The world is rapidly advancing at a very fast pace, through the development of improved technologies, most of which has the capability of improving the global system.
These improved technologies have really impacted positively, on different industries, ensuring that their users are giving the best of services, through the use of these technologies.
For the digital system to function effectively, to release the benefits of these digital technologies to the world, efficient systems are needed to make this possible.
Sadly, the available digital systems are unable to carry out these functions, as most of them are largely centralized, making it impossible for its users to take part in the running of the system, and so they do not get to enjoy the full benefits which these systems have to offer.
That's why decentralization was created.
WHAT IS DECENTRALIZATION?
Decentralization is a system of governance, where there are no central authorities in charge of the operations in a system, rather, the users are allowed to actively take part in the governance of the system.
This makes the activities on the system transparent and efficient, as the system will be focused on further development, and will be difficult to manipulate, seeing that the users have a hand in its governance.
Decentralized governance has taken over the digital system, as nearly every platform needs to excel, by rendering great services to its users.
Unfortunately, a lot of systems out there, which were created to be decentralized are not so decentralized afterall, as most of them still operate with the methods and tools which portrays centralization, making it impossible for the users to enjoy the full benefits of decentralization.
Well, Algorand; a reputable name in the Blockchain industry is planning to make its system fully accessible and beneficial to its users by bringing into its system, full decentralization.
ALGORAND BLOCKCHAIN SYSTEM OVERVIEW
Algorand is a fully decentralized Blockchain, which was developed by Algorand foundation and Algorand INC, to be the first public and permissionless Blockchain, on which anyone
can develop improved decentralized applications, for the benefit of the global masses.
Algorand makes use of a state-of-the-art consensus mechanism called the Pure Proof-of-Stake consensus to ensure that it
functions effectively for any system which wishes to adopt it, for the improvement of their performance.
Algorand Blockchain is currently being adopted by numerous systems, all of which are excelling in the digital system, due to the great features which are embedded into the system, for the benefits of the users.
Let's take a quick glance at the various features of the Algorand Blockchain.
THE FEATURES OF ALGORAND BLOCKCHAIN
Algorand has an increased speed of transaction, which makes it possible for the users to carry out operations at a short period of time.
The cost of transactions on this system is very affordable for the users, due to the cost efficient design, which makes it more profitable using the Algorand Blockchain.
Interoperability and scalability also gives the Blockchain the capability of processing countless transactions at a time, and makes it fully accessible to all.
PLAN TO DECENTRALIZE THE ALGORAND GOVERNANCE STRUCTURE
The Algorand Blockchain system, as a fully decentralized platform has always been very open to every user, giving them the opportunity to take part in the consensus seeing as it makes use of the Pure Proof-of-Stake consensus, where block validators are chosen based on their staked assets.
This way, every user gets to have a taste of how transactions are validated on the system, and as well benefit from it.
But the governance of the system, has not always been open to the regular users, which means that every non-consensus based
decisions are not made by the regular accounts on the Algorand system, thereby exempting some people from the running of the system.
Since governance is very vital for every digital system, and as a fully decentralized platform which is focused at allowing users the control of the system, Algorand has decided to open up the governance of the system, to its users.
This was made known in a proposal which is aimed at bringing decentralization to the governance of Algorand, and as well, help tailor the system rewards to suit the decentralized
governance structure, which has been proposed.
Do you know what this means for the users and the entire Algorand ecosystem?
Well, to fully grasp the potential of this proposal of decentralized governance, lets quickly take a look at...
BENEFITS OF THIS DECENTRALIZED GOVERNANCE PROPOSAL
Aside from the fact that the Algorand system will be greatly improved by this decentralized governance structure, it has countless benefits for the users, one of which is, unlocking the power of governance to its users.
Before now, users were only permitted to participate in consensus on the Algorand system, but through the introduction of a decentralized governance, every user can now join in decision making on the system, which translates to the
governance, hence allowing them decide on the grants to fund as well as other non-consensus issues.
Amongst the numerous benefits of the decentralized governance proposal is the fact that it will lead to the introduction of various rewards and mouth-watering incentives, to align with this improved governance structure, in turn allowing users to earn massively, from the system, by merely taking part in the running of the system.
Security of operations will also be guaranteed on the Algorand system, by the introduction of this decentralized governance into the system, since the users will also be involved in the decision making process.
Making manipulative decisions will also be impossible on Algorand as its governance will be controlled by the different users, and not a central authority.
CONCLUSION
Taking a look at this improved governance structure, characterised by decentralization,it is obvious that the algorand blockchain system has the interest of blockchain users at heart,releasing the full benefits of the system to them.
By decentralizing the governance of the Algorand system users are allowed to take active participation in decision making of the system. By this, the users are guaranteed of the efficiency and effectiveness of the system as well as their
security.
