bitcoin being the first implementation of distributed ledger brought in many advantages and disadvantages. Later came the applications of the proof-of-stake algorithms into the ledger technology. All of these performed well except that each did not provide a secure way of distributed computing. Thus, researchers brought in a new concept of the cryptographic ledgers which used the whole new Byzantine Agreement protocol and the technology got to be known as the Algorand. It scaled the databases and data warehouses according to the consensus and brought around the transactions very well bringing in more advantages from its applications. The various technologies and protocols which were previously used before algorand are discussed to provide an idea as to what lead to the development of the most evolving technology in the Block- chain. One application of the algorand which is cryptographic sortition algorithm is explained for knowing of the protocols used and the efficient performance provided byalgorand.