what happened to al grand is it hacked stay until the end of the video to find out more welcome to how to crypto your go-to place for the new updates on cryptocurrencies and today we'll be talking about algorand is it hacked and if you want to stay up to date with all the crypto news you need to like and subscribe don't miss anything be aware of bulls and bears in the future today we're going to talk about the hackathon algorand is hosting with the support of the algorand foundation in boston australia's monash university is hosting its first international blockchain hackathon the international monash blockchain hackathon is a collaboration between the algorand foundation and the blockchain technology center at monash university's faculty of information technology the foundation is a non-profit organization with the goal of creating a borderless frictionless economy based on public decentralized blockchain technology everyone is welcome to participate in the hackathon from it experts to university and high school kids during the three-day hackathon participants will have the opportunity to come up with a concept construct and deliver a blockchain-based solution that addresses a social problem which will be judged by world-class i.t professionals as part of the hackathon prize pool algorand the world's first open source permissionless green blockchain will contribute 6 000 australian dollars in algocoin and certification the hackathon will take place from july 9th to 11th and registration is free professor joseph liu director of the monash blockchain technology center will be on the judging panel and outlines what he'll be looking for during the competition we want to see participants use their blockchain technology interests and knowledge to address a global need that can truly make a difference probably you stated blockchain technology has so many uses and we want to show how this technology can be a driving force for social good through our hackathon education digital health construction and energy will be among the hackathon subjects blockchain technology may be used to protect health information transfers produce digital transcripts and certification records and even apply to real-time energy consumption systems and data from smart meters blockchain technology has limitless possibilities for innovation the hackathon will stimulate creativity by pushing participants to improve their skills learn from one another network with industry professionals and push the frontiers of what cutting-edge blockchain technology can do says jason lee ceo of the algrand foundation and the hackathon judge the algorand foundation in collaboration with algorand inc has created the algorand blockchain technology to help realize this objective a new larger community of mainstream developers is expected to build a wide range of apps using this protocol according to the foundation meanwhile more than a million australians are buying the algorand token algo and other cryptocurrencies on coinspot and australian cryptocurrency exchange according to the company coinsport has grown to over 1 million australian users making it australia's largest and most popular platform for buying bitcoin ethereum cardano quant network hedera hashgraph and other cryptocurrencies for the 2021 australian football league season coinspot has collaborated with the western bulldogs an australian rocks football team coinspot ceo russell wilson said coinspot is proud to be collaborating with the western bulldogs who are in the midst of an exciting time in the club's history for this season and the future we share the same principles as the bulldogs and there isn't a finer club with which to align seeing the coin spot logo on the back of the jumpers gives us and the bitcoin community a great feeling algorand develops technology that facilitates the construction of next generation financial products protocols and value exchanges accelerating the convergence of decentralized and traditional finance algorand is a decentralized scalable and secure blockchain-based cryptocurrency network the algorand platform supports smart contracts and its consensus process is based on proof of stake principles and the byzantine agreement protocol algo is the native cryptocurrency of our grand algorand inc a boston-based private firm is in charge of the platform's development silvio mcauley and mit professor launched it in 2017.

