Popular Solutions using Algorand
A few standup apps that use Algorand are Republic, Securitize, El Salvador’s blockchain infrastructure, Marshall Island’s digital currency, Orion Protocol, and DUST Identity.
Consensus — Pure Proof of Stake
Pure Proof of Stake uses verifiable random function (VRF) as a weighted lottery where the weight is dependent on the number of ALGO’s someone owns.
VRF (Verifiable Random Function)
VRF performs cryptographic sortition to select committees to run the consensus protocol. There are three parts to VRF, keygen, evaluate, and verify.
Y, our random string is unique and pseudorandom, it looks random, but with the proof, you can verify it with the verification algorithm.
In Algorand, each user (Algo holder online) runs through the steps above. They hold a secret key SK (secret key) and VK (verification key), the VK is known publicly, all handled out of band. If these users want to participate in the committee to run the consensus, then they need to do the following:
