Held in Dubai, the industry’s newly adopted “crypto-friendly” hub, we discussed Algorand’s technology and achievements, its plans in the Middle East, the state of the market in the wake of recent events, and its We discussed Algorand’s place in everything.
Good-natured yet outspoken, Sean never chops words. In his earlier keynote, he spoke to the elephant in the room. Despite the obvious excitement and numerous developments from Algorandhis community, there is no isolated blockchainhis ecosystem.rear scary tree rings With Terra/LUNA, Three Arrows Capital, FTX and many others collapsing in the cryptocurrency industry, he acknowledged that everyone “needs a little cure” and spoke about how the industry as a whole can move forward. . .
“Keeping our promises” was one of the main ways web3 regained trust. He emphasized that unlike many other projects, Algorand has always made this a priority and is working hard to deliver the technology without unnecessary hype or speculation.2019 Since its launch in 2016, Algorand has created a scalable platform that offers security, fast finality, and (as Sean emphasizes) “zero downtime.”
Algorand’s Pure Proof of Stake (PPoS) runs on a variation of Proof of Stake (PoS), prioritizing fairness and decentralization, with random and anonymous selection of validators. This ensures that all network participants receive an equal opportunity regardless of stake and groups of validators are not disproportionately powerful.
Transactions are completed in less than 4 seconds, and unlike other layers, Algorand focuses on accessibility. As a result, developers can build on Algorand in many existing programming languages, from Java and C++ to Go, Python, and Rust — without having to learn a separate codebase.
Why doesn’t Algorand’s name come up often among enthusiastic VCs and passionate influencers? Because the team has always avoided overpromising or underperforming. The time for serious action (according to Sean) is definitely late.
“Now is the time to move forward. Our time is now,” he said.
Algorand’s notable partnerships
The background music is a little too loud for meaningful conversation, but Sean is unperturbed. He approached the recorder when I asked him to elaborate on some of the promises Algorand had kept. Algorand, which calls itself “the world’s most powerful and sustainable blockchain,” has achieved great things this year, including partnerships with international football association FIFA and renowned music-sharing platform his Napster.
Sean said Algorand would only pursue a partnership if there were “technical elements tied to it” and that the FIFA agreement was about “helping to innovate and develop new opportunities for the sport’s fans and followers”. It is explained that it is
As an official blockchain partner, so far Algorand has developed a marketplace for collectibles tied to FIFA’s digital archives, Sean explains:
From issuing bonds to creating configurable tickets that “live their own lives,” “there are many ways to develop partnerships.”
As FIFA embarks on a journey of embracing greater openness and transparency, Sean believes the partnership will:
“It is the first step in our innovation journey to start adopting new technologies and driving the benefits of engaging more closely with our fans.”
As for Napster, which Sean calls a “pioneer ahead of its time,” Algorand technology allows the company to finally fulfill its mission to democratize music and reward creators. increase. By allowing artists to tokenize and fragment their music and trade the value of music technology, Napster is the creator of several of Algorand’s projects armed around his economy. One. Sean enthuses:
“Platforms like Napster are giving money back to famous artists and independents who are struggling to make ends meet, not just in the West, but around the world.”
advance institutional relationships
Beyond multiple initiatives for retail customers, Algorand has left its mark on the traditional institutional world. Interestingly (and in stark contrast to many web3 projects), Algorand distinguishes between “blockchain” and “cryptography”. “These are two very different things he does,” Sean says. Talking to anyone in Algorand, you rarely hear about their native ALGO tokens or their position on the cap table. Instead, the focus is on building the underlying platform and blockchain applications that have the potential to impact society and transform the world at large.
I asked Sean if Algorand has witnessed pullbacks from institutional investors given the current market turmoil.
“Traditional financial institutions were more thoughtful and rigorous about understanding technology and its benefits and putting pressure on the capabilities of their technology partners. It is stricter because there are things that are unacceptable, such as lack of integrity.”
Many of these financial institutions “are not moving as fast as we would like,” but Sean believes their presence in the industry is inevitable. He cites the recent example of giants like Fidelity announcing their move to digital asset management.
“At least in our world, we don’t see any major setbacks when looking to adopt new infrastructure. Partners around the world like Koibanx in Latin America are working with dozens of financial institutions and banks. And we are embracing blockchain and Algorand in our infrastructure, and we are thriving in this climate.”
Plans in the MENA region
Algorand has a prominent presence in Latin America and Europe (Italy, home of its Turing Award-winning founder, Silvio Micali). Now the team has their sights set on the up-and-coming he MENA region. Algorand is already active in Nigeria, where the government is building a nation-wide intellectual property wallet with its technology, and is looking to establish a foothold in the Middle East, making Algorand one of the busiest destinations in the UAE. We are holding a decipher on the ground.
“We chose this area [for Decipher] We saw a great opportunity, so we know the region is disciplined and focused on project quality, and what we brought to the table and Dubai’s use of blockchain technology. We felt there was a good overlap with the UAE’s ambition to become the first global city.”
Algorand saw early on the potential of this part of the world. So, in 2019, the team worked with his UAE authorities to receive Shariah compliance as a blockchain. he explains:
“We were one of the first chains to receive it. [Sharia compliance]”
He said Decipher “is a good starting point for building foundations in the region and for rekindling relationships and conversations more formally as we enter the new year.”
What next for Algorand?
Sean previously described Algorand as “practically optimistic.” But when asked if he’s concerned about the regulatory implications of getting out of FTX/Alameda, he chooses his words carefully.
“Concern is not a word I use. I hope there is an intelligent approach to providing certainty and security to those who use blockchain.”
He says that despite the seismic differences between various industry players, there is a tendency to “put everything in one bucket.” “Above all else,” he says.
“My hope is that innovation in the blockchain space will continue to be encouraged and that an appropriate level of assurance regarding the exchange of value will be introduced.”
What else is in store for Algorand as we head into the new year?
“First of all, I look forward to the end of tribalism in the industry. There should be a strong desire to create simple, interoperable tools so that there is no need. “
In the Algorand ecosystem, these tools are known as “Algorand State Proofs,” which Sean describes as “truly transformative technology” that “exchanges assets on any chain and interacts with assets. It is the first step towards a truly decentralized trustless bridge that makes it operational.” On other chains without having to use a centralized point of failure. It’s pretty revolutionary. We are particularly excited about Algorand’s interoperability and state proof. “
Old world themed with gondolas passing by the meandering creek below souk Behind one of the world’s brightest and most iconic buildings, burj al arab, It rises from the sea like a huge sail. Sean shook my hand and thanked me for taking her time. We wish Algorand the best in crypto interoperability solutions in 2023.