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10 Reasons Why Algorand Is Next Big Thing In Crypto Market

1. Algorand has a strong developer team

One of the key determinants to the long-term success of a crypto project is the quality, and commitment of the developer team. The more active the developer team, the higher the chances of a project’s long-term success. Similarly, a team that is made up of developers, and cryptography experts is a much better pointer to success than one made up primarily of marketers and other non-tech people.

On both of these fronts, Algorand scores highly. The project has one of the most tech savvy teams in crypto. For starters, the project founder, Silvio Micali is faculty at the Electrical and Computer Science department at MIT. He is well versed in cryptography, and zero-knowledge proof, among other technologies.

  1. Algorand is an interoperable blockchain

Another reason why you should invest is its interoperability. This simply means that anything built on Algorand can easily connect with other blockchains.

Interoperability is a big deal because it is at the heart of blockchain growth and mass adoption. That’s because it is only by blockchains seamlessly connecting with each other that businesses can have an incentive to invest in the tech.

  1. Algorand has a growing ecosystem

Algorand has a fast-growing ecosystem of projects building on top of it. Per the project metrics, the number of non-fungible tokens running on top of Algorand stands at 4,626,597. On the other hand, the total fungible tokens on Algorand stand at 3,437.

The number of Fungible tokens has particularly grown exponentially. Just from May to July, the number grew from 708 to 4100.

  1. Algorand is available on multiple exchanges

One of the key indicators of a cryptocurrency that has good fundamentals is the type of exchanges where it is listed. One major being Coinbase and user friendly platform being extremely inviting

  1. It consensus algorithm guarantees decentralization efficiently

The consensus algorithm used to secure a crypto network matters a lot. Ideally, crypto can either use Proof-of-Work or the many variations of Proof-of-Stake.

Algorand is one of the few projects that have got it right when it comes to Proof-of-Stake. It uses a Pure Proof-of-Stake algorithm that solves the three main problems facing most blockchains. The three problems are decentralization, scalability, and security.

By solving the governance problem that plagues most blockchains, Algorand is among an elite group of cryptos that are primed for adoption. This by default, makes it one of the high potential cryptos to invest in today.

  1. Algorand is easy to use

A blockchain is as valuable as the number of people using it. For payment cryptos, the value comes from the people using them for payments. It is for this reason that Bitcoin is so valuable. Besides its low supply, Bitcoin has grown in adoption since its inception.

For platform blockchains, value comes from the number of developers using, or likely to use them in the future. It’s the reason why Ethereum has gained so much value over the years.

Using this metric, Algorand has pretty good prospects going into the future. One of the key advantages of Algorand is that it uses the Python programming language. Python is one of the most popular and easy-to-learn programming languages out there. This means that most developers would not have a hard time building on Algorand.

  1. It has a functional wallet

Having a functional wallet is one of the factors that can draw in, or put off, long-term investors from a crypto project.

A functional wallet speaks volumes about the seriousness of a crypto developer team. It is an indicator that they are serious about the project, and that is attractive to investors.

A functional wallet also negates most of the security risks that come with holding crypto. Without a functional wallet, investors are forced to leave their holdings in exchanges, or in wallets that they may not be so sure about.

  1. Algorand is a perfect bridge between CeFi and DeFi

There is a lot of hype around DeFi at the moment. This is evident in the growth in DeFi project valuations, and in the amount of dollars locked in such platforms. However, in reality, DeFi is nowhere close to matching the value of centralized finance. Very few people globally, even those invested in it