A few weeks ago, Algorand announced the deployment of a protocol update. With their advanced technology for standardized tokens, atomic multi-party transfers and smart contracts at Layer 1, Algorand 2.0 is perfectly suited for transaction-heavy decentralized applications. With Algo Capital’s $200 Million ecosystem development fund, Algorand is equipped to build up and support an extensive network of blockchain projects. Here is an overview of projects within the Algorand ecosystem and the nature of their partnership.
There are a few companies providing infrastructure services to the ecosystem. The most widely used stablecoin, Tether, has partnered up with Algorand in order to provide interoperability with the other blockchains Tether is running on. PureStake provides API access as a service, giving developers access to the Algorand blockchain without having to set up their own node infrastructure.
OTOY is a pioneering company in cloud graphics, providing services to a wide range of visual artists and engineers. Their RNDR token seeks to democratize cloud based graphics rendering by creating a decentralized GPU network. The scalability of the Algorand blockchain satisfies OTOY's requirements for serving up to 50,000 users within the RNDR network. Additional blockchain use cases include digital rights management, project management, and micropayments.
Big Data and Analytics
Flipside Crypto is a business intelligence company which focuses on developing metrics measuring the overall health of blockchain projects. Their flagship product is the Fundamental Crypto Asset Score (FCAS), which analyses the user activity, developer behavior, and market maturity of blockchain projects and combines them into a single metric. Their analytics suite allows DApp developers on Algorand to gather extensive data on their users' activities, giving them useful insights in how to improve their DApp towards maturity and user adoption.
Similarly, Syncsort, a global industry leader in Big Data has joined the Algorand ecosystem. With over 800 employees, Syncsort is the largest company within the Algorand ecosystem. Bridging the gap between data from legacy systems and next wave technologies, Syncsort seeks to utilize the transparency and immutability of decentralized ledger technology in order to develop enterprise-grade solutions for customers in over 100 countries.
FinTech and DeFi
Algorand’s Layer 1 capabilities enable a wide variety of use cases related to transaction-heavy decentralized applications. For example, AssetBlock has the goal to democratize access to the real estate market through tokenized investment opportunities. While the real estate sector was traditionally only accessible for institutional investors, AssetBlock brings these investment opportunities to individuals and small businesses. In addition, AssetBlock serves as a loan platform allowing both physical and digital assets to be combined as collateral.
With the increasing adoption of blockchain technology, the world’s leading decentralized exchange, IDEX, looks for a more scalable solution than Ethereum. They are planning to develop a next-generation DEX on Algorand, capitalizing on faster and more secure transactions through Algorand’s multi-party atomic swaps and smart contracts at Layer 1.
Research and Education Outreach
Having built their blockchain network upon the work of leading cryptographers, mathematicians, and economists, Algorand has strong ties to academic research. These synergies will be developed further through Algorand’s Global University Program featuring universities from China, Europe, Middle East, Canada, and the United States. A total of 10 universities will act as advisors for Algorand, supporting the platform with technical research.
For a more widespread outreach, Algorand has partnered with the Blockchain Education Network, connecting students, teachers, and blockchain professionals to the Algorand ecosystem. The Blockchain Education Network supports over 60 student-led academic blockchain clubs in 10 different countries. There is also a huge overlap between the blockchain community and mind sports enthusiasts for games like poker or chess. Algorand builds on this synergy by becoming a partner of World Chess for the 2019 FIDE Grand Prix Series.
With outstanding Layer 1 functionality and scalability, Algorand has attracted a wide range of partners. These ecosystem members fulfil various roles within the network, both providing services and profiting from Algorand’s vibrant community.
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