AMA Recap: CRYPTO MINERS X ALGORAND

Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable and efficient, all critical properties for effective applications in the real world. Algorand will support computations that require reliable performance guarantees to create new forms of trust. Algorand is a scalable, secure and decentralized digital currency and transactions platform. Algorand was invented to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. Algorand is designed so that there are lower transaction fees, as well as no mining (like Bitcoin’s energy-intensive process), as it is based on a permissionless pure proof-of-stake (PoS) blockchain protocol. Algorand distributes the ALGO cryptocurrency it introduces into its economy with each new block to everyone who holds a certain amount of the currency in its wallets. Algorand further enables users to create smart contracts (programmatic agreements for building decentralized applications) and tokens that can represent both new and existing assets.

We hosted an AMA session with Algorand on 21st July.

Mr. Ramsy was the host from Crypto Miners and Mr. JT from Algorand was the guest. He throws light on delightful knowledge and unique features of Algorand.
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Segment 1️⃣: Introduction

Ramsy | Crypto Miners:
Hello everyone 👋 Welcome to the Crypto Miners AMA session With Algorand

JT:
👋

Ramsy | Crypto Miners:
To help us learn more about the featured project of this AMA session, we are lucky to be joined By Mr. JT

JT:
Hello everyone! Thanks for the invite! Happy to be here 🙏

Ramsy | Crypto Miners:
Hello there 👋

Welcome here ❤️

Thanks for bringing Us Algorand

JT:
Of course, happy to discuss!!

Ramsy | Crypto Miners:
I’m pretty sure that our Community is very much excited to learn more about Algorand

JT:
Awesome, love chatting Algorand. Let’s get started :)

Ramsy | Crypto Miners:
So let’s get started if you’re ready!!

Alright 👍

First of all Can You introduce yourself?

JT:
Sure! So my name is JT! I am a content creator and media personality in the Algorand ecosystem! I started my journey a little over a year ago and since then I’ve been able to connect with and interview nearly every Algorand developer building apps on mainnet, I’ve met and interviewed the CTO of the Algorand Foundation, the CPO of Algorand Inc, and a whole slew of coders, devs, founders, and investors in the Algorand ecosystem! It’s been quite the journey!

Ramsy | Crypto Miners:
Thanks JT For The Great start 👍

Now let’s see our second question from this segment

2) Can you share with us a little bit about how did you enter the world of blockchain and get to know Algorand?

JT:
Of course! So, on the side I’ve been an investor in equities since 2014 and am also now a Realtor. I knew about crypto from the beginning but never got in, like too many people I know, until the 2017 bull run. Like a noob in the crypto sphere I rode that run to the top and all the way back down. I actually ended up briefly walking away from crypto after the 2018 crash and went back to equities, where I knew more. But, around 2019 I stumbled upon Algorand and did a deep dive on it. Realized the founder, Silvio Micali, is one of the OGs. He’s lauded as the “godfather of modern cryptography” for his work on VRFs, even winning the Turing award for some of his fundamental achievements in cryptography. From there, I was hooked to learn more. I made my first video on Algorand about a year ago, was embraced by the community, and now, fast forward to today, I’ve carved a spot in the ecosystem for myself, being able to meet and connect with nearly everyone in this ecosystem. It’s been a lot of fun and we are only getting started! (Done)

Ramsy | Crypto Miners:
Cool 👌

3) Now Please Give Us A brief introduction About Algorand, And What are the Key features offered by Algorand?

JT:
So Algorand is a Layer 1 smart contract platform, much like Ethereum and others. Silvio Micali ears about the blockchain trilemma and figured he may be able to solve the problem! So, he created Algorand. Algorand, as of right now, can transact around 1200 TPS, with finality in under 5 seconds, it has its own smart contract virtual machine, known as the AVM (compared to Ethereum EVM), it has a PURE proof of stake consensus mechanism, which, imo, is the most decentralized version of POS consensus mechanisms, it’s the first blockchain to commit to being carbon negative through the use of smart contracts that purchase carbon credits to offset the chains negligible carbon footprint, and now the goal is to get the world aware of this technological marvel, Algorand!

Ramsy | Crypto Miners:
4) With so many public chains in this industry, why would People choose Algorand? What attracts you most about Algorand Blockchain?

