Algorand (ALGO) — a blockchain-based cryptocurrency protocol that leverages proof-of-stake technology — is up more than 12% in 24-hour trading.
Algorand’s recent expansion into India
On March 29, Algorand reported that it had created its own dedicated team for the operations of the Algorand Foundation in India.
in an interview with CoinDeskAlgorand Foundation CEO Anil Kakani said the joint effort will focus on bringing real-world utilities to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem. said.
According to Anil Kakani, the new use cases they envision are not only for the millions of freelance workers in the country, but also for more complex financial transactions that may require blockchain. It is said to apply.
“The most useful blockchain use cases in the real world are happening here in India,” Kakani told CoinDesk. He added:
“Partnerships with governments and ministries have already begun. They have hundreds of thousands, if not millions, of users, and they are moving from Web2 to Web3 solutions to address major bottlenecks in their systems. And we want to handle the migration.”
Algorand Unique Governance
Both foundations and corporations control Algorand. The Algorand Foundation oversees cryptographic research, grants, on-chain governance, and decentralization of the Algorand network, including nodes. Algorand Inc., a private company based in Boston, is responsible for the core development of the Algorand protocol.
Algorand aims to address the “blockchain trilemma” by simultaneously achieving decentralization, scalability, and security. The consensus algorithm leverages Proof of Stake and Byzantine contract protocols.
On March 29th, the company released a new developer tool kithopes to streamline blockchain development on its platform.
As of March 29, Algorand has a market cap of $1.64 billion with a 24-hour trading volume of $181.61 million and 7.12 billion circulating tokens.
Fixed at 11.25 UTC