A partnership to support futuristic finance applications and democratize the entire financial infrastructure
March 15th, 2022 - The Algorand Foundation today announces our grant partnership with QuickNode. With the increase in blockchain development, the number of blockchains has also increased, some serving a specific purpose where some are more general. Developers choose a blockchain network based on their use case, but ever since the inception of blockchain technology, there has been a problem with the usability of this tech. This problem is known as a blockchain trilemma. Decentralization, Security, and Scalability are the three main offerings of any blockchain, but 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.
> Demonstration of blockchain trilemma, only one side can be achieved at a time. For example, only A or B, or C can be true with usual cases.
Algorand solves this by introducing Pure Proof of Stake (PPoS), a revolutionary consensus protocol on which the Alogrand 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 stays in the holder’s wallet, it also assures security and decentralization as a committee is not in power for a long time and is always chosen randomly it becomes impossible to manipulate the committee so the risk of DoS becomes useless.
”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
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.
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