After the voting, the other checks such as double spending,

overspending etc., are done through a committee for certification.

6.2 Transaction fees

The transaction fees at Algorand Blockchain are currently set at

0.001 Algo per transaction. Currently, the USD to ALGO ratio is

close to 1:1.5 which makes the fee quite low. However, in the future,

if the price of the ALGO goes higher, just like Bitcoin, then it could be

a threat to the business transactions.

6.3 L2 Solutions

Algorand’s L1 is fast and capable enough to execute a high number

of transactions with efficiency. Algorand supports the L2 frameworks

wherever there is a need of implementing much larger and complex

smart contracts that need more customization.

6.4 Scalability and Performance

Algorand is already fast and scalable; however, as per the co-

founder Silvio, Algorand’s 2021 performance would improve

significantly. While the block finalization time would be between 2.5-

4.5 seconds, the throughput can rise from 1000 to 46000 TPS

depending upon the configuration.

6.5 Development

Just like any traditional web server, Algorand supports two different

types of smart contracts, i.e., stateless for managing authentication,

authorization etc., and stateful smart contracts for handling

transactions. The smart contracts can be written using a bytecode-

based stack language called Transaction Execution Approval

Language

(TEAL).

Algorand’s

development

portal

https://developer.algorand.org/

is

self-explanatory

and

well

documented.

6.6 Wallet