.svg)
You do not Ask Jeeves or Bing to share information with your friends, you tell them to “Google it”. Google started in a Stanford dorm room, transforming itself into the face of the internet. Google grew alongside our use of the internet. From Web 1.0 with point and click web browsers to Web 2.0 with innovations from advertising to Gmail, Google Docs, Earth, Maps, YouTube, and anything else you probably can imagine. All these products engage different customers in different markets, yet similarly they use the Internet. Algorand (ALGO) changes the way we interact with blockchain on the Internet. Algorand has built a layer-1 blockchain providing tools for governments, businesses, non-profits, communities, and individuals to engage their users interacting with the blockchain.
Algorand, Pure Proof of Stake blockchain was founded in 2017 at Massachusetts Institute of Technology (MIT). Their mission is to become The Future of Finance, converging decentralized and traditional financial instruments democratizing ownership. Google introduced the best search engine, Algorand has created a greatest blockchain. ALGO offers users the flexibility to issue a decentralized/centralized token, with pegged transaction fees, and block finality in less than 5 seconds. Algorand Standard Assets (ASA) can be created and programed to achieve the mission of the creator. Algorand has over 1,400 nodes servicing 15 million wallets processing 1000 transactions per second on a growing 4.5 million Algorand Standard Assets.
In 1998, Google released their search query. In 5 years, Google added images, advertising on the web, and Google Books. It took another 5-10 years of dedicated work and growth to build Google into the empire it is today. If we project timelines, we can see that Algorand is innovating blockchain following a similar trajectory of Google’s innovations on the web.
Entrepreneurs are disrupting industry leaders offering digital music rights, tokenized real estate rental income, and redefining intellectual property on the blockchain. This is the beginning of blockchain potential. Algorand is delivering inaccessible monetary tools to any wallet holder with an internet connection.
Algorand verified its first block in 2019, since has made significant progress to outpace competitors. The Algorand network is home to ASA’s that have been built for awide variety of use cases. There are decentralized applications, NFT auction houses/galleries, Rental Real Estate Income, decentralized exchanges, music royalty rights. and so much more. While other blockchains have offered similar projects, they cannot compete with the fees, finality, and security against forks offered by Algorand.
Google outperformed internet businesses by bundling inferior products with their service, exhausting competitors with convenience. Algorand seeks to partner with other blockchains establishing bridges and wrapped tokens that promote their exchange in the network. Instead of offering you Google Chat to compete with Slack, ALGO can wrap other layer-1 protocols like Bitcoin and Ethereum to allow the liquidity to be utilized on the network. Each wallet address can handle 1000 ASA’s making it ideal for bundling your assets on Algorand.
As Google grew, it purchased the required entities to expand into different products/services. Google acquired companies that improved the products and services that could be delivered to customers. The Algorand Foundation partners with projects to aid in successful deployment on ALGO. The Foundation identifies projects that can improve the user experience and offer new products to users. Google leveraged the power of Class B shares to retain voting power, albeit a different mechanism, Algorand leverages the Foundation for the promotion of the ecosystem without influencing the underlying technology.
Google has shown use cases of the internet, from email to videos, chat, and phones. Algorand is showing capabilities, from creating tokens, to applications that are changing the way we engage in finance. Google became the face of the internet. Algorand will be the backbone for blockchain.
Why Algorand is the Google of Blockchain
February 28, 2022
News
Algorand
Infrastructure
Originally coined by Wall Street VC Anthony Scaramucci, is Algorand the Google of blockchain?
