NewsAlgorand and QuickNode: a Partnership to Democratize Finance Infrastructure

Algorand and QuickNode: a Partnership to Democratize Finance Infrastructure

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Algorand Foundation

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.

Ready to set up a node? Try QuickNode free for 7 days -> Sign Up!

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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.

Today, the QuickNode network processes over 50 Billion requests per month, from over 10 regions worldwide!

Need help with your project or have questions? Contact us (hi@quiknode.io), on Twitter, or ping us on Discord.

About QuickNode

QuickNode.com 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 Ethereum, Bitcoin, Polygon, BSC, Optimism, Fantom, Celo, Solana, and xDai node access. Subscribe to our newsletter for more content like this and stay in the loop with what’s happening in Web3!! 😃 https://upscri.be/f/5a213a

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