The public test network for al grant was released in april 2019 followed by the main network in june 2019 the consensus algorithm in the algorand network is permissionless which means that anyone with an algo balance can participate the consensus algorithm is divided into two rounds each of which has two phases the first phase is the block proposal phase in which new blocks are proposed the second phase is the block finalization phase in which the proposed blocks are put to the vote proof of stake principles are used in the first phase block proposal phase during this phase a committee of system users is chosen a random but in a weighted manner to suggest the new block the committee is chosen using a method known as cryptographic sortation there is no central authority in cryptographic sortition that determines who the members of the committee are and then broadcast that information throughout the network instead each user chooses whether or not they are on the committee by locally executing a verifiable random function vrf if the vrf shows that the user's been chosen it returns cryptographic proof that may be used to verify the user's membership on the committee unless and until a user sends a message to other users stating that they're on the committee only that user knows the stake i.e the number of outgo tokens held by a user in proportion to the magnitude of the user stake influences the possibility that the user will be on the committee the proposed blocks are voted on using a byzantine agreement protocol dubbed ba in the second phase block ie block finalization the cryptographic sortition described above is used to pick a committee in this second phase this second phase voting committee will be different from the first phase voting committee while there may be some overlap in membership between the two committees when users have determined that they are members of the second phase voting committee they studied the proposed blocks they've received including confirming that they were indeed proposed by members of the first phase committee and vote on whether or not any of the blanks should be adopted if the voting committee agrees on a new block the new block is propagated as the new block across the network the algorand consensus algorithm has the property of player replaceability which means that as previously stated membership in the various committees in both the blog proposal and the block finalization phases varies with each run of the phase as an attacker we'll not know ahead of time which users will be on a committee this protects users from targeted attacks algorand is asynchronously safe and resilient against arbitrary partitions it is theoretically assured that our grant will not fork if two different blocks attain consensus in the same round runtime verification inc has also formally confirmed the asynchronous safety and when compared to their earlier verification models the model now accounts for timing concerns and adverse reactions such as when the adversary has control over message delivery there are two types of smart contracts supported by our grant stateless smart contracts and stateful smart contracts stateless smart contracts are used to authorize transactions stateful smart contracts hold data persistently and can be used for a wider range of applications transaction execution approval language is a programming language that can be used to create algorithms smart contracts teal teo is a bytecode-based stack language featuring pineto as a programming interface for python while other smart contract programming models such as solidity are tier incomplete the algorithm smart contract paradigm is not transaction atomicity is supported by the algorithm smart contract concept smart contracts are used to define user-defined assets in several other blockchain systems for example smart contracts and ethereum implement the erc20 and erc721 interfaces to establish new assets user-defined assets on the other hand are supported natively in algorand and our and smart contracts can manage them for example by transferring ownership of certain amounts of them using built-in transaction types the italian copyright collecting agency the societa italiana degli autori ed editoro s-i-a-e uploaded nearly four million non-fungible tokens nfts to the algoram blockchain in march 2021 representing copyrights in works published by siae's members now let's see what experts say about our grand redditors state on algo price prediction that it would cost four dollars and calculating roi percentage will be around four thousand seven hundred and thirty percent so with five year huddle it will be worth betting on algorand said the reddit community according to our algorand price prediction 2021 the token is predicted to cross an average price of 1.90 the expected maximum price of al grand by the end of one year shall be 2.38 as per the outgrown price forecast it is said to rebound by june post pandemic and massive vaccination drive over the globe that would reflect a good peak of 2.384 by june 2022 which is short to scale said trading beasts an ambitious bullish outlook for 2021 has been made by gov capital a crypto price prediction platform as it claims 2021 will be a flawless year for al grant according to our algo price prediction algo price could reach as high as 3.11 to enter 2022 said the gov capital algorand algo will far exceed the expectations of any cryptocurrency investors who've discovered its platform to be incredibly user-friendly and participatory another significant launch of algorands token exchange is set to take place soon backed by a slew of exchanges with increasing dm usage in the last year al grant's price has skyrocketed to date the partnerships and alliances will boost the network's scalability to a hundred thousand transactions per second the network is quite popular with various projects developed on it assuming that the developments continue the algorand price is predicted to rise to 2.40 a new high with partnerships and alliances as well as community investment the markets expect algorand to perform well reaching a level approaching four dollars till the year 2022 which is an optimistic algorand price projection but certainly achievable rather than predicting that the price will reach the moon tomorrow before we end the video allow us to remind you all that we make videos for entertainment purposes only meaning we don't intend to impart any financial advice cryptocurrencies are highly volatile hence do your own widespread some research before investing so there you have it and with that we have come to the end of our video we hope you enjoyed the video and let us know in the comments how much your crypto will be worth next year make sure to subscribe and give a thumbs up see you tomorrow at how to crypto with more crypto updates you

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