It seems that many speculate on the value of the tokens, but they forget the true central axis that gives meaning to all this, which is technology. Algorand is a state-of-the-art blockchain network, capable of becoming the foundation for the construction of projects that provide solutions for people in everyday life.
Blockchain: the key of everything
The new generation networks arrived to provide technological infrastructure solutions and not to become a speculative niche. For financial speculation, bitcoin already existed, where practically the only thing offered this network is a cryptocurrency that represents a value. In the current upheaval, many seem to have lost sight of the true raison to be, which is blockchain as its underlying technology.
Many of the problems that currently occur in the cryptographic universe are linked to speculative issues, which is why it is necessary to emphasize that the importance lies in technology. If we take the projects that have collapsed as an example, we see how everything was built on unsound foundations, where many people ended up paying the consequences by losing all their money, which is why a change in approach is required.
It is necessary to separate the concepts of cryptocurrencies and blockchain, since they are not the same. On a next-generation network like Algorand, your ALGO cryptocurrency is the utility token, ultimately used to calculate network transaction fees. Instead, blockchain is the underlying decentralized technology that allows developers to build solutions on top of network infrastructure.
Increased emphasis on education
In order to accurately evaluate a technological project, it is necessary to have clear information on its central axes. At present, it can be seen how many users support developments merely by reading someone on Twitter who says that it is good, and on the contrary, they withdraw their support when they read a contrary opinion. To eradicate these bad habits, it is necessary to carry out in-depth studies on the projects, who is behind them, and what solutions they offer.
That is why we must become aware of the value of education, since the tools to develop critical thinking are obtained. In this sense, the key is to observe the sources of the information, since a large amount of data circulates on the Internet that is often erroneous. This is where the individual responsibility of each one comes into play so as not to fall for scams.
Undoubtedly when technology is honestly supported, there is a purpose that has to do with the solutions that are intended to provide for people. On the contrary, when financial speculation comes into play, everything will surely go wrong, because users start betting on projects without even knowing what they are buying. It is absolutely necessary to carry out deeper and less hasty investigations.
Algorand technology is really amazing for project development, since it is open source, therefore it has an efficient security framework. On the other hand, it is a network with great speed for transactions, being a fundamental issue for operations in all senses. Its operating costs are really low, at 0.001 ALGO, so even in a bear market it becomes a bigger opportunity for developers.
There is a broad ecosystem, with a large number of projects that are making use of Algorand to develop real products. Just to name a few examples from recent times:
- FIFA uses network technology for its official digital collectibles platform.
- We can mention the case of Agrotoken, where Algorand is used to tokenize grains so that farmers can use them as collateral to make purchases.
- The music application «Napster» is using the network to make way for its Web3 music platform, being a milestone for the paradigm shift in the industry.
- In the gaming universe, Trantorian is using Algorand to tokenize in-game elements, but not going into a speculative niche, just using NFTs to incorporate into gameplay.
- Regarding technical developments, C3 is developing an interoperability protocol to allow operations between different blockchains.
We could continue naming projects that make use of the infrastructure for real cases, but we do not want to go too far along these lines. Paradoxically, many of these projects are the ones with the least diffusion, which is why it is necessary to remember that the ultimate goal will always be blockchain technology.
We must not lose sight of the fact that the central axis is blockchain technology. We must eradicate financial speculation to build a healthy ecosystem, where users use the developments for the solutions they provide. Undoubtedly, Algorand is a state-of-the-art blockchain network capable of achieving this and much more for the future of humanity.