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CoinDesk Consensus

Algorand (ALGO) — a blockchain-based cryptocurrency protocol leveraging proof-of-stake technology — surges more than 12% in 24-hour trading following partnership announcements in India and news of new Algorand developer doing. tool kit.

Algorand’s recent expansion into India

On March 29, ALGO reported that it had secured a partnership deal with AlgoBharat in India. It hopes to support the burgeoning Indian economy as it transitions from Web2 to Web3.

in an interview with CoinDeskAlgorand Foundation CEO Staci Warden said the partnership is focused on bringing real-world utility to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem.

According to Anil Kakani, vice president and country head of India at the Algorand Foundation, the new use cases they envision are not only the millions of freelance workers in the country, but also the need for blockchain for more complex finance. This also applies to cases where transaction.

Kakani told CoinDesk:

“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.”

So far, Algorand has partnered with various entities in India, including Maharashtra, and plans to create 100 million NFTs to store personal health data, according to CoinDesk.

Similarly, it partnered with the Association of Self-Employed Women (SEWA) to help women-led businesses build blockchain solutions, and it partnered with the Jawaharlal Nehru Institute of Technology and the Indian School of Business, most of which are in education. launched a teacher training program focused on .

The March 29 announcement of Algorand’s continued expansion into India, one of the world’s most populous, educated, young and connected countries, marks one of the largest token projects in cryptocurrency. It shows movement towards one.

Algorand Unique Governance

Algorand is managed by both a foundation and a corporation. 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.

Since 2022, Algorand appears keen to integrate and provide a foundation for real-world use cases, with Algorand supporting Fifa+, fans, and NFT collectibles, with sports and entertainment giant FIFA. announced a partnership.

On March 29, the company also released a new developer tool kithopes to streamline blockchain development on the 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.

By Jules

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