Algorand Update

A lot has happened with Algorand since we released our initial Algorand Coin review on April 30th of this year. Today, we will be taking a look at the changes and adoptions Algorand has gone through. Feel free to use the following link if you’re interested in readding over our first article regarding Algorand: ALGO Coin Review.

Dapps on Algorand

Just as the Algorand Foundation promised, the nonprofit has been actively funding all kinds of projects built on the Algorand blockchain. Although most of the Dapps build on the Algorand blockchain are relatively unknown, this may not be the case for much longer. Earlier this year, Algorand partnered with Razor Network. Interestingly enough, Algorand has been operating without the integration of a data oracle. This is somewhat surprising because Decentralized applications require the presence of a data oracle for the integration of off-chain data, such as asset prices. This is likely the reason we have not heard a lot of news regarding Dapps on Algorand, nor have we seen much initiative towards the development of cross-chain bridging with Algorand.

Algorand Partnerships

Algorand has partnered with many companies and nonprofits since its inception, however some of their most recent partnerships have been the most advantageous. Algorand partnered with Circle and has been hosting Circle’s USDC coin for approximately a year. Now, there are over 100 million USDC tokens in circulation on the Algorand blockchain.

Algorand and Climatetrade have formed a strong partnership within the last year as well. Climatetrade is a carbon offset trading platform, which has partnered With Algorand to create tokenized versions of carbon offsets. These tokenized carbon offsets will of course be traded on the Algorand blockchain.

Algorand has also partnered with other interesting projects such as Meld, which will bring tokenized gold and silver to the Algorand blockchain. Algorand has furthermore partnered with the largest Italian copywriting agency, SIAE – with over four million copywrites – to publicly verify their copywrite data, using the Algorand blockchain.

Algorand and CBDCs

Although this is purely speculative, Algorand has many of the characteristics which would be required for it to become a CBDC platform. Algorand offers blazing fast transaction speeds, averaging a battle-tested 1000 TPS on a regular basis. The Algorand team is even developing a system that is projected to increase Algorand’s transaction speed up to 10,000 TPS, built directly into layer one of Algorand’s protocol.

As we mentioned earlier in this article, Algorand has a successful partnership with Circle – which is quickly becoming the template for stablecoin development – and hosts the USDC coin on the Algorand blockchain. Algorand is also the project which is developing the SOV token, which is the officially contracted CBDC of the Marshall islands.

Algorand and Killer Whale

Algorand has a special place on the Killer Whale suggested coin list. Not only is it a promising cryptocurrency, but it is highly effective for the transfer of funds between traders. In fact, Killer Whale uses the ALGO token to transfer value or make payments whenever possible!

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