What is Algorand?
Algorand (ALGO) is a powerful and sustainable blockchain that offers many advantages over other blockchains. Algorand is a cryptocurrency and a blockchain protocol that aims to provide a scalable, secure and decentralized way for on-chain transactions. Founded in 2017 by Silvio Micali, a Turing Award-winning cryptographer and MIT Professor, Algorand offers superior features such as faster transaction speeds, more security, and greater scalability. Additionally, it is easier to use than other blockchains, making it ideal for mainstream adoption.
Some of the benefits of using Algorand include:
- Algorand is more scalable, meaning that it can handle a higher number of transactions per second than other platforms.
- Algorand is more secure than other blockchain platforms. This is because its proof-of-stake consensus algorithm is designed to be more resistant to attacks.
- Algorand is more decentralized than other blockchain platforms, since all users can participate in the consensus process, regardless of their stake size.
- Algorand is carbon-negative; its proof-of-stake consensus algorithm does not require a large amount of energy to run compared to proof-of-work algorithms.
Why are we on Algorand?
When choosing a blockchain protocol for CollecteursX, we wanted higher security, higher transaction speeds, low gas fees and most importantly, a blockchain protocol that would eliminate the ecological cost of blockchain transactions. For this reason, Algorand was the ideal choice.
In 2021, we became a Grant Recipient from Algorand to fast-track our progress in building a sustainable and responsible blockchain marketplace.
Algorand grant program has awarded over $100M to date to help grow the Algorand ecosystem. The grant program is designed to support projects that build on Algorand and drive adoption of the platform.
We think that Algorand is the future of blockchain and we are happy to be part of the ecosystem.
If you want to learn more about Algorand, visit their website.