Algorand NFT Marketplace Development
Algorand - An Overview
Algorand - The blockchain ecosystem that is functioning with pure Proof-of-Stake(PoS), a unique consensus mechanism. This mechanism in the blockchain lets it to process up to 1000 transactions as well as furnish transaction finality instantly without forking. The PoS comprise two sorts of nodes, participant nodes and relay nodes.
Participant nodes, the name itself symbolizes that it participate in consensus, whereas relay nodes enable a transaction between the participant nodes. In this mechanism, 100o participant nodes are picked randomly to generate a block, among one is selected anyhow to add its block to the Algorand blockchain.
As well, this selection is based on how much algo a participant node has staked. To point out, there are more possibilities to get selected, when there is a high number of Algos staked.
Why You Should Prefer Algorand Blockchain to Create NFT Marketplace?
1) Secure, Reliable and Absolutely Decentralized
2) Speed, Scalable & Instant Finality
3) Fewer Transaction Fees
4) Fractional Ownership
Features of Algorand Powered NFT Marketplace
Below mentioned are some of the unique features of creating NFT marketplace on Algorand blockchain.
1) Simple Smart Contract Programming Language
2) Code Auditability
3) High Transaction Speed
4) Low Transaction Cost