The Algorand Ecosystem like every other blockchain is the interaction between projects that were built on it.
Do you know that there are coins that are no longer trading?
These coins, most especially those that were created during the ICO era in 2017, are no longer being traded.
Inclusive of these coins, there are over 16,000 cryptocurrencies in existence.
Many people have fallen victim to getting their hard-earned money locked up in scam projects while some have lost their life savings in search of greener pastures.
The Crypto space has a lot of noise. Everyone (both legit and scam projects) clamors for attention from potential investors. To avoid getting scammed, you should learn to Do Your Own Research (DYOR).
But to DYOR, you need to have an idea of what the Blockchain is.
What is blockchain?
For better understanding, think of Blockchain technology like an environment or a city where different organisms or streets or high-rise buildings can exist and interact with each other promoting connectivity.
So in this city, you have the Defi town, you have the NFT town, you have the DAI town, you have the game town and in each of them, there are streets and buildings.
For instance, the Defi town on Algorand has only one street and a high-rise building called Yieldy.
In technical terms, Blockchain is an open-source ledger where information can be stored though it can be permissionless or permissioned.
What is Algorand blockchain?
The Algorand Blockchain is one of the most efficient and cheapest blockchains bringing the future of finance to us. Myriad of projects ranging from Defi to Gaming is building on Algorand and are
scaling because of its Pure PoS Algorithm and randomization that solves the blockchain trilemma, making Algorand a fully decentralized, scalable, and secure blockchain.
What Makes Up The Algorand Ecosystem?
An Ecosystem refers to the interconnectivity of smaller organisms within a structured, large environment big enough to contain or aid the co-existence of these organisms.
Just like every ecosystem, the organisms need to interact. Same way every blockchain can have interactions with the projects in its ecosystem.
The interaction is the reason we can have a merge of two different concepts like Gaming and Finance, NFT and finance, Savings and finance.
In a nutshell, the blockchain ecosystem refers to the projects existing on that blockchain, its users, community, and the tokens existing on the chain. Here's what makes up the Algorand Ecosystem.
NB: For a blockchain to function very well, projects built on it should be able to interact with one another.
Objects Of Interest In Blockchain Ecosystem
There are a few things to look out for in every blockchain ecosystem as a user. These include but are not limited to:
- Defi projects built on it
- NFT projects
- Their foundation (mostly for funding their projects and developers)
- Decentralized storage and oracle service projects
- Finance projects among others.
As an investor, your research might further include;
- Who is funding the blockchain?
- Their team members?
This is an excerpt from the let's talk session held with KarlaGod, Founder of Crypto Smart, about understanding the Algorand ecosystem.
This week, we will be having another session with Barineka who will be talking exclusively about fundamental analysis in the Crypto space with the following outlines in mind;
- What is the best way to carry out fundamental analysis in the crypto space
- Things needed to take note in carrying out good F.A
- What are the steps needed to follow in carrying out a good F.A
- What are the tools needed to make it easier to carry out a good F.A.
- Possible Beginner's fear in doing F.A
- How much is needed to invest in a gem
This Friday is going to be another exciting learning session on Crypto Smart. Join the telegram community now!!!
Link to previous sessions: