A Quick Review of ALGOEXPLORER — Features, Functionalities and Benefits
No doubt that the digital currency is the superior overall aspect when been compared to the fiat currency. And this was why in 2017, the world had a mark in history when Bitcoin rose and made lots of people millionaires and later that year, it depreciated. Nevertheless, its benefits are superior to the later as it is void from central authority, secured fast transactions, and most importantly, it has lower transaction fees. Still, Cryptocurrency has its flaws.
Some of which is it is so difficult to understand as most people have very little or no knowledge about it, slow means of transaction, high fees rates, security, and volatility. With this, different cryptocurrencies started sprouting up to make a difference. But 95% of them were not actually for the people; they were created for their gains. While some came and stayed for a little while before it collapsed, others were either not secured.
This makes it very risky to invest or make transactions, had high transaction rates, very slow in transactions/trading, does not support diversity in trading, low market liquidity, lousy interface, not reliable and trusted. All these are problems that face the cryptocurrency world today. These are some of the issues which are in existence, but I can boldly say that ALGORAND is so different from every other Crypto you have come across. I call it the revolutionary Cryptocurrency.
Why Algorand?
Algorand was created to simplify the cost of human living, making it fun and swift in carrying out daily activities. One thing one must know is that Algorand is the first-ever pure proof of stake blockchain protocol with enough security and scalability which is decentralised, one which is created to fit in this modern world of transactions. It is also worthy to note that Algorand is the world’s first open, permissionless technology which has various benefits, structures and core objectives.
AlgoExplorer
Algoexplorer is a platform with borderless economy benefits that sought to fulfil the promise of blockchain technology. It infuses a new Cryptocurrency called VAULT designed to offset the burden the way the old decentralised system works. In this nature, it works faster, storing update data of users transactions, which minimised the bootstrapping costs of users. It also has strong security which gives users or clients a convincing and robust will to invest without fear. The most important of them all is that it encourages organisations to make use of its stamping certificates for clients to catch up efficiently in a proof-of-stake system without having to verify every single block.
When comparing other platforms with Algoexplorer, one can tell the difference from its securely proof of stake system which is very fast in the transaction, with speed within a truly decentralised extensive payments network. This platform is void of uncertainty and no forking( immediate transaction finality without any delay).
BENEFITS OF ALGOEXPLORER
1. Secured: With its decentralised blockchain technology, with no central authority to control any transactions. It’s proof of stake protocol and also the newly introduced technology called VAULT, also ensures the security of the platform. No data can be manipulated, destroyed, or lost. Faults tolerant with no particular group of users for an attacker to target.
2. Fast: The introduction of VAULT into this platform does not only ensures its security but also provides a system void of uncertainty with no forking and I’m proud to say that Algoexplorer has done extensively well here.
3. Reliable: Its durability, scalability and security have made this platform extremely reliable. Meaning it helps in fast transactions, data can not be manipulated, destroyed nor lost, which is very encouraging for clients, organisations to use in stamping certificates to catch up efficiently in a proof-of-stake system without having to verify every single block.
4. Decentralised means that’s data, information’s can’t be controlled by a centralised body, unlike the banking system where it is done. In this way, it encourages transparency and fairness. It is public to all as users does not need a special kind of permission or authority or approval before Algorand blockchain can be used. Access to all, the authority to none. Nodes are run to many different countries by diverse Entities in different backgrounds.
5. Evolutionary proof of stake: This is my favourite feature because its the first of its kind that ever existed in the Crypto world. Algoexplorer/Algorand created an EFFICIENT, SECURED multi-signature pairing-based scheme called PIXIL, which is optimised to achieving an up to date storage and verification nodes or efforts. Blocks are correctly propagated, validated and stored by all users in the network. Pixel signatures are also forward-secure and let signers evolve their keys over time, such that new keys cannot be used to sign on old blocks, protecting against posterior corruptions attacks on blockchain. This is why it’s important and encouraging to use Algorand explorer to use in stamping certificates.
6. Vault which has so many benefits as mentioned above. VAULT is designed to offset the burden the way the old decentralised system works. In this nature, it works faster, storing update data of users transactions, which minimised the bootstrapping costs of users. It also has robust security which gives users or clients a convincing and robust will to invest without fear.
7. Fair and transparent: With the platform being decentralised and permissionless, it makes it very transparent
8. Low cost of transaction: With the introduction of new features in blockchain, the pixel signature has helped reduced the sizes of blocks with 1500 transactions by 35% which is a good thing. Very accurate and permissionless
9. Scalability, unlike the other platforms where it does not, uses pixel signatures which encourages multi parties. It has helped scaled verification process rate by 38%.
Final Words
The unique vision of Algoexplorer is to be one of the worlds most significant Crypto platform with a seamless experience in transactions have been the first of its kind to introduce decentralised vault technology to give users, clients, organisations best experience in the Crypto space. No doubt that Algoexplorer is what everyone needs for a better experience. What are your experiences? Please share it with me.
For More information, Visit:
www.algorand.com
www.algoexplorer.io
www.algorand.foundation
www.twitter.com/Algorand
www.twitter.com/AlgorandFoundation