An ideal platform for DeFi and gaming dapps
DappRadar is happy to announce it now tracks dapps on Algorand. A Pure Proof-of-Stake, often abbreviated as PPOS, blockchain network. Algorand has been in development since 2017, after MIT professor Silvio Micali got interested in blockchain technology and, in particular, the challenge to create a decentralized, secure, and scalable blockchain.
At the core of the Algorand blockchain is the PPOS consensus mechanism. This system allows all ALGO token holders to participate in block production. It’s a low-cost, high throughput network with a core focus on block finality. It costs roughly 0.001 ALGO per transaction–less than a cent–making it ideal for DeFi and gaming use cases. The blockchain also handles up to 1000 transactions per second, with block finality happening after a single block, unlike Bitcoin or Ethereum.
Algorand strives to become the greenest blockchain on a carbon-negative network as well. They are well underway in achieving this. For example, Algorand uses just 0,000008 kWh per transaction based on a network of 4,000 validators. These numbers are a stark contrast to Bitcoin (930 kWh/txn) or Ethereum (70 kWh/txn).
Initially, DappRadar will track three dapps, and more will follow in the weeks and months to come. Developers can independently submit their dapps and gain visibility to thousands of engaged users through the Developer Dashboard.
Currently, the tracked dapps on Algorand are focused on DeFi services. Tinyman is a decentralized trading protocol utilizing Algorand to create an open and safe marketplace for traders, liquidity providers, and developers. Yieldly‘s suite of products includes staking and liquidity mining pools, cross-chain swapping, plus Algo and NFT no-loss lotteries. In comparison, the Algofi platform allows Algorand users to lend and borrow to earn interest, leverage, or short crypto assets.
Algorand in summary
Where other blockchains have relied on the development of layer-2 solutions to provide a sense of scalability, Algorand offers these options off the shelf. The Algorand blockchain consists of two different layers. On layer-1, you’ll find all the smart contracts. Here users can, for example, swap cryptocurrencies or create new blockchain assets. The real magic happens on their second layer, which can run more complex smart contracts. These would, for example, be suitable to run the complex operations of a suite of DeFi services.