SUMMARY OF ALGORAND’S MAJOR EVENTS AND NEWS IN DECEMBER; A REVIEW
Hello everyone, compliments of the season from me and the Algorand family. Without much ado, I would like to walk you through some key events and news within the Algorand’s ecosystem for the month of December.
Grab a cup of coffee and lets get started already.
Firstly, I would like to point out that the immense energy in the blockchain sphere is unrivalled, and the revolution blockchain technology has brought to the world even makes it more exciting. In recent times, most investors, industries, companies, and individuals have expressed their eagerness to leverage blockchain technology’s existing advantages such as cost-effectiveness, speed, scalability, efficiency, improved security, and streamline operations. The blockchain has honestly disrupted virtually every sector you can imagine, and you begin to wonder where exactly we are headed. Well, I would like to say that the future of finance and the blockchain, in general, is safe with the likes of Algorand.
In case you are wondering what Algorand is, I have written an extensive article explaining this innovative technology. You can find it here — Introducing Algorand: An All Encompassing Blockchain Technology. | by Ogbonna Henry — Donnest |
Please do make sure you share it with your connections, just as I am sharing it with you. That is the beauty of the season — Share and help the next person — -hahaha.
Additionally, I have written an article to explain the different key features and technical advantages of the Algorand blockchain. This can be found in the link below — Key Algorand Features and Layer-1 Capabilities — Donnest ll Cryptocurrency
Now here is a review of the activities of Algorand for December.
End-to-End Digital Payments Powered by Algorand
Algorand has numerous partners Leveraging its exciting features for downstream applications and solutions. One area experiencing this increased use is in digital payments for all stakeholders. For example, Planetwatch an environmental servicing company is actively using the secured and scalable Algorand blockchain for its numerous services. The company alongside Bleumi pay, accepts stablecoins and digital currencies under the Algorand blockchain. This is basically due to the speed, transaction finality, miniscule transaction fees and the fact that it is already integrated with the most widely used stablecoins.
Not only that, another blockchain known as Monerium has started issuing currencies on the Algorand blockchain (euro). The beauty of the partnership with Monerium is that individuals are able to link their banks with the Algorand address, which makes it possible for you to transfer back and forth your Algorand address. How amazing!!
By way of introduction, Monerium is licenced in the UK and has rights to issue e-money on blockchains. I am particularly excited about this feature because the euro is the second most traded currency and the volume of prospective transactions is indeed a milestone for the Algorand family. This solution in money transfer excites me.
“Ultimately, this is a highly compelling use case for all those involved and presents how Algorand is driving the future of finance by removing friction from exchange of value. Across the value chain in this example, transactions are accomplished in a far more efficient, secure, decentralized and cost effective manner.” Read more about this here — End-to-End Digital Payments Powered by Algorand Launches with Participants from Across the Growing Ecosystem | Algorand
Introducing the New and Long Term ALGO Dynamics Model
Recently, the Algorand Foundation has proposed a revised, long-term Algo Dynamics model. This model was designed to run for decades and stand the test of time. The new model targets the Algorand community’s long-held goal, focusing on programs around ecosystem support, community incentives, and the decentralization of decision-making and governance on the Algorand blockchain. Most essential to this program will be the new community reward system, which benefits the existing and future participants in the Algorand ecosystem’s governance, which is achieved by locking their Algos for a long time.
The two perspective to this:
- Community Rewards
About 2.5B tokens will be initially locked in this network and then be allocated toward participation rewards, while distributing it over ten years via automatically operating smart contracts.
- Ecosystem Support
This system works so that 1.25B tokens are being allocated for extended ecosystem support and locked in a smart contract. These tokens would be periodically unlocked over a period within ten years, and with no more than 200M opened in any given year. Read more about this using this link — Algorand’s New Dynamics model | Algorand Foundation
Introducing the Future of Payments
Most of these payment gateways have issues ranging from accessibility, speed, security, reachability, and inclusion. Some countries do not have access to PayPal and Apple Pay, and you begin to wonder why such discrimination is seen. Physical payment can not solve the problem of decentralization and swiftness. Because of these problems, there is a need for a long-lasting solution, and that is where Algorand comes.
As I mentioned in the introductory paragraph, the Algorand blockchain revolutionizes several sectors, and the fintech is not left out of this revolution. Algorand has transformed the future of payments.
Algorand has partnered with OMFIF (Official Monetary & Financial Institutions Forum) DMI (Digital Monetary Institute). This innovative group is focused on solving the challenges of digital finance while also exploring expansion opportunities.
Without understanding history, one can never have the right perspective of the future. The team is studying Mastercard, Novi, and Paypal, to understand what needs to be changed and improved. I am incredibly excited about this project, and I am sure you might want to have full information. Kindly click on this link — — Introducing: The Future of Payments Report | Algorand
Algorand’s Global Partner Program Announces Additional Participants
After the launch of the Algorand Partner Program, so many collaborations have been made to scale processes. Given this, Algorand is welcoming the following: EMGS Group, Blockchain Australia Solutions, Euranet, IBF DigiLabs, and Ulam Labs as new participants.
Firstly, the EMGS is a multinational situated in the middle east with a wide array of functions. They offer development services that help solve solutions in the blockchain space. They also provide consultation services for companies.
Secondly, the Blockchain Australia Solution is specialized in proffering strategies for pushing ideas to realization. They have core values in line with industry 4.0 standards. From now on, Euranet is basically for compliance management, and they work tirelessly with companies to ensure the flow and integrity of blockchain projects. The IBF DigiLabs use Islami Business Finance Network to leverage research and technology for a halal ecosystem. Finally, Ulam Lab uses programming tools and blockchain experts to deliver robust products and services to the FinTech and Crypto sectors.
This partnership is designed to enable and deliver Algorand-based products and meet the growing demand for Algorand-based solutions. This partnership would also make the market faster, easier, and with end-users in mind. Find more details here — Algorand’s Global Partner Program Announces Additional Participants to Accelerate Development and Adoption of Blockchain-powered Solutions | Algorand
Stablecorp Launches QCAD Stablecoin on Algorand Blockchain
Stablecorp has partnered with Algorand to scale the infrastructural build-up of the industry. Stablecorp is in charge of issuing and managing stablecoin, a Canadian dollar launched in February. Through the partnership, stablecorp will utilize the grant to grow the fiat-based coin. The coin is currently supported by over 22 different ecosystem partners, including exchanges, custodians, payment providers, DEXs, and more.
“As we begin to expand the use cases that will begin to bring wider adoption of QCAD, we must have a robust and secure high throughput infrastructure,” said Jean Deagagne, CEO of Stablecorp. “We believe leveraging Algorand’s blockchain and its growing ecosystem will help us explore and scale new enterprise and consumer implementations.” More details here — https://www.algorand.com/resources/news/stablecorp-launches-qcad-stablecoin-on-algorand
Do you know you can create on-chain assets just like the Algo?
Oh yeah, now you know.
The Algorand protocol allows users to create on-chain assets with the same features as the native token. That is so amazing to see. The official name for assets on Algorand is Algorand Standard Assets (ASA). Some of the use cases could include assets for a house, items, and what have you. This flexibility can benefit anyone desiring to interact more with the blockchain
Additional info can be seen here — https://www.algorand.com/resources/news/stablecorp-launches-qcad-stablecoin-on-algorand
Algorand 2021 Performance
The Algorand blockchain is indeed snowballing, and as of this month and each day, an average of 500,000 transactions per day are posted on our chain. A lot of companies are pitching their tents on the Algorand ecosystem and making fair use of the unique layer-1 smart contracts and the other functionalities.
As a company committed to growth, the Algorand team would be making many improvements on the chain, which will cover the following.
