Algorand
Waivlength is a grant recipient from the Algorand Foundation.
Competing with close to 1000 other grant applications, The Algorand Foundation recognised Waivlength as a high-potential project that could bring huge value to the entire Algorand ecosystem.
The grant of 250 million ALGO is delivered to projects building and deploying applications targeting a variety of real-world use-cases and demonstrating high potentials for driving mainstream adoption of the Algorand blockchain.
This grant partners Waivlength with the Algorand ecosystem, opening up opportunities to leverage their wide community of supporters, developers, advisors and investors. Algorand’s incredibly fast transaction speed, super-low transaction cost and scalability make it a perfect fit for Waivlength.
Overview of Algorand
Algorand was invented to speed up transactions and improve efficiency, in response to the slow transaction times of Bitcoin and other blockchains. Algorand is designed so that there are lower transaction fees, as well as no mining (like Bitcoin’s energy-intensive process), as it is based on a permissionless pure proof-of-stake (PPoS) blockchain protocol.
Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. It is a Layer 1 blockchain protocol, much like Ethereum, Binance or Solana. What makes Algorand unique is its innovative Pure Proof of Stake (PPoS) consensus protocol, which solves the trilemma of decentralization, scale, and security.
Algorand’s high transactions per second, low transaction fees, and cutting-edge core architecture set it apart from its competitors. It is also the most energy-efficient blockchain, pledging to be carbon-negative now and into the future. This makes it an incredibly good candidate to become the world-leading blockchain of today’s economy.
Background
Algorand was founded by Silvio Micali, a professor of computer science at the Massachusetts Institute of Technology. He is renowned for his contributions to cryptography, specifically zero-knowledge proofs, which underpins Algorand’s PPoS consensus protocol. He is a previous recipient of the Turing Award (often referred to as the ‘Nobel Prize of Computing’) for his fundamental contributions to the theory and practice of secure two-party computation, electronic cash, cryptocurrencies and blockchain protocols. This makes him one of the foremost creators of crypto in the world.
Algorand was founded in 2017 and was launched in 2019. It received heavy backing, raising $120 million in fundraising from private investment rounds in 2018 and had its initial coin offering (ICO) in 2019. It is currently a top 25 cryptocurrency, with a market cap of $6.5 billion.
Partnerships and Progress
Government Adoption
Algorand is the frontrunner for many governments looking to launch Central Bank Digital Currencies (CBDCs). CBDCs embed the attempt at replacing cash with a more efficient, modern type of money. CBDC initiatives are rapidly multiplying, and the large majority of Central Banks around the world, from the People’s Bank of China to the European Central Bank, have planned proofs of concept or launched experimentations to test the feasibility of a CBDC.
Algorand was selected to power the first national digital currency for The Marshall Islands ($SOV). It was also selected as the base layer for El Salvador’s government blockchain work. It is expected that this early first-mover advantage by Algorand could accelerate its growth and widespread uptake.
Algorand protocol has been chosen for its speed, scalability, security and its ability to effectively implement required compliance controls and the transaction finality needed for a national digital currency.
Rapidly Growing Ecosystem
With more than 500 global organisations leveraging its technology, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value across DeFi, financial institutions and governments.
Technical
Algorand has launched and continues to grow developer tools and applications to encourage applications to be built on Algorand. The Algorand Developer Portal makes it easy for developers to build DApps and encourages continued uptake of the Algorand blockchain.
Financial Infrastructure
Algorand is one of the most visible and accessible cryptocurrencies on the market. It’s currently listed on 39 exchanges, has pairs with most stablecoins and integrates with all popular crypto wallets.
Ecosystem
There are over 700 applications currently building on Algorand, and this number is continuing to rise at a rapid rate. These applications span across a variety of sectors and are ongoing proof of the growing adoption of the network.
University
Algorand is supporting educational programs in many universities across the world. This is enabling the next generation of innovators and entrepreneurs to contribute towards developments in the disruptive potential of the Algorand blockchain. It provides opportunities for students and faculty to join the Algorand community by supporting educational programs including but not limited to:
Algorand Foundation University program
Blockchain courses, classes & certifications
Developer education
Hackathons, events & competitions
Blockchain Research
The Algorand Foundation
The Algorand Foundation is a group responsible for the initial governance and evolution of the Algorand ecosystem. They are working to develop partnerships, grow communities and assist with projects aiming to build on and develop the Algorand network, with a primary goal of promoting broad participation and decentralisation of the network.
The Algorand Foundation oversees the Grant Rewards scheme, an initiative directed at supporting projects building and deploying applications targeting a variety of real-world use-cases and demonstrating high potentials for driving mainstream adoption of the Algorand blockchain. The 4 grant categories include:
Research Proposals
Development Tools & Infrastructure
Applications & Use Cases
Education & Community
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