At Bit2Me, we continue to work to make our 360 suite of services the most complete on the market. To this end, we announce the integration of the Algorand blockchain (ALGO) with our Bit2Me Wallet, a high-level blockchain that will offer our users advantages such as high transaction speed.
With this new integration, our users can now deposit ALGO and B3X, the native token of Spanish bank Bnext, on the web version.
What Is Algorand and What Are the Advantages of This Integration?
Algorand (ALGO) is a high-level blockchain designed by MIT cryptographer Silvio Micali that focuses on high-speed transaction processing and high-level smart contracts for decentralized finance.
Algorand aims to solve common scalability and first- and second-generation consensus problems. One of Algorand’s main features is its Pure Proof-of-Stake consensus protocol, which randomly selects validators according to the weight of their stake in ALGO tokens.
Thus, all users with ALGO tokens staked on a validation node may have a chance to propose and validate blocks, which then pass to a randomly selected committee. Transactions are confirmed once the block is added to the network.
This Pure Proof-of-Stake mechanism is the key to the Algorand blockchain scalability, as it allows transactions to be processed faster without sacrificing decentralization. Thus, Algorand can process about 2,000 transactions per second.
Algorand’s developers aim to become a platform for decentralized applications (DApps), specifically focused on decentralized finance (DeFi).
Another pillar of Algorand’s high speed is its node infrastructure, divided into two types of nodes: Relay Nodes and Participation Nodes. Relay Nodes act as network hubs between participating nodes, facilitating a high-speed connection between different network points. Participation Nodes propose, vote, and validate Algorand blocks.
This integration will allow Bit2Me users to make deposits with lower costs and higher transaction speed via the Algorand network.