In this article, we will discuss the increasing growth of Algorand Blockchain, the use-cases, exciting and supportive community, and partnerships.
Algorand is one Blockchain protocol that cannot be ignored. Algorand is a growing into becoming one of the biggest ever DeFi and Blockchain protocol we will ever see.
It is a unique protocol which solves many DeFi problems, not just in the DeFi space alone, with its solutions, it has begun to shape how the Blockchain can be perceived into a new exciting and improved way.
Algorand is more than just a Blockchain protocol.
It is not just about the hype. Unlike other existing Blockchain protocols who are all about hype and media, Algorand is kicking it and getting things done, and done fast.
As a company one of the most the important things are building communities and meeting the needs and demands of customers or users, Algorand is doing just that!!
Lets us take a deep dive into Algorand.
Algorand Developer Community
In case you never heard about this, Yes! Algorand has a developer community that is active, full of great individuals ready to help solve and answer questions.
How many other Blockchain protocols do this? This is a prove and a reason to believe that Algorand is on the right track.
What is this Developer Community all about?
The Algorand Community is a place for contributors wishing to work towards the goal of building secure, scalable, decentralized network serving as trusted public infrastructure for the common good.
Advantages of Building on the Algorand Blockchain
Looking to build DApps on the Blockchain? Well, the Algorand Blockchain is one of the best places to go to.
With the great community support, they also have a developer resource guide which makes learning and building DApps easier and better.
You get to watch organized tutorials, resources, help and contents in both written and video formats for FREE.
With the SDKs available you can build on many different programming languages on all devices (Web Applications, Mobile Applications and Windows Applications).
It is obvious that people always want what is best and often go for good quality things. With the number of partnerships Algorand is having on a monthly basis is amazing!!
Not just the partnerships but also the support and use-cases. Almost every sector wants to make use of the Blockchain protocol, but why? We will discuss the benefits of using the Algorand below.
According to Algorand:
- Building on the Algorand network delivers a higher performance when compared to other platforms. ASC1s operate at over 1,0000TPS and are final in under 5 seconds on a platform that is not verified to fork. Performance matters. The fastest car. The fastest search results. In all things, we want to have the best, fastest experience, especially in software. With Algorand, speed is the name of the game.
- ASC1 transactions have the same fee as any other transaction on the Algorand blockchain at .001 Algos
- Flexibility as ASC1s can be applied to specific transactions, all transactions from an account, or full power rich DApps
Over the past year, Algorand has:
- 384 Companies leverage Algorand’s protocol
- 60+ Global Exchanges (Coinbase, Binance, Monerium, etc.)
- 50+ Asset issuers (Meld, Republic, Monerium, Props, etc.)
- One of two blockchains with the top two stablecoins (USDC, USDT)
- Supported by industry leading custodians and the leading Crypto Market Makers (BitGo, Coinbase, AmberAI, OCP, GSR, Jump)
- 500+ Wallet Providers: Includes mobile browsers and hardware
- 50+ Best in class infrastructures aaS, Analytics, Monitoring and Complaince
- Best in class dev tools and SDKs with over 100 tutorials and solutions
- More than 50,000 SDK downloads
- 300+ Ambassadors representing 50+ countries
- Algorand Certified Partner Program; 10 leading BC SI’s and Dev shops
- 16 Actively engaged in 16 CBDC initiatives
- 10+ million upcoming users on chain
- Estimating 1,000,000 transactions per day by end of year
Algorand has partnerships from many different sectors actively being used in the world today such as:
- DeFi (Decentralized Finance – Financial Infrastructure)
Under the DeFi sector, many Companies have decided to leverage the use of Algorand for payment processing. This is because of the benefits Algorand has over others.
- is leveraging the Algorand platform so that it can develop a solution with full finality, tokenization of assets, and programmatic transfers at Layer-1. Algorand’s forthcoming innovative and high performing primitives offer IDEX the incredible opportunity to offload smart contract complexities onto the Algorand platform’s native features. IDEX stands to gain invaluable benefits from Algorand’s core offerings.
- is leveraging the Algorand platform to enable its low-cost structure and high throughput volumes to power its profit-sharing token, the Republic Note. Additionally, with Algorand’s simplified asset creation, instant financial exchange, and immediate transaction finality, Republic is leveraging technology at the forefront of open financial innovation. Algorand enables the Republic system to satisfy the requests of a regulated security token that trades freely among a great number of investments. Republic is issuing the Note as an Algorand Standard Asset (ASA), giving the Republic Note unique speed, scalability, and interoperability capabilities it's holders will demand.
- has partnered with Algorand to develop ground-breaking financial products that will trade on its FCA regulated exchange. Powered by Algorand's recent smart contract upgrade, Archax will be able to develop a number of new products including smart stablecoins and liquid alternative investments. These new products have the potential to revolutionize the way global financial markets traditionally operate in a new, frictionless economy. Archax and Algorand's partnership is a testament towards both companies' commitment to bridging the perceived gaps between the worlds of centralized and decentralized finance.
- Algorand was selected to power the first national digital currency for SOV because it has the best functionality required to issue, manage, and distribute the SOV on a global level. Additionally, the Algorand protocol was chosen for its speed, scalability, security, and its ability to effectively implement required compliance controls and the transaction finality needed for a national digital currency.
- Foundation Ugo Bordoni’s focus on Algorand is driven by the technical advantages it offers over other available blockchains, advantages that make Algorand particularly interesting as a component to be used in experimenting with innovative applications and services for citizens, businesses and public administrations. Fondazione Ugo Bordoni is committed to supporting and implementing the activities of 5G, in the investigation of the potential of Artificial Intelligence, and the design and management of digital networks and services. Algorand was the most promising platform and best met the stringent requirements of security, efficiency, real decentralization, and low energy expenditure necessary for future FUB's initiatives.
- The Algorand blockchain allows OTOY to take advantage of features that would be difficult to implement on Ethereum or any other blockchain. As the RNDR Network scales to tens of thousands of users, there are limitations to the amount of data that can be stored on-chain with existing blockchain infrastructure like Ethereum. Lower latency and increased throughput, which Algorand is able to provide, is needed for OTOY to develop features like transparent reputation systems and real-time micro-exchange of 3D works produced on the network.
- A gamified content platform, RHOVIT offers crypto mining that is easy and affordable while simultaneously instituting a better monetization method for content creators. Will be building a game extension that allows user participation to have a portion of revenue back to the community. RHOVIT will be switching their native token called Rbit over to Algorand, leveraging Algorand's capabilities to scale their business. Beyond the token, RHOVIT will also be utilizing Algorand to build their platform game extension RHOAM, an interactive, adventure trading game where users can earn tokens through gameplay.
Algorand clearly has been on an upward spike in terms of growth, and with consistency, it can go on to become one of the greatest Blockchain Protocols to have ever existed. With the availability of a wide choice of technologies and programming languages, the community support, learning resources, and much more! Algorand is indeed the go to protocol on the Blockchain for building DApps.