Home BlockchainTechnology Algorand (ALGO) Going all Future-Fi Removing Friction from the Exchange of Value

Algorand (ALGO) Going all Future-Fi Removing Friction from the Exchange of Value

Algorand ALGO

Algorand is making some moves in the market and it is worth taking to the hot seat. Lot of transactions are happening and a lot of action is taking place in the space. Reportedly, in terms of price Algorand is looking for a 45% upswing; however, it is still facing some barriers to achieve it.

Sean Ford, COO of Algorand in a recent interview spoke about the mission of what they are trying to do with their next generation blockchain. ALGO is the brain child of Silvio Micali, MIT professor along with a number of other tech luminaries and experts in cryptography and computer science.

Algorand identified how the blockchain that was used for Bitcoin was a disruptive technology, but was not built for mainstream adoption. They also found there was lot of opportunity to reduce friction across the exchange of value.  They thought the internet did a lot of job in the process of removing friction in the process of information exchange and democratizing information exchange. Algorand saw they had lot of opportunities in the process of removing the “friction involved in the exchange of value.”

Launching Algorand in June 2019, they started off with a mission to redefine and rethink how value was exchanged in the broader future version of what finance actually is and is becoming in terms of the many digital assets that are sprouting up.

In terms of what makes ALGO unique in going to mass adoption when compared to several other Altcoins: In Bitcoin, each block takes about 8 minutes to propagate. It is interesting in terms of the way that it propagates itself. It is spending lot of energy in doing the mining etcetera. However, it is a big barrier to adoption, because people nowadays believe that technology should be instantaneous. And, the latency should be zero.

With Algorand, they prospect to make things instantaneous for all of the businesses which build on the top of them. They wanted things to be quick. The Algorand technology is the kind where users need not compromise on their user experience if they adopt it for a new process, a new asset, a new currency etc.

They are focusing on providing better user experience for the company who are creating their products on the network and also the people who use it. Good for the user and the company who are creating it in terms of efficiency, speed, scalability and all of that.

Algorand’s technology make possible a set of high performing Layer-1 blockchains that provide security, scalability, complete transaction finality, built in privacy, Co-Chains, and advanced smart contracts that are essential in a FutureFi world.

Algorand recently tweeted:  Did you know? You can create cross-platform applications on Algorand with FlutterDev and our dart_lang SDK.  This new solution guides you through deploying a cross-platform Algorand wallet that can export to mobile, web and desktop

Algorand are based on the values of thinking beyond by finding the heart of the problem and going for the biggest impact. They focus on being courageous while daring to fail and working with a positive force.  They solve creatively being open in mind and sharing their ideas.  They focus on succeeding together by acting with integrity and keeping up their promises.

Read more about:
Share on

James

James T, a passionate crypto journalist from South Africa, explores Litecoin, Dash, & Bitcoin intricacies. Loves sharing insights. Enjoy his work? Donate to support! Dash: XrD3ZdZAebm988BfHr1vqZZu6amSGuKR5F

Crypto newsletter

Get the latest Crypto & Blockchain News in your inbox.

By clicking Subscribe, you agree to our Privacy Policy.

Get the latest updates from our Telegram channel.

Telegram Icon Join Now ×