Why is Algorand (ALGO) Gaining Traction?

The response form the Algorand Community has been amazing for Decipher. Those who have involved with blockchain for quite a long time and new entrants are trying to explore what is possible for the technology.

Exciting work is going on in the Algorand Ecosystem. For those who are new, Algorand launched as a public network a little bit over 2 years ago and since that launch they have seen hundreds of applications get deployed and over 10,000 engaged developers and all of that work has yielded more than 15 billion in asset value, on chain. And, more than 4.7 million assets created On Chain and we are seeing a million and a half transactions a day. And all of these activities have generated about 16 million wallets and more getting created.  All of these due to the hard work of many developers.

Real adoption is taking place on the network.  Obviously, there are a lot of applications to call out individually. However, some apps in individual areas a worth calling.

Gaming is one area from plan to earn strategies to NFT market places and fan engagement tons of work is happening.

At the Decipher 2021 in Miami Florida “Algorand is quickly becoming the go-to destination for creators across music, art & media to launch NFTs and create new economic models at scale” – Steve Kokinos, CEO Algorand Inc.

Artists and musicians are changing the game for rights management. Revenue streams and more and all to scale with lots of interesting applications around the world with artists tuning in. More than a dozen stable coins are seeing real traction in the market place.

Tokenization of assets like real estate and other security tokens which are really going to bring in traditional assets on chain, which is not possibly seen in other places in happening.

Payments from remittances – wide range of payment solutions are getting launched onchain and there are a variety of those.

In terms of national initiatives, for which Algorand is particularly known for, whether it is health care payments in Bermuda or Panama, music rights from Italy, Columbia’s national vaccine passport or El Salvador’s government infrastructure. All of those are using Algorand today and more is set to come.

The kind of traction that is happening in Algorand is made possible due to excellence in technology. A public network that is scalable, secure, and decentralized is the ideal and Algorand has made it possible.

Those who want to know more will benefit from checking out Decipher 2021 recordings online.