Proceedings of International Conference on Network Security and Blockchain Technology: Detection of Deepfakes in Financial Transactions Using Algorand Blockchain Consensus Mechanism

This paper analyses the security of transactions on Algorand. According to the paper, even if some users are bad and the network is momentarily partitioned, Algorand assures that users never have contradictory views of confirmed transactions. Contrarily, other cryptocurrencies support momentary forks and demand a long time to confirm transactions with great confidence. Algorand uses a unique Byzantine Agreement (BA) technique based on Verifiable Random Functions (VRFs) to scale consensus to many users in order to reach an agreement among users on the upcoming round of transactions. In BA used in Algorand, other than their private keys, no other private values are stored, so users can be instantaneously replaced after sending the message. This protects selected individuals from targeted attacks after their identities are known and also helps to detect deep fakes.

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