Algorand and QuickNode: a Partnership to Democratize Finance Infrastructure
A partnership to support futuristic finance applications and democratize the entire financial infrastructure.
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:
- Algorand Whitepaper
- QuickNode Algorand Docs
- Algorand Forum
- Algorand GitHub
- Algorand Blog
- Algorand YouTube
How to Get Started with Algorand on QuickNode:
1. Sign up for an account on QuickNode.com
2. Click “CREATE NODE” and select an API plan:
3. Select “ALGO” at the top of the next page, and choose the network from MainNet, TestNet, and BetaNet.
4. Click on “CONTINUE TO BILLING” and complete the checkout process on the next page.
5. Woohoo! You now possess a powerful QuickNode Algorand node.
Sign up for a free Algorand RPC on QuickNode.com
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Why QuickNode?
QuickNode makes running Blockchain nodes easy so developers can focus on the dApps they’re building, instead of worrying about DevOps/NodeOps, uptime, scaling, security, etc.
QuickNode saves valuable time getting to-market while taking away the headache of node maintenance and synchronization. It’s a valuable tool in every dApp developer’s arsenal that was created by developers for developers. Visit QuickNode’s Guides section for more information.
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QuickNode is building infrastructure to support the future of Web3. Since 2017, we’ve worked with hundreds of developers and companies, helping scale dApps and providing high-performance access to 16+ blockchains. Subscribe to our newsletter for more content like this and stay in the loop with what’s happening in Web3! 😃