The blockchain’s nodes are run by diverse entities — businesses, individuals, and consortiums — spread across many countries, according to the company website. The decentralized voting mechanism pools and randomly selects these users to develop a unique committee to approve every block.
Now that the process is open source, Algorand hopes to further their exploration of the “borderless economy and... evolve blockchain.”
The company also announced a partnership with Flipside Crypto to provide a free user engagement analytics suite. This toolbox gives Algorand-based developers user insight, to help build the most applicable and relevant Dapps.
The Flipside Crypto partnership allows developers to annotate their Dapp addresses, monitor the live number of active addresses, and compare their Dapp’s activity to other Dapps on Algorand’s platform.
Backed by Pillar and Union Square Ventures, and an unnamed “broad global investment group” to the tune of nearly $70 million, Algorand prides itself for building the technologies that will remove the “technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security.”
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