Wormhole is a decentralized message forwarding protocol that can be connected to multiple blockchains. To put it simply, we can say that Wormhole acts as a bridge that allows different blockchains such as Ethereum, Binance Smart Chain, Terra, Solana, Polygon, Avlanche and Oasis to communicate with each other. At the same time, Wormhole also supports some NFTs. Wormhole announced that they added Algorand to these blockchains. The main problem with many blockchains is that they sacrifice at least one of the trio of security, scalability, and decentralization. This is known as the blockchain triad. Algorand founder Silvio and his team are trying to solve this problem with the Pure Proof of Stake (PPoS) protocol.
The company aims to reliably transfer the movements of crypto assets between blockchains. To achieve this goal, it connects to the Core Layer inside the platform. These received messages are forwarded by the Wormhole Core Layer located in each chain, which forwards them to the destination chain. A protective network of 19 nodes protects the platform in message transmission. Additionally, the NFT portal allows users to send their NFTs between different blockchains.
We said that Algorand is a decentralized network created to solve the blockchain triad of scalability, security and decentralization. Launched in June 2019 by computer scientist and MIT professor Silvio Micali, Algorand is a permissionless and open-source blockchain network that anyone can build on.
ALGO is known as the cryptocurrency of the Algorand blockchain. In the case of a transaction with ALGO, the cryptocurrency for a buyer leaves the buyer’s wallet and is sent to the seller’s wallet with almost no fees. At this point, the fact that the transaction is very fast and almost no fee is paid for the transaction are the features that make ALGO stand out. It is noteworthy that Silvio Micali, an MIT professor and Turing award-winning cryptographer, is behind the Algorand project.