Introducing Algorand - Algorand Strategic Partnerships In 2020 – Faqontech

Introducing Algorand – Algorand Strategic Partnerships in 2020

by Ayorinde Ayodeji
algorand partners

Algorand is the world’s first open, permissionless, pure proof-of – stake blockchain protocol in the world that provides the necessary security, scalability, and decentralization for a borderless economy. It is the world’s first unique protocol to kick-start the future of frictionless finance with conventional finance and decentralized financial businesses.

Since the inception of the world’s first truly decentralized, secure, scalable, and democratic Blockchain Technology Company, ‘Algorand’. Different crypto platforms, business organizations, international communities, and even a national republic have entered into partnerships with Algorand, the amazing blockchain protocol. The world-class protocol which provides a sustainable platform towards ensuring a borderless economy has been very resourceful to modern organizations that seek to utilize its technology for the achievement of their own goals.

Below are some of the organizations that Algorand has had amazing collaborations with over the past few months.

Blockchain Gaming Alliance

Introducing Algorand - Algorand Strategic Partnerships in 2020 1

The Blockchain Gaming Alliance is an organization committed to the promotion of blockchain within the gaming community. The aim is to share awareness about blockchain technologies and promote adoption by highlighting their potential to foster new ways of creating, publishing, playing, and building strong gaming communities. The Blockchain Gaming Alliance also offers an open forum for individuals and businesses to exchange information and collaborate, develop shared standards, set best practices, and network. 

Algorand joining the Blockchain gaming alliance helps in modifying the image of the blockchain gaming industry as a trusted, open, and transparent market. Blockchain will give the gaming industry more credibility by establishing trust between all industry participants. The benefits that the Blockchain Gaming Alliance will enjoy include simple creation of Non-fungible Token (NFT), improved network speed and the potentials of unleashing new possibilities for gaming, cheaper cost of transactions, robust set of tools and resources for developers, community ownership of the entire gaming industry amongst other benefits.

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Pocket Network

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Pocket is a distributed network that relays requests for data and answers from and to any blockchain system. Pocket awards Native cryptographic tokens POKT proportionally to the participating nodes. The goal of Pocket Network is to ensure the permanent decentralization of the infrastructure in Blockchains. Pocket Network stands out as the most comprehensive infrastructure for blockchain APIs in a market that is over-reliant on single-service providers, with its all-inclusive relay network and crypto-economic protocol.

Algorand is the first blockchain to point native to Pocket’s API protocol that links developers to a decentralized relay network of node operators and infrastructure providers through AlgoSDK, thus reducing the barrier to the creation of blockchain applications. The Algorand<>Pocket Token Bridge will make the POKT token extra accessible, allowing developers to use their newly created ASA-POKT tokens in their applications. Users will also be able to trade ASA-POKT in supported exchanges in Algorand and send it to Algorand supported wallets

The Republic of the Marshall Islands: Powering the World’s First National Digital Currency with Algorand.

Undoubtedly, it is safe to say this is one of the most exciting Algorand partnership news. The Republic of the Marshall Islands announced that its national digital currency will be powered by Algorand’s technology. This announcement is a historical one as this is the world’s first national digital currency ever, and Algorand is part of the history as its technology will be powering the world’s first digital currency. The democratic and scalable attributes have once again paid off as it has been perceived as a very reliable protocol to launch this historical digital currency. Hopefully, it is one of many to come.

The International Swaps and Derivatives Association (ISDA)

algorand isda

The International Swaps and Derivatives Association is an Over-the-counter derivatives trade organization of market participants. It is based in New York City and has created a standardized contract for derivative transactions. This association aims to develop the demand for privately traded derivatives by recognizing and raising business risks. Algorand and ISDA started working together in 2019 to improve the efficiency and implementation of the ISDA and since then, Algorand has come up with many new technological features that have really improved ISDA and its users innovatively. 

Different ways in which Algorand technology includes using the Algorand blockchain as a CDM data validator, Using an Algorand asset and smart contract as a CDM manager, and Using Algorand ASA and ASC1 as a CDM code generator. Recently, their partnership has yielded positive foundations to which new market opportunities created can be leveraged on through Algorand’s asset tokenization and programmatic money. Algorand blockchain’s continuous development of new functionality enables the creation of new technologies and business solutions in multiple sectors.

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World Chess

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Algorand partnership with world chess

Another history was made when the partnership between World Chess and Algorand was announced, that being the first of its kind. Before then, there hasn’t been any sporting event that has ever make use of blockchain technology in any form ever. The world-class blockchain protocol enabling safe and reliable decentralized trading disclosed to the world that formal rankings and title records from World Chess players will be registered in real-time on Algorand highly decentralized public ledger, adding efficiency and accountability to the digital chess rating system. This partnership will help bolster the relevance of Algorand to the cryptocurrency world, world chess competition, and the potentials it carries for the whole sports industry as a system that’s tamperproof, secure and reliable to help with the rankings of the players to ensure a smooth transition through the competition stages.

REPUBLIC NOTE

alogrand repbulic

Republic was founded by alumni of AngelList, the world’s largest online investment platform for accredited investors. Republic is a platform enriched with extensive experience in investing, online fundraising, business, law, engineering, and community building. Its passion for start-up investing and creating a better future cannot be underestimated.

Republic has more than 700,000 members and has funded ventures from early-stage companies such as Delee and Teooh to proven brands such as Robinhood and Carta. Over $120,000,000 has been deployed by its investors to 200 companies, sometimes backed by leading VCs like Andreessen Horowitz, Union Square Ventures, Sequoia Capital, and many others.

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Republic required a blockchain layer for its profit-sharing token which allowed large volumes of small distributions for many people. Low transaction costs and high throughput from Algorand made it the best option for this new class of assets. Furthermore, Algorand enables both permissions and ownership monitoring, which is essential for issuing and handling digital securities.

Algorand sees continued acceptance as the platform of choice for DeFi applications and those looking to move from the conventional financial environment to DeFi, with more than a thousand transactions per second, instant transaction finality, and minuscule transaction fees;

Conclusion

The reality is that Algorand is barely over a year and it has already accomplished unimaginable ground-breaking achievements within such a short period of time. Innovative companies, crypto platforms, and even a country have put their trust in the amazing qualities of the decentralized blockchain technology company, Algorand. It is safe to say there will be more collaborations with existing and new partners in months to come and even more refreshing to vision that these upcoming collaborations will definitely change the perception of blockchain in all kinds of disciplines that exist on the planet earth.

For more information on the Algorand Blockchain or the Algorand Foundation, please visit https://algorand.foundation. For more information on the Algorand Foundation Grants Program, please visit here. As a developer looking to build on the Algorand public blockchain, there is a wealth of resources and tools available to you at https://developer.algorand.org.

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