Algorand Ends Its Staking Program With 200M Algos on The Market

Blockchain startup Algorand has announced the successful completion of its anticipated Staking program, a major milestone as 200M Algos were staked marking the end of the investment program.

Join the fastest growing network on Telegram

Due to the limited amount of rewards, only those that qualified by block number 1618450, will be eligible for rewards, which are set to be redistributed every 6 months over 4 separate payouts. The Staking program began on 6th Aug, and officially ended on 31st Aug, 2019, as the quota was reached before the scheduled due date. The staking program is meant to incentive long-term holders willing to stake their Algos tokens, over a 2 year period. Investors are given the option to pull out of the program at any given time, if they do not believe in the long-term vision and success of the Algorand Network.

Led by an All-star Team, Algorand is founded by Turing Award and Goedel Prize-winner Silvio Micali who is also the founder behind the renowned zero-knowledge protocol, that’s used to empower cryptocurrencies such as Zcash, Monero & Pivx.

Currently, there are three main consensus algorithms used for validating transactions: Proof-of-Work (PoW), Proof-of-Authority (PoA) and Proof-of-Stake (PoS). Algorand is introducing a new game-changing consensus algorithm known as ‘’PPoS’’, which is similar to POS but has many distinct differences. For starters, the team spearheading the project are looking to introduce blockchain 3.0 which is set to overcome ‘’The Scalability Trilemma’’, a term coined by Vitalik Buterin, that refers to the tradeoffs that crypto projects must make when deciding how to optimize the underlying architecture of their own blockchain. With PPoS, Algorand looks to address the major problems faced by previous blockchain that had to forgo one of the three components, such as decentralization, security and scalability.

With new ground-breaking tech, Algorand looks to create a digital currency to be used not only for borderless payments but is set to introduce a scalable network capable of supporting resource-intensive dApps. It’s the world’s first Pure-Proof of Stake Cryptocurrency, designed to improve blockchain’s consensus and address issues surrounding scaling.