JT:
For me, there’s a few things. I’ll start by saying that most L1s claim to do things better than Ethereum, yet most rely on Ethereum. Many chains use the EVM and other security features of Ethereum whereas Algorand uses its own AVM.

This created a hurdle at first since you can’t simply copy and paste EVM dapps to the chain like you can with many others, but the AVM has some serious advantages to the EVM. Moving past that, security, reliability, and the team, are big contributing factors. Since it’s inception in 2019, Algorand has had ZERO downtime. Its produced over 22MILLION blocks with no issues since the beginning. It’s PPOS consensus mechanism and it’s fast finality makes it extremely safe, as it’s super hard to attack block proposers and validator a due to the speed and the randomization of the validators. The team is full of big brains like Silvio Micali or Chris Peikart. I believe Algorand has multiple team members with Turing Awards and even Nobel Prizes. It’s also one of the only chains I am aware of that is striving to be “quantum resistant”. Which, will give Algorand an edge as we move closer to a world with quantum computers. (Done)

https://www.algorand.com/resources/algorand-announcements/chris_peikert_joins_algorand

Ramsy | Crypto Miners:
5) What is current focus of Algorand? and What we can expect from Algorand In Future?

JT:
Right now it seems like the primary focus is market awareness. Algorand is working hard to get the world to know it should use Algorand. Algorand has an exciting partnership with FIFA and the World Cup coming up and Algorand will be the tech FIFA uses to build out its blockchain tech, including wallets, likely NFT tickets, and more! There’s also a partnership to pre load Algorand’s technology onto 4G phones and distribute them in Africa! Outside of partnerships (as there are many), on a technical side, Algorand is super focused on their next upgrades. Sometime this summer the blockchain should be upgraded to handle around 6000 TPS with transaction finality around 2.5 seconds. This will be exciting! They are also building out “State Proofs”. Which is Algorand’s way of interoperability! Stateproof technology will enable cross chain communication and transfer without the need for shakey “bridges”. So lots of partnerships and upgrades to keep an eye out for!!

Ramsy | Crypto Miners:
Sounds great 🚀

Lastly, As a Governor Of Algorand, can you tell us how you perceive the identity of an Algorand Governor?

JT:
Algorand Governance is really cool. So, on the protocol level, the chain is decentralized through distributed nodes and it’s PPOS consensus mechanism. Algorand Governance takes decentralization one step further and tries to decentralize the decision making at the Algorand Foundation. So, Algorand Governors are able to commit their ALGOs for 3 month periods and vote on how the Foundation spends its money and how it distributes resources. It’s essentially one of, if not the, biggest DAOs in blockchain, with nearly 60% (4.1 Billion ALGOs) committed to this last governance period. Staying comitted for three months and voting on measures gives you the ability to claim rewards at the end of the period (roughly 7–8%). From an identity standpoint, it is almost a badge of honor in the community. It’s not only a great way to decentralize decision making at the Foundation level, but it’s a fantastic way to get the community involved. I believe that Algorand Governance not only furthers decentralization but it fosters a stronger, more committed community. As a governor, I take my responsibility strongly and ensure that I’m voting for the best decisions for the chain. It’s really exciting! (For those that wish to become a governor, sign ups just closed for this period but will open back up at the end of august or early September, so keep your eyes peeled!!) (done)

Ramsy | Crypto Miners:
Thanks JT for this well detailed introduction about Algorand:)

And that’s the wrap up of our the first part of the AMA session ✅

JT:
No problem! Thanks for having me! Happy to do it again sometime!

Cheers 🥂 everyone!
- JT (JTInvestsInYou on Twitter and JT Invests in You on YouTube)

Ramsy | Crypto Miners:
Now Moving on to our Next & last segment — Live Q&A

i hope you’re ready for that!!

JT:
Sure let’s give it a whirl

Ramsy | Crypto Miners:
lets go,

Segment 2️⃣: Live QnA
(In this segment group was opened for 60 seconds and Miners sent hundreds of questions. Guest choose some best to answer)

1) CHUKKY:
What is “Pure proof of stake” used by AlgoRand
Why PPos is more secure, scalable and faster than Pos?

JT:
PPOS is more secure than POS because in POS, the rich win. Those with the biggest bags validate the blocks. In PPOS, you have a chance at participating in consensus even if you only hold 1 ALGO. The beauty of PPOS is it randomly chooses the nodes that validate the blocks, it’s not purely based on who is the largest stakeholder. This, I’m my view, makes it the most decentralized version of POS that I’m aware of.

