Cryptocurrency is gradually replacing fiat money as it’s value keeps appreciating with time.It is like a safer and faster money but it cannot be genuinely referred to as money because it can’t be utilized anywhere outside the crypto space.
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Cryptocurrency still has its limitations as a larger population are still not literate about it, it can be deduced that the adoption of Blockchain and cryptocurrency has a major role to play in it’s advancement.
How fulfilled will it be when cryptocurrencies are being accepted for savings in our traditional banks and also serve the purpose of payment of goods and services.
Only then are we going to enjoy the relevance and elegance of this novel entity. The bravest step to be made in the larger adoption of crypto is it’s extension to the e-commerce sector of the world.
This sector has proven to be ready for such transitions. In recent years, research has revealed that some highly developed countries have built and put to use some Bitcoin machines, a few are also found in some parts of Africa.
Cryptocurrency Regulations: However, there’s been some ban on cryptocurrencies in some countries, others, limitations while some are still between the edge of legalizing or illegalizing it.
Many cryptocurrency adopters who reside in the part of the world where cryptocurrency has been flagged as an illegal kind of money have been handicapped on carrying out crypto-related transactions.
It has a drastic effect on the crypto space, because while we are looking forward to wider adoption, the population is getting reduced on that basis. On the contrary, in the first and second quarter of 2020, Blockchain and cryptocurrency adoption grew to a reasonable extent in some parts of the world, like Africa.
The global pandemic which deprived almost everyone of their regular life led to many individuals surfing for online and remote jobs, and along the line, getting them exposed to Blockchain and Cryptocurrency.
Algorand: Algorand is a Boston based open-source software company focused towards creating a limitless economy through the development of Proof of stake consensus algorithm.
Proof of stake (PoS) consensus algorithm sheds a bright light to the Blockchain industry and Algorand make it easy for users to utilize by allocating rewards to its users with what is referred to as financial stake in the network they provide contributions to.
At Algorand, all users get rewarded for every service they provide. Also Algorand ensures that it’s communities interact with one another. Transaction fees are incredibly low.
All these are to encourage people’s stay in the cryptocurrency sphere, broaden their knowledge on Blockchain and cryptocurrency and further drive its adoption in the larger world. As many coins are being birthed after Bitcoin, the cryptocurrency is definitely gaining momentum per time.
Features of Algorand: The essence of Algorand in the Blockchain industry is imeasurable as it has numerous amusing characteristics. Algorand Blockchain gives easy access to it’s protocols.
Below are the features of the Algorand ecosystem:
Quick Agreement: There is a speedy and trusted agreement between the users of the community and every action. There exist free and fast access into the community from the users to end users with the agreement between them. These agreements are always advantageous and favorable for all users.
Good Governance: The existence of good governance in the Algorand community lights up the community and makes it a bright niche for all users. Full decentralization is practiced as there is no central authority, leaving control to everyone.
Also, ideas brought in by token holders are appreciated. This makes the community flexible and favorable for all. Delegation: Delegation of token between users are permitted and recoverable.
Also, every person is entitled to bringing in suggestions which are respected. The community also allows users to publicise their achievements, leaving everything to the favor of individual preference.
Low Fork: At Algorand, amusing profit of the software to new blocks is depended on by users. The whole community gains from the profits allocated to the use of the software. Tokens can be purchased and shared at a reasonably low rate to end-users who need it or intend to introduce to others. This feature is readily available as soon as a request order is done.
Complete Decentralization: Network validators in Algorand are not controlled by a few number of miners or validators set. The validators give free access to users, they are entitled to all that interests them without any restrictions. In the absence of a central authority there is no room for what does not favour all.
Conclusion: To cap it all, The Algorand ecosystem is a completely transparent platform.
Every data stored on the software is encrypted and time-stamped by default, this makes the data immutable and completely secure. Algorand remains a solution to the faults in the Blockchain industry.
This platform will be of great benefit to individuals and businesses who aim to soar in the Blockchain and Cryptocurrency industry.
Written By Yusuf Muhammad—Algorand Ambassador