A cryptocurrency, crypto-currency, or crypto is a digital asset
A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions.
Revolutionizing the Blockchain with RevoNetwork
Algorand was founded by MIT professor Silvio Micali in 2017, who received the Turing Award for his work in cryptography. It was then built by Algorand Inc and today owned and operated by the Algorand Foundation, a non-profit based in Singapore.
The token uses an innovative protocol called Permissionless Pure-Proof-Of-Stake (PPOS) built on Byzantine consensus to tackle the “blockchain trilemma” of Security, Scalability and Decentralization.
The token was designed around the concept of “democratic” user participation while allowing for safe and secure transactions at highs speeds.
To generate, vote or validate blocks in Algorand, the PPOS relay nodes will randomly select a participation node to propose a block, with the amount of $ALGO staked increasing the chances of being chosen.
These proposed blocks are then passed through a voting committee of other participation nodes to ensure honest transactions. PPOS defers from regular proof of stake mechanisms as the minimum amount to vote is 1 $ALGO and node selection is random, which means that a select group of users cannot control decision making.
The byzantine consensus also helps achieve security, as communication between nodes is done through “secrets”, or a string of randomly generated bits that are protected by a self-verifying cryptographic function (VRF).
REVO Tokens will have various use cases within the whole RevoNetwork ecosystem. Where users will get various advantages and rewards for the utilization and holding of tokens.
RevoNetwork is currently being audited by Solid Group and the audit report will be made available prior to listing. With Oxbull’s platform, RevoNetwork aims raise BUSD100,000.
Mining
Cryptocurrency mining is the process in which transactions between users are verified and added to the blockchain public ledger. The process of mining is also responsible for introducing new coins into the existing circulating supply and is one of the key elements that allow cryptocurrencies to work as a peer-to-peer decentralized network, without the need for a third party central authority.
How does it work?
A miner is a node/device in the network that collects transactions and organizes them into blocks. Whenever transactions are made, all network nodes receive them and verify their validity. Then, miner nodes gather these transactions from the memory pool and begin assembling them into a block (candidate block).