2) Why Not:
Security and anonymity are always prioritized by BlockChain projects in the development of project platforms and technologies. So, does you have any technological solutions or plans to enhance user trust in these issues?

JT:
Security is top priority! The Algorand blockchain, in my view, is already extremely secure! But to your second part of the question, privacy, there is something in the works. Algorand’s founder, Silvio Micali, has mentioned they are working on a privacy layer to add to the chain. This is super important to me because I believe as we move into this digital world, we need technology that can act as cash in a digital world. Transparency is great, but there are also valid needs for privacy. Especially if we get into the topic of blockchain voting. Not to get political, but one of the fundamental aspects of democracy is being able to cast a ballot without fear that an opposing party can see your vote and punish you for voting against them. So I’m very excited to see the privacy features rolled out, though we don’t have an exact timeline on that.

3) Crypto Advice:
Giving to the fact that we have Binance Defi wallet and other wallet / exchange which is one of the best wallet out there what are the strategies/development plan in other to make Algorand the best out there and more successful ahead of it’s competitors in the Defi space

JT:
Ok so for Algorand the best wallets are the “My Algo” desktop wallet or the “Pera” mobile wallet. (ledger hardware wallets also work). There are more than that but those are my favorite. The Pera Wallet even has cool ways for you to view your NFTs in your wallet. Once you get a wallet like those, then you can log into cool dapps like Folks Finance, Algofi, GARD, Yieldly, Tinyman, and more to borrow, lend, trade, provide liquidity, stake, earn yield, leverage, and more! Certainly check those wallets and the ecosystem out!!

4) 𝚅 𝚁 𝚄 𝚂 𝙷 𝙰 𝙱 𝙷:
Could you explain the Main Competitive advantages of Choosing Algorand Network as there are Many Layer-1 Projects working on Scalability issues.. ?

JT:
In my view, and this isn’t to bash any projects, but Algorand is the most secure and transparent. Solana shuts down often, most other chains promising speed rely on Ethereum for security. Algorand is truly independent. It doesn’t really on Ethereum, it’s never had down time, it’s always producing blocks every 4.5 seconds without hiccups, PPOS is the best version of POS, it’s the first chain to go carbon negative, and their team is top notch!

5) Itz Abhi ⚡️ :
These projects are going to rock in the future — WEB3, GameFi, P2E & Metaverse as well. How are you going to approach these projects? will you also develop similar projects like this? How will you improve these types of project?

JT:
Well, Algorand is a decentralized protocol so anyone is free to build any dapps they wish! That said, there are many projects building metaverse style platforms on Algorand. The Drone Racing League being one of those! We also have watch to earn apps like xFinite looking to distrust the streaming industry and Alloy Gaming looking to disrupt the gaming industry. Alloy even has a few people from Blizzard, a big popular gaming company. These examples only just scratch the surface! Lots to be excited about on this front!

*This segment ends here*

Ramsy | Crypto Miners:
Thankyou so much JT For your valuable answers and information about Algorand,
It Was Pleasure Hosting An Ama With You

Time To Conclude Our AMA Section

Is there anything else you would like to share or you want us to know ?

JT:
Anytime! 🙏🙏

I think we were pretty thorough but if I could plug myself, I’d love it if everyone went and subscribed to my YouTube, Substack, and followed me on Twitter to keep the conversation going!

- YouTube: https://youtube.com/c/JTInvestsInYou
- Twitter: https://mobile.twitter.com/jtinvestsinyou
- Newsletter: https://www.JTInvestsInYou.Substack.com

Thanks for the invite! I had a lot of fun. Also, thanks for your audience. They had great questions 🙏

Ramsy | Crypto Miners:
Thank you for your time

Community, if you would like to learn more about Algorand, here are some useful links for you:

Website: http://www.algorand.com/
Twitter: http://twitter.com/algorand
Telegram: http://t.me/algorand
Discord: https://discord.gg/84AActu3at
Facebook: https://www.facebook.com/algorand/
Reddit: https://www.reddit.com/r/AlgorandOfficial
LinkedIn: https://www.linkedin.com/company/algorand/
YouTube: https://www.youtube.com/algorand
Medium: Algorand

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