“Honored to meet with the President of Uruguay, @LuisLacallePou! It’s amazing to see so much excitement in LatAm regarding adoption of advanced blockchain technology.”
What is Algorand?
The story of Algorand is a great one. It is filled with massive growth and innovation in proof of stake, and blockchain technology. This blockchain platform went public in 2019 with a focus on creating a borderless economy with a focus on sustainable, fast, and secure transactions. Silvio Micali, the creator of Algo has been a pillar of the cryptography community since the 1980s, and is still a professor at MIT today. Professor Micali is known in the blockchain shepherd for his creation of zero knowledge proofs which are foundational in Algorands Pure Proof Of Stake System, and Cardano, Harmony along with other modern proof of stake projects. Making Algorand a sustainable leader in the Blockchain realm.
Pure Proof of Stake is a core function, and value point for the Algorand ecosystem. The main value here is energy consumption, and speed of the network. The PPOS system is set up to use less energy overtime as the network expands by dropping the finalized transaction energy per validator. The PPOS protocol has made Algorand a very fast, secure, and strong network for hosting a project, or completing transactions on. As time goes on the network is becoming more decentralized, and remains one of the most innovative blockchain projects around. All of these benefits have attracted some big time projects to the network, and there are several use cases we can point to that are flourishing with Algorand.
The Case For Algorand
Where to start? Well right away two projects stand out; The Chivo BTC Wallet in El Salvador, and the Tether Stablecoin Network.
The Chivo Wallet.- runs BTC payments on the Algorand network utilizing ALGO payment rails. The wallet is not 100% built and designed on the Algorand network, but they act as the “official” Blockchain provider for the wallet. Bisto Exchange and Athena Bitcoin supply the front end services, and ALGO underpins the transactions for the wallet.
The Tether integration– Tether finds itself in a similar circumstance as El Chivo Wallet; utilizing the payment rails of Algorand for their stable coin transactions. Tether is the largest, and oldest stable coin in the blockchain world. This is another big win for ALGO. Stablecoins are a store of value for fiat currencies and we will have to dive into them at a later date.
These use cases stem from South America, to Southern Europe, and in-between. The ALGO network is becoming the first choice for government run networks. Salvio has met with several leaders in different countries, and the value seems to be selling itself. A borderless economy is at the core of the Algorand Foundation’s vision, and it’s coming true. Moving from governments to private equity and investment platforms Algorand’s trustless transaction system is killing it.
Seeing It All Come Together
This is Silvio’s focus on a Carbon Neutral-Negative, and borderless financial system becoming a reality. Blockchain in its various forms has become a key portion of global economics. As time goes on blockchain is only going to become a deeper part of our day to day lives. The sustainability, efficiency, and speed of Algorand meets the needs of future economic structures. The excitement, and Innovation is here and it’s only going to get better as time goes on.
Written by Caleb Hogan from ofthefreemarket.com on April 11, 2021