Algorand and Quicknode: a Partnership to Democratize Finance Infrastructure
Algorand and Quicknode: a Partnership to Democratize Finance Infrastructure
A partnership to support futuristic finance applications and democratize the entire financial infrastructure.
March 15, 2022 — 4 min read
March 15th, 2022 - With the increased popularity of blockchain development, the number of blockchains has also increased, with some serving a specific purpose while others being more general. Developers choose a blockchain network based on their use case and needs, keeping in mind a common problem known as the "blockchain trilemma". This problem arises through the nature of the blockchain technology. Decentralization, Security, and Scalability are the three main offerings of any blockchain, however, one of these three is often compromised to achieve the other two. For example, a decentralized and secure blockchain usually suffers from scalability issues. (This is more of a concept than a law)
Algorand solves this by introducing Pure Proof of Stake (PPoS), a revolutionary consensus protocol on which the Algorand blockchain runs. Usually, in regular Proof of Stake (PoS) chains, a small subset staking their tokens is responsible for the entire chain’s decisions. Still, with Algorand’s Pure Proof of Stake (PPoS), all the Algorand token holders are considered, and then random token holders are chosen from a pool to act as block proposers and voting committees. This assures better liquidity of tokens as large amount of tokens are not held hostage in a staking pool and stay in the holder’s wallet; it also assures security and decentralization as a single committee is not in power for a long time and is always chosen randomly. This makes it impossible to manipulate the committee, thus the risk of DoS becomes useless.
Every Algorand holder can register to participate in the consensus and when selected, has to propagate the transaction, as anyone can register and there is no minimum set limit to become a participating member. Algorand becomes highly scalable. The block time on Algorand is 4.5 seconds and each block has a capacity of 5,000 transactions, bringing Algorand’s TPS (Transactions Per Second) to a whopping 1,000 TPS.
”We understand that scalability is one of the biggest challenges in blockchain development. Quicknode is excited to bring Algorand to the entire Web3 community, which will help build a better, faster, stronger global blockchain ecosystem.” - Dmitry Shklovsky, CEO of Quicknode
"Working with Quicknode, a leader in blockchain infrastructure, enables us to accelerate development in the Algorand community. We know that infrastructure and developer tooling is critical to our mission of financial inclusion, and today marks a milestone in those efforts.” - Staci Warden, CEO of Algorand Foundation
Check out the following links to get more information on Algorand:
How to Get Started with Algorand on Quicknode:
1. Quicknode पर एक अकाउंट के लिए साइन अप करें।
2. "CREATE NODE" पर क्लिक करें और एक API प्लान चुनें:
3. Select “ALGO” at the top of the next page, and choose the network from MainNet, TestNet, and BetaNet.
4. "बिलिंग जारी रखें" पर क्लिक करें और अगले पृष्ठ पर चेकआउट प्रक्रिया पूरी करें।
5. Woohoo! You now possess a powerful Quicknode Algorand node.
Sign up for a free Algorand RPC on Quicknode.com
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