In their own words:
We are the technology company that built and developed the world’s first open, permission-less, pure proof-of-stake blockchain protocol that, without forking, provides the necessary security, scalability, and decentralization needed for today’s economy. With an award-winning team, we enable traditional finance and decentralized financial businesses to embrace the world of friction-less finance.
Algorand offers their users true decentralization which means that there is no powerful central authority or single point of contact as seen in average hybrid blockchains. This helps to ensure fairness, transparency and accuracy of transactions.
Algorand blockchain is open to all. Algorand users don't need the approval of a trusted authority to use it. The Algorand node repository is open-sourced and publicly available for anyone to audit, use and build upon. On the other hand, average hybrid blockchain offer selected permissions to users.
These special features which the Algorand blockchain platform offers users are complimentary to the general beneficial features the average hybrid blockchain offers.
Use Cases:
Pocket Network: Blockchain application development
"Pocket is a distributed network that relays data requests and responses to and from any blockchain system. Pocket proportionally rewards the participating nodes with native cryptographic tokens POKT."
Pocket Network, a decentralized infrastructure platform for the development of peer-to-peer applications, will now be natively supported on the Algorand network. Through the AlgoSDK, Algorand will be the first blockchain to natively point to Pocket’s API protocol, which connects developers to a decentralized relay network of node operators and infrastructure providers, thereby lowering the barrier to blockchain application development.
Circle: USDC powered by Algorand
This is very interesting. Algorand chose USDC over USDC and hence USDC is my favorite stablecoin over USDT. Simply because I trust Algorand. We have seen price of USDT crashing to half a dollar, this shouldn't happen with USDC.
The Algorand Foundation has announced a collaboration agreement with Circle to bring fiat-backed stablecoin capability to Algorand that is powered by USD Coin (USDC), the fastest-growing full-reserve US Dollar stablecoin. This will enable customers of Circle Business Accounts and Circle APIs to easily move funds between traditional banks and card networks to digital dollars on the Algorand blockchain. The collaboration will provide financial institutions with the tools they need to leverage the unique benefits of USDC and offer enterprise-grade solutions to build real-world use cases.
World Chess: Shaping the modern era of gaming
This was a huge news. Basically Algorand will help players and community to have access to all the games recorded. Transparently and easily. This also includes rewards and incentives to the community.
World Chess, the designer of the online chess experience and the company that organized the 2016 and 2018 Championship matches, has selected Algorand for official chess ratings as FIDE Online Arena launches digital games. World Chess is leveraging the Algorand blockchain to further develop inclusive and modern gaming opportunities for millions of chess players around the world, including rewards and incentives for the chess community.
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