Crypto Smart, as part of its Algorand Upscaling process has completely set up a private node on the Algorand Blockchain.
The private relay server is needed to help improve Crypto Smart Upscale Launchpad.
Upscale Launchpad is part of the products by Crypto Smart which is to enable already existing businesses Upscale their businesses on the Blockchain.
NB: The private node is on a secured endpoint which requires the Access token and the API keys.
Benefits of the private node
Premium access to Algorand Blockchain
Setting a private node will allow us to give businesses upscaling through Crypto Smart’s upscale launchpad premium access to the Algorand Blockchain through our private relay server at lower rates.
Reduced cost of deployment
Aside from the premium access to the blockchain, the setting up of the private node on the Algorand Blockchain will help to reduce cost of deployment for businesses upscaling through Crypto Smart’s upscale launchpad.
Enhance focus on building products
Businesses upscaling on the Crypto Smart’s upscale launchpad will have ample opportunity to focus on building their products and meeting up with their road maps instead of dealing with the terrifying part of blockchain which is setting up and running a secure, scalable and fast private node without exceeding their businesses’ financial capabilities.
The private node will also improve the upscale platform’s performance in terms of speed which will in return give users top-notch and stress free experience when participating on presales/IDOs.
No service disconnection or interruption
Since the private node is an independent server on the blockchain which does not depend on a third party, there is relatively no chance for disconnection or interruption which might not be good for an enterprise level especially when it has to do with financial transactions.
Also, large transactions will be performed at a speed of light which makes the upscaling time effective.
Top player in the Algorand ecosystem
As of November 2021,there are 120 relay nodes on the Algorand Blockchain of which Crypto Smart private node has added to the number.
The private node will make Crypto Smart one of the top players in the Algorand ecosystem compared to other companies and organizations that depend on third party nodes.
Algorand blockchain is the world’s first pure proof-of-stake foundational blockchain designed for the future of finance. It is the first blockchain to solve the trilemma of decentralization, scalability and security.
Its technology enables a set of high performing Layer-1 blockchain that provides security, scalability, complete transaction finality, built-in privacy, Co-chains and advanced smart contracts that are essential in a FutureFi world.
Nodes on the Algorand Blockchain
The Algorand network supports two types of nodes to simultaneously optimize for transaction throughput and decentralization. These are relay nodes and participation nodes.
This serves as network hubs and maintains connections to many other nodes.
The relay nodes have high-performance network connections which allow for efficient communication paths which reduces the number of hops and the transmit time of sending a message throughout the network.
Relay nodes also decongest noise in the system by accumulating protocol messages from participation nodes and other relay nodes connected to them.
It also performs deduplication, signature checks, and other validation steps and then re-propagating only the valid messages. Relay nodes are also often located at internet exchange points to decrease propagation time.
These are running the Algorand consensus protocol, and communicate with each other through relay nodes.
They are authorized by the user’s participation key; these nodes propose and vote on blocks on behalf of the user’s stake within the consensus algorithm.
Technical Advantages of using Algorand Blockchain
The Algorand Blockchain is entirely decentralized which means there is no powerful central authority or single point of control.
All power, authority and control lies with the users.
Fair and Transparent
The control of the Algorand Blockchain is distributed among all individual network participation creating a fair and transparent transaction.
The Algorand Blockchain is accurate and stands no risk of data being manipulated, lost or destroyed.
Algorand Blockchain is public and open to all. Users do not need the approval of a trusted authority to use the blockchain.
The Algorand node repository is open sourced and publicly available for anyone to audit, use and build upon.
It is founded on the principle of transparency, inclusivity and collaboration.
Algorand Blockchain is maintained by a dedicated community with a shared vision of a decentralized, borderless future in finance.
Crypto Smart is a B2B Crypto Asset Management company founded in January 2021 by Karla Obakpolor, a blockchain business developer and Algorand ambassador in 2020.
Cryptosmart offers fast and secure services which are based on a well encrypted system with 24/7 customer support services. Cryptosmart has grown from offering its services to individuals to companies and major enterprises as well as providing crypto education through various crypto courses.