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It’s not every day that we see a newly-listed coin make it through to the top crypto exchanges such as Binance, KuCoin, CoinEx, and other huge platforms. However, Algorand was able to do just that. Sales for the Algorand token have accumulated more than $60 million over the course of the last two years. There are many reasons behind this, but one of the most significant is certainly the fact that Algorand has some very innovative projects that appeal to many traders in the crypto community.
In this article, we are going to talk about what exactly Algorand is and go in-depth about these interesting projects that are being built on top of Algorand.
What is Algorand
Launched in 2019, Algorand is still a relatively young altcoin that has huge potential to explode in the crypto market. It was created by Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology.
One of the reasons Algorand became so popular in such a short time is because it tried to deal with some of the most common problems in the community; decentralization, community, and scalability. With the unconventional Pure Proof-of-Stake, PoS, model it uses, it distinguishes itself from other cryptocurrencies, such as Bitcoin, that use the standard Proof-of-Work, PoW, algorithm.
One of the Algorand blockchain goals is to create a borderless economy by being an advanced blockchain platform. The project’s purpose was to build a blockchain that could offer long-term and unlimited opportunities for all of its users. Performance, direct usage, direct adoption, and simplicity are some of its main principles.
In the crypto community, building quick and scalable crypto without having to trade off decentralization is an extremely complicated task. But doing this has become one of Algorand’s main goals. Scalability is an incredibly important factor for the future adoption of blockchain technologies. For example, Ethereum can support around 20 transactions per second, and Bitcoin is even slower with around 7-8 TPS. However, scalability shouldn’t be a replacement for security and decentralization. Decentralization is a key factor when it comes to network security.
Finally, although the main focus of Algorand is to solve the three problems we have mentioned, it also provides low transaction fees because it reduces blockchain participation costs.
Best Algorand projects
Here are some of the best Algorand projects (lesser known with smaller cap):
- Lofty – Allows you to buy tokenized real estate for investments as low as $50 and get paid rent directly into your wallet.
- Algofi – Allows you to get a loan in a matter of seconds with no credit check.
- SIAE – Italy’s copyright body, minted 4 million NFTs on Algorand to track royalties and rights for artists and musicians.
- Opulous – Allows musicians to sell the rights to their songs, allowing their fans/listeners to profit from streams of their music.
- tZero – Allows for trading of common stock on Algorand smart contracts.
- Vitalpass – Built on Algorand, was selected by the Colombian government for vaccine documentation.
- Dedit.io – Allows writing on the Algorand blockchain to notarize documents in Europe.
- World Chess – Records official ratings on the Algorand blockchain.
- PlanetWatch – Pays you to provide air quality data from your locality.
- Alchemon – Allows you to collect and trade cute monster cards and bring them into battle! You get paid when you win.
- Alandia – Allows you to take a personal loan using your valuable NFTs as collateral.
- Buying.com – Decentralized e-commerce built on the Algorand blockchain.
Read below to see more projects on Algorand ecosystem.
Best projects built on Algorand blockchain (larger cap, more known)
IDEX is considered one of the best projects available on the Algorand blockchain. IDEX is essentially a decentralized smart contract firm, and it’s considered to be one of the world’s most advanced decentralized exchanges. The idea of IDEX is to try and build a platform that could process real-time trading as well as high transaction output.
Algorand and IDEX work together very closely, and they plan on upgrading financial tools and services that can support the newer economic exchanges. ALGO-USD has already shown potential to be helpful for exchanges to improve transactional output, and the future of DeFi depends a lot on this area.
You can read a full review of IDEX by clicking here.
As one of the leading alternative investments platforms, Republic is also a project to look out for on the Algorand blockchain. Republic gives individuals numerous opportunities to invest in such as early-stage startups, cryptocurrencies, e-sports, video games, real estate, Main Street investments, and many more. Because of the proof-of-stake design Algorand uses, Republic can be used as a regulated security token that trades freely through millions of investors.
Republic also represents one of the first profit-sharing tokens. In scenarios when startups that are funded through certain Republic investment platforms go public, Republic note pays its holders a certain amount of money. All of the payments are in the form of stablecoin. Republic offers other advantages to investors as well, such as investment vouchers and waitlist priorities.
Meld Gold has been able to modernize the gold supply chain and provides investors to make gold investments. On Algorand, Meld can deliver safe and easy access to the gold acquisition, which enables investors to trade in real-time. The key principles of Meld are transparency and risk reduction.
Because of Algorand’s advanced protocol, Meld Gold is able to supply traceable, reformable, and commutable gold. Using the SA (Standard Asset) functionality, Meld’s goal is to tokenize digital gold in the form of a digital certificate. Meld Gold tokens are equal to one gram of real gold and will be processed through the Algorand Wallet. Owners of digital gold will be able to watch their assets’ value and make transactions using other wallets in a safe way.
Yieldly is a project on Algorand that is known for building the first DeFi smart contract for this blockchain. By combining DeFi and Algorand, Yieldly allows users to stake, swap, or pool ASA assets.
This project also helps Algorand with information sharing and mission-critical infrastructure because of the bridge solutions it brings to the table. ASA tokens can go through all of the big protocols such as Algorand, thanks to Yieldly.
This project aims to allow the next billion crypto users to trade digital assets without any security risks, gas incapability, or friction. The big names in venture capitals such as Borderless Capital or CMS holdings all support Yieldly.
Dust Identity is a project that utilizes nano-engineered diamonds so it can create original identity layers on different objects. The project provides users with complete traceability due to the trusted data and verifiable products that are used on the platform. The users can monitor the entire lifecycle of a product while also having a secure solution that follows single-item levels.
Because of Algorand, Dust identity can offer scalable and secure methods of authenticating real objects and testing if transactions on the blockchain are legit. The project has a lot of potential since it also allows global organizations to employ different solutions so they can enable digital integrity and physical security of their supply chains.
PlanetWatch is a project on Algorand that started out as a strategy to counter global pollution and inspire the monitoring of air quality around the globe. By setting up monitors for air quality, users of PlanetWatch earn different rewards for it.
To join the project, you need a compliant, acquiescent sensor, a license from PlanetWatch (which lasts around 3 years), and follow the guidelines listed on the official website. Once you start with the monitoring in your hometown, you earn PLANET tokens that are dispersed to the Algorand blockchain as ASA (Algorand Standard Asset).
One of the main principles of PlanetWatch is transparency. All users can take a look at how many reward tokens have been paid out, and they can also check out a digital map to see where the air-quality sensors of other users are deployed.
Orion Protocol is one of the most popular projects on this blockchain as it was the first to implement DYCO (Dynamic Coin Offering). DYCO utilizes USD-backed tokens for about 16 months after the sale, and the partakers can get an 80% refund. Orion is the first project to offer this kind of protection in crypto.
The project also manages to combine each exchange’s liquidity on the market into a single decentralized platform. Orion Protocol and Algorand work closely on creating different tools and services so developers and entrepreneurs can get a hold of dApps on the blockchain. A decentralized financial infrastructure is what they aim for.
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At first sight, Algorand may seem like just another blockchain in the crypto world. The advanced scalability, safety, decentralization, and low transaction fees that this blockchain offers are by themselves remarkable, but it can offer much more than that.
The strong fundamentals based on science, professional team, and impressive technology all make Algorand stand out and are responsible for the success Algorand has had in such a short time. With a huge amount of potential to create some unseen technology solution in crypto, Algorand is truly something all crypto investors should carefully monitor and learn about.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com