One of the well-known CEOs of the market says it’s time for another altcoin project instead of DOGE. Here are the highlights from the interview…
Not DOGE, “it’s our time now”
Algorand CEO Sean Ford recently spoke at the company’s annual event, Decipher 2022. After a terrible year for the crypto market with the collapse of Terra/LUNA, Three Arrows Capital, FTX and many others, the CEO says everyone “needs some therapy”:
Keeping our promises was one of the key ways Web3 regained its credibility. Reinforced that Algorand has always made this a priority by working hard to deliver the technology without unnecessary effort and speculation, unlike many other projects. Since its launch in 2019, Algorand has produced a scalable platform that provides security, fast accuracy, and (as Sean strongly emphasizes) “zero downtime.”
Working on the PoS variant, Algorand’s Pure Proof of Stake (PPoS) prioritizes fairness and decentralization by selecting vallidators anonymously and randomly. Also, transactions take less than four seconds to complete. As a result, developers can develop on Algorand in many existing programming languages, from Java and C++ to Go, Python and Rust, without having to learn a separate code base.
But Algorand is not a common project in the circles of entrepreneurs or influencers. This is due to the modesty of the team. Sean Ford, implying that they will soon break this silence, said, “Now is the time to move forward. Our time is now,” he says.
Algorand’s key partnerships
Algorand describes itself as “the most powerful and sustainable Blockchain in the world”. This year it partnered with international football association FIFA and well-known music sharing platform Napster. Sean says Algorand only seeks partnerships “if a technical component is connected.” He also explains that the FIFA deal is about “helping to innovate and develop new opportunities for fans and followers of the sport.” As the official Blockchain partner, Algorand has developed a marketplace for collectibles linked to FIFA’s digital archives. But Sean explains:
From issuing bonds to creating formable tickets that “take a life of their own,” there are “many ways a partnership can evolve.”
As FIFA embarks on its journey to embrace greater openness and transparency, Sean believes the partnership will be:
The first step in the innovation journey to start embracing new technology and benefit to engage with fans more closely.
Algorand’s work in the music industry
When it comes to Napster, ALGO is finally fulfilling its mission to democratize music while rewarding producers. Napster is one of the few projects that allows Algorand to trade in music technology. Sean has this to say on the subject:
Platforms like Napster give money to famous artists and independents struggling for income, not just in western countries but all over the world.
DOGE lacks institutional affiliation, while Algorand is the opposite
Beyond multiple initiatives for individual clients, Algorand has left a mark in traditional corporate circles. Algorand interestingly (in contrast to many Web3 projects) distinguishes between “blockchain” and “crypto”. “These are very different things,” Sean says. Instead, the focus is on the underlying platform and building Blockchain applications that have the potential to impact society and transform the world in a big way. Given the current market crisis, she tells Sean about institutional demand:
Traditional financial institutions have been more thoughtful and rigorous in understanding the technology and benefits, and pressure-testing the capabilities of technical partners. They are more rigorous because they have a fiduciary responsibility and there are things they cannot accept, such as downtime, lack of security, or lack of certainty.
https://twitter.com/fifamedia/status/1521264334235705345
While many of these institutions are not “moving as quickly as we would like,” Sean believes their presence in the industry is inevitable. He cites giants like Fidelity, who recently announced the move to digital asset surveillance:
If you consider adopting the new infrastructure, at least in our world, I haven’t seen a major pullback. Our partners worldwide, such as Koibanx in Latin America, are working with dozens of financial institutions and banks to adopt Blockchain and Algorand and use it for their infrastructure. They are very active even in this climate.
Plans in the MENA Region
Algorand is a notable project in Latin America and Europe. The team is now eyeing the promising MENA region. It currently plays an active role in Nigeria, where the government has created a nationwide intellectual property wallet with its technology. It also wants to establish a foothold in the Middle East. That’s why it keeps Decipher in the UAE’s busiest destination. According to Sean’s statements:
We chose this region for Decipher because we saw a great opportunity, we know that this region is disciplined and focused on the quality of the project, and we felt a good fit between what we brought to the table and the UAE’s passion for Dubai. We want to be the first global city powered by blockchain technology.
Algorand saw the potential in this part of the world early on. That’s why the team worked with UAE authorities to get Sharia compliance as a Blockchain in 2019. “We were one of the first Blokchcains to receive Sharia compliance,” says Sean.
What’s next for Algorand?
Sean had previously described Algorand as “pragmatically optimistic.” But he makes a selective statement about whether he’s worried about FTX/Alameda:
Worry is not the word I would use. I hope there is a smart approach to providing assurance and security for people using Blockchain.
What else is coming for Algorand as we enter the new year?
“There are a few things that excite me the most,” Sean replied. He later leaked the details to the community as follows:
First of all, I look forward to the end of tribalism in the industry. I never liked this. There needs to be a more collaborative, ‘shared benefits’ approach and a greater willingness to create simple, interoperable tools so that people don’t have to choose one tribe over another.
In the Algorand ecosystem, these tools are known as “Algorand proof-of-stake,” which Sean describes as “truly transformative technology.” As Kriptokoin.com, we have included the features you need to know about Algorand in this article. At the time of Sean’s comments, the ALGO price was trading at a 95% discount from its 2019 peak of $3.28.
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