Algorand is a next generation blockchain network, featuring a one-of-a-kind design, enabling a truly sustainable future. Thanks to its characteristics, it allows dApps to take advantage of all its benefits. In this article we will review the network infrastructure and its use cases.
Efficient underlying technology
We should not ignore that we are currently at the foundation of a truly incredible construction, which offers us possibilities to develop. Algorand is a state-of-the-art blockchain network that solves various drawbacks present on the scene. Mainly, this blockchain solves the so-called «blockchain trilemma» by allowing security, scalability and decentralization at the same time.
Thanks to these features, the projects that use the network can take advantage of these benefits to apply them in their products and services. In this way, a new paradigm is initiated, through an efficient underlying technology that fulfills the promise regarding real decentralization.
On the other hand, thanks to its design, this blockchain network has an unparalleled security framework, while allowing the scalability of developments. These qualities enable the growth of projects, to reach scales never seen before. Other benefits are the costs for transactions, which reach just pennies, and the speed that the network has, which is 3.6 seconds per block as of the recent version 3.9, with forecasts of reaching 2.5 seconds soon.
Network speed for everyday applications
The speed of a blockchain network is really important, since the transactions that are carried out depend on it. In the first generation blockchain, operations are carried out very slowly, which is why it is difficult to apply in projects that have to do with daily life. Imagine having to wait 10 seconds every time you want to make a purchase, it would be unfeasible.
Algorand has been designed with everyday applications in mind, and that is why the speed of the network is increasing, in order to be as fast as possible. This paves the way for true mass adoption, with real-world applications using this underlying technology. This blockchain makes it possible for companies to adopt this technology for important operations, something that positions it as a great option also in the field of exports.
In the near future, we will be able to use this type of technology to make payments in stores, which is why speed plays a fundamental role, in order to carry out operations smoothly. Let us think, for example, of the evolution of credit cards, where in the past times were much longer, whereas today purchases are made instantly.
Real world applications
Algorand’s sustainable future is guaranteed, given that this blockchain has been awarded as «negative carbon» thanks to its zero carbon emissions. In this way we can enjoy technological progress throughout the world without compromising ecology. This issue is one of the central axes for humanity in the coming times.
Algorand solves real problems in the world, providing quality solutions. One of the fields that companies are beginning to exploit is the tokenization of assets, through NFT tokens.
This blockchain network has a large number of tools, as well as a robust platform to provide efficiency in the field of tokenization. That is why FIFA has chosen it to be its official blockchain technology, and an application for collectibles that works on the network was recently announced, as well as many future plans to come.
On the other hand, there are other types of industries that are also taking advantage of the Algorand network to lay the foundations for a sustainable and tokenized future. In agribusiness, for example, we have the case of «Agrotoken», which tokenize grains to be used as collateral. Also, in Italy, the emblematic «Café Barbera» uses the network to be able to export its grains, benefiting from low costs.
Other uses that we can name for this technology are related to verifications. In this sense, in Africa several projects are being carried out that have to do with digital identity through blockchain support. Thus, real solutions are provided to the citizens of this region.
This is how Algorand’s sustainable technology is being deployed in all latitudes. Thanks to the advances that this network has achieved, day by day there will be many more use cases that are nourished by its uses, benefiting, in turn, users from all over the planet.
Algorand is an underlying technology that offers us a wide range of blockchain solutions to apply in the real world. Thanks to its features, such as speed, security, decentralization and scalability, this network allows solving problems in people’s daily lives. Its underlying infrastructure is spreading across the globe.