Project Spotlight – Alqo

Project Overview

Alqo is an open source, fully autonomous cryptocurrency with a focus in developing a community driven system that surpasses the general concepts displayed in today’s cryptocurrency market. The Alqo project strives to deliver a complete payment system that embodies the development of the more advanced forerunners (e.g. Bitcoin, Dash etc.), and further resolves the primary bottlenecks the aforementioned cryptocurrencies are facing today as they reach a stagnation point of being adopted by mass as a viable global currency.

Problems Alqo Aims To Solve

Centralization

Many crypto projects boast a decentralized agenda. While the world is still seeking to strive for decentralization, the underlying structure of cryptocurrency mining has been called into question. The once decentralized process has turned somewhat centralized over the years. Alqo attempts to resolve such issues by utilizing an advanced and fair hashing algorithm referred to as Quark. Being a light algorithm that can be mined with modest hardware devices, Quark will allow anyone to take part in mining on the Alqo network. In addition to Quark, Alqo also utilizes several other intricately designed algorithms that deliver a property referred to as ASIC resistance. By implementing aforementioned features, Alqo aims to achieve and maintain true decentralization as well as absolute democracy within its network.


Sustainability and Governance

A network’s ability to sustain itself can be heavily reduced by factors such as development stagnation and splits. Meanwhile, the governance of networks developed and maintained by a core team of individuals inherently excludes the community in governance-related decisions. To address these issues, Alqo introduces two mechanisms: Ad-Hoc Dev Funding and Carbon Voting.

Ad-Hoc Dev Funding

A fundamental flaw of the traditional dev fund model is that the same dev team possess the private keys to the funds, and can essentially use the funds without community consent. With Ad-Hoc Dev Funding, funds are only granted to the dev team if the funding proposals are approved by the community. Along with the implementation of staking and mining pools, a “checks and balances” mechanism is ultimately put in place to ensure a continuous project development.

Carbon Voting

A voting system is often needed to ensure the community has a say in how funds are used. Unfortunately the voting systems implemented in many projects today utilize a model (i.e. Masternode) that requires a collateral of coins to operate. This inevitably forbids people who don’t have the necessary funds from voting. Carbon Voting, where each vote is represented by one ALQO token, is therefore introduced with the intention to eliminate the financial barrier to participation in voting. In addition, an in-house wallet named Liberio will serve as a portal where the users can not only vote but also see their voting power shown as wallet balance. With such approach, any ALQO token holder can participate in the voting process if they wish to.


Scalability and Network

Being a public ledger that stores transaction histories and other data, the blockchain grows significantly in size over time. As its size grows larger, not only will it get more expensive to maintain the blockchain, it will also introduce barriers to full node participation. Alqo seeks to address such issues by implementing the following:

  • Larger and faster blocks: a block size of 4MB and a block time of 60 seconds; 4X larger and 10X faster than that of Bitcoin, which in total yields a 40X greater transaction volume.
  • Flexible block size: dynamic block size that automatically adjusts itself to increases in transaction volume.
  • Masternodes: dedicated servers to provide enhanced services to the network (e.g. voting validation, faster transactions etc.).
  • MVCs on Liberio: a Minimum Viable Chain (MVC) that operates on a thin client to provide chain continuity as well as an entry to running full nodes, all without consuming larger amounts of storage or computational power.

Features

Alqo Shroud

A service that is operated by the masternodes on the Alqo network. Alqo Shroud provides the users with the ability to perplex their transactional activities by mixing their transactional inputs with those of others. Moreover, Stealth Addresses where the balances and transactions between two such addresses are hidden will be incorporated into Shroud in the future.


Alqo HyperSend

With the goal of becoming a globally adopted form of currency, Alqo introduces HyperSend. HyperSend is a payment service that offers low fee transfers in split seconds while being entirely operated by an array of masternodes. The masternodes serve as a medium between the payers and payees, which reduces the time gap between when a transaction is initiated and when the next block is verified.


The Liberio Framework

The Liberio framework is a complete framework that is dedicated to offering more user-friendly services to the average consumers. The framework will be written on top of the Alqo Network protocol, and will be compatible with modest hardware devices. Some features and services Liberio currently offers:

  • Alqo HyperSend & Shroud: a high-speed, high-anonymity option for transacting
  • Infinite Scalability: allows any partial Simplified Payment Verification (SPV) client to participate in the block and transaction validation process
  • Masternode Connectivity: masternodes can be configured and maintained remotely while wallet private keys being stored locally
  • Alqo Hosting Network: a back-end infrastructure that offers a seamless masternode integration into the user wallets.  
  • Offline (cold) Staking: a cold staking service that eliminates the barriers to participating in staking, which are commonly introduced by a lack of necessary knowledge, or inability to maintain an always-on connectivity.
  • Wallet-to-Wallet Chat: End-to-end encrypted P2P chats between two wallet accounts.
  • Built-in Palacio Framework: a framework targeting commercial implications; currently still in development.

The Alqo Planetary System

The Alqo planetary system is a platform for both revenue and non-revenue generating services/products to be built on. The ultimate goal for building such a system is to provide funding and exposure for the Alqo project. With several “planets” (e.g. Bifineon and Payinex) already coming to fruition, Alqo aims to put a firm grasp on selected markets that each planet project pertains to.

Remarks

While the crypto space is at the risk of being diluted with “vaporware”, Alqo feels like a breath of fresh air. It is an ambitious project with clear use cases, working products, and a community-driven development agenda. The Liberio framework is particularly sound, and is poised to deliver a unique solution to the common problems we as consumers are facing today. Along with its expandable planetary system, we strongly believe Alqo has the potential to break existing barriers and eventually become a globally adopted currency. Until then, let’s continue to watch another great project deliver.

Reference

Alqo Whitepaper [PDF].

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