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Over 12% increase in Algorand’s price

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Over 12% increase in Algorand’s price


Algorand (ALGO) — the blockchain-based cryptocurrency protocol that leverages proof-of-stake technology — is up over 12% in 24-hour trading.



Algorand’s recent push into India

On Walk 29, Algorand detailed that it had set up its own committed group for Algorand Establishment’s activities in India.

Algorand Foundation CEO Anil Kakani stated in an interview with CoinDesk that the goal of the collaboration would be to provide Indians with real-world utility through blockchain applications that are compatible with Algorand’s DeFi ecosystem.

Anil Kakani claims that the new use cases they envision will apply not only to the nation’s millions of independent contractors but also to situations in which blockchain may be required for more complex financial transactions.

According to Kakani, who spoke with CoinDesk, “Blockchain use cases that have the greatest real-world utility are happening here in India.” He also stated:


“These partnerships with governments and ministries are already happening. They have hundreds of thousands if not millions of users and we want to handhold their transition to address key bottlenecks in their systems from a Web2 to a Web3 solution.”




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Algorand’s unique governance

Algorand is governed by a foundation and a company. Cryptographic research, award funding, on-chain governance, and the decentralization of the Algorand network, including its nodes, are all managed by the Algorand Foundation. The core development of the Algorand protocol is the responsibility of Algorand Inc., a private company with headquarters in Boston.

By simultaneously achieving decentralization, scalability, and security, Algorand aims to solve the “blockchain trilemma.” A Byzantine agreement protocol and proof of stake are utilized in the consensus algorithm.

In the hope of streamlining blockchain development on its platform, the company released a new developer toolkit on March 29.

Algorand has a market capitalization of $1.64 billion as of March 29, a 24-hour trading volume of $181.61 million, and a token supply of 7.12 billion.

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