Firstly, Block proposal time is when an observer becomes aware of a candidate block when it is added to the chain. For this time, it will remain 0.5 seconds, which would not reduce efficiency, even though block size has increased. Secondly, there would be shrinkage in block finalization time. The block finalization time is simply the time needed to ensure that a block is permanently added. It will shrink from 4.5 to 2.5 seconds. Our finalized transaction per second time will l grow from 1,000 to 46,000. Read more here — Algorand 2021 Performance | Algorand
Huge Win for Our CEO
The month came with a significant win for our founder — Silvio Micali. Quite innovative and dynamic, he has garnered lots of awards in the science and technological space. He was recently awarded an ‘Innovation award for technology startups’ to add to his numerous awards.
The Algorand ecosystem is indeed lucky to have his experience and leadership in place. The Italian Foreign Affairs Ministry conferred this award, and it is only but an icing to a successful career. A career that spans across borders, and for an MIT alumnus, he keeps raising the standard. Read more — — Silvio Micali Honored with Italian Foreign Affairs Ministry’s Award | Algorand
Voyager Digital Announces Digital Asset Investing Solutions on Algorand
Another significant partnership with the Algorand blockchain is the ‘Voyager’ network. The voyager network is a crypto broker that provides an opportunity for its partners to exchange their assets. Through the partnership with Algorand, users would earn 8.5% on USDC and experience a fast and secured transaction made possible by the Algorand blockchain. Voyager was founded by established Wall Street and Silicon Valley entrepreneurs who teamed to bring a better, more transparent, and cost-efficient alternative for trading crypto-assets to the marketplace.
A careful study on the partnership, it is exciting to know that users will be able to buy, hold, trade, and self-guide their USDC, ALGO, and all Algorand Standard Assets (ASA) on Voyager. The protocol of Algorand will make it possible for USDC transactions to be efficient and less costly. This feature is a win-win for both companies and results in tremendous interest for customers. As speculated, this will further enhance the decentralization of the companies. Read more — Voyager Digital Announces Digital Asset Investing Solutions on Algorand | Algorand
Climatetrade announces a partnership with Algorand and Investment from Borderless Capital
Algorand has its wings spread across several sectors, collaborating and bringing solutions to organizations. One of such collaborations is with the Spanish company — Climatetrade. Firstly, Climatetrade is a technology company that seeks to maintain the integrity of the environment. The company focuses on helping companies offset CO2 emissions and finance useful climate change projects. Located in Spain, the company has decided to leverage the Algorand blockchain. Significantly, it is leveraging the scalable, decentralized, and secured feature of the Algorand blockchain.
As a leading force in its market, Climatetrade technology incorporates transparency and traceability with its exciting partnership with blockchain technologies like Algorand. Climatetrade and its customers will be using Algorand as its primary infrastructure layer and leveraging its carbon offsetting capabilities. The key benefits of using a public blockchain network to transact and create an open marketplace for carbon credit trading are greater efficiency, transparency, and inclusivity. More details can be seen here — -
“Climatetrade’s selection of Algorand to power a global marketplace for carbon offsetting is a major shift in how organizations can achieve carbon neutrality,” said W. Sean Ford, COO of Algorand. “By making carbon offsetting more easily accessible and efficient, Climatetrade is poised to make a far-reaching environmental impact through its vast network — all with blockchain.”
More details can be seen here — -Climatetrade announces a partnership with Algorand and Investment from Borderless Capital | Algorand
SUMMARY
The Algorand blockchain keeps evolving with lots of amazing partnership and benefits for its users. There is an area for you to leverage on and create wealth. Aligning yourself with the core features of this amazing technology would be a decision you would not regret making. Also, be on the look out for more inspiring features ahead. If you have any concerns or questions, feel free to leave me a comment below. Finally, do not forget to share to your loved ones.
With Love and Everything Nice,
Donnest
