ABOUT ALGORAND: Algorand is a blockchain, which improves security and power efficiency of blockchain networks. Algorand is said to be a pure proof of stake blockchain for the fact that users are chosen to participate in the protocol based on the stake (number of algos) that they have.
In Algorand, every online user who possesses algos can participate in the consensus protocol. Consensus refers to the way blocks are selected and written to the blockchain. Algorand uses the VRF described above to select accounts to propose blocks for a given round. When a block is proposed to the blockchain, a committee of voters is selected to vote on the block proposal. If a super majority of the votes are from honest participants, the block can be certified.
INTRODUCTION TO CHOICE COIN CHOICE COIN is an open-source project built on the Algorand Blockchain as an Algorand Standard Asset (ASA) for solving the Decentralized Governance Problem, which refers to the lack of a secure and autonomous process for decentralized organizations to reach consensus during governance.
Before driving further, it is important to talk about the relationship between ALGORAND and FORTIOR BLOCKCHAIN
FORTIOR partnered with ALGORAND to Create AI-powered Governance Mechanisms and Financial Assets on the Algorand Blockchain
Having launched the Algorand Foundation Grant Program in the year 2020, several submissions were received from developers and innovators globally who have been eager to participate and grow the Algorand ecosystem. After thorough review and selection, Fortior Blockchain was announced as the Grant recipient.
Fortior began as the winning submission at the 2021 MIT Bitcoin Expo Hackathon under the name Algorand Autonomous.
Fortior Blockchain planned to deliver software that utilizes artificial intelligence and quantum computing to create governance mechanisms and volatility predictors on the Algorand Blockchain.
It was deduced that Fortior will leverage Artificial Intelligence and the Algorand Blockchain to create revolutionary software to power governance protocols that solve many of the problems associated with outdated voting systems and methods. In the spirit of decentralization, Fortior Blockchain is also planned on building an algorithm that can predict price volatilities in Algo, in such a way that will enable members of the wider community to be better informed before making an investment.
Fortior Blockchain released ChoiceCoin, a governance token and Algorand Standard Asset, that powers the Foritor Voting Algorithm.
Fortior Blockchain’s Grant award deliverables include: i) Smart contract architecture that dictates the creation and transfer operations of ChoiceCoin. ii) A voting protocol that uses ChoiceCoin for governance. iii) An open-source volatility indicator for Algo.
Now, driving deep to say more about the CHOICE COIN: Choice Coin operates as a Decentralized Autonomous Organization (DAO), and has an extensive network that works on open source software development, community engagement, and more. Choice Coin is currently the largest open source project on the Algorand Network. This documentation introduces new members to Choice Coin, while also providing information on the Decentralized Decisions and the Choice-TinyMan Wrapper. Decentralized Governance: The purpose of Choice Coin is to allow decentralized organizations to govern themselves and control digital assets in an equitable fashion. As the decentralized Intranet evolves, more and more organizations operating in and working on projects in Decentralized Finance (DeFi), Non-Fungible Tokens (NFTs), and blockchain networks need a way to govern. Contrary to centralized systems, which are inherently hierarchical and pyramid like in nature, decentralized systems distribute power and decision making across global networks in a fair fashion. But, building decentralized systems is difficult, complex, and time consuming. The Decentralized Decisions software solves this problem with a secure, easy to use, and flexible governance software.
Why choice coin is set to be a distinct advantage in the DeFi/cryptocurrency industry? ● The choice coin is refined to advance total decentralization which has sidestepped the system for at some point, with a successful portrayal of clients votes through a majority rule surveying strategy that will totally characterize administration for all.
● The choice coin takes into consideration an absolute open turn of events, this infers that members can without much of a stretch foster both on the choice coin substrate just as its relating convention.
● Decision making measure is improved as coin holders are permitted to survey on allotments that could assist with realizing vote based causes and help other associated associations.
● It is refined on one of the first class blockchain framework of the advanced age, algorand which is exceptionally open source and unadulterated evidence of stake convention that empowers the formation of items to overcome any barrier among decentralized and customary finance.
Voting Software: The Voting Software is built using Choice Coin on the Algorand Network. It is an open-source voting software which powers decentralized decisions, making it possible for organizations to make decisions in a more transparent, autonomous and distributed manner. The votes in the voting software are recorded on the Algorand Blockchain and tabulations of these votes are made using a stateless smart contract. Security of voters' information is made possible through post-quantum cryptography. Additionally, the voting software enhances open-development on the Choice Coin Platform, thereby serving as a medium through which developers can set up their own decentralized voting network. The developers are rewarded for their works via the Choice Coin's Developer Awards Program.
Redefining Voting All entities, from small businesses to first-world nations, suffer from outdated voting mechanisms that contribute to a culture of non-participation and voter supression. This leads to decisions that do not take fairly take into account what constituients and voters may want. The Fortior Voting Protocol, powered exclusively by Choice Coin, is a simple solution that uses automation to create a voting system that is both fairer and quicker than present systems.
Advantages: 1) Public Ledger allows for all decisions to be stored on an immutable chain.
2) Quantum Computing enables fast consensus results.
3) Artifical Intelligence ensures all votes are valid
Choice Coin Community Program: The community of a project goes a long way to determine how far that project will go. The Choice Coin community comprises highly talented, motivated and innovative individuals dedicated to take the Choice Coin project to the zenith. The Choice Coin Community Engagement Program is one of the four starting participation options in the Choice Coin ecosystem. The Community Engagement Program aims to incentivize the community to connect with one another on various social media platforms.
Open Source Development: No doubt, open innovation is a vital character to the technical edge (the most current and sophisticated technologies in existence and operation) across technical industries such as artificial intelligence and blockchain. Apropos of this, Choice Coin facilitates open innovation of its platform through the open source development program. The Open Source Development Program facilitates developers to provide innovative ideas on the Algorand network and Choice Coin GitHub. There are developer rewards for developer contributions. Choice Coin offers two OSS reward structures for contributions, the Gold Badge and the Silver Badge. While the Silver Badge rewards valuable contributions to the Voting Repository on the Choice Coin GitHub, the Gold Badge rewards deployment of the Decentralized Decisions software for real world use cases.
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