Algorand is Now Open Source

By Mark Lemon – Cryptocurrency Specialist

The node repository of the proof-of-stake blockchain company, Algorand, officially goes open source making it freely available.

In wanting to create and promote a decentralized blockchain, Algorand has made several of its projects open source in the previous year, including the Developer Software Development Kits (SDK) and a Verifiable Random Function. This allows anybody to develop into an open source software able to increase crypto buying.

According to Algorand's website, the blockchain's nodes will be run by a variety of entities, such as individuals, businesses, and consortiums. These will be spread across many countries to develop a unique committee to approve each block, in which the decentralised voting mechanism pools and selects users at random. A user seeking to buy cryptocurrency on this network would need to be approved by the random committee members selected which will build trust as the blockchain grows.

With the process becoming open source, Algorand wishes to expand its "borderless economy and…. evolve blockchain." Like many innovative blockchain projects, a great achievement is to break down barriers to allow any user to buy crypto and transact freely.

Besides that, the company has also entered a partnership with Flipside Crypto, offering a free user engagement analytics suite. This provides Algorand users with insights to build the most usable and relevant Dapps. Users could potentially buy crypto native to the network for services. Their partnership with Flipside Crypto enables their developers to annotate their Dapps, compare their Dapp's activity with other Dapps on the Algorand platform, and monitor active addresses in real-time.

This is in line with the tools that are provided by Algorand, like the free SDKs that are used to develop various entertainment, media, financial, and real estate service applications.

Thanks to its backing from Pillar and Union Square Ventures, along with a yet-to-be-named ‘broad global investment group’, “Algorand is confident in building those kinds of technologies that eliminate the "technical barriers that for years undermined mainstream blockchain adoption: decentralisation, scale, and security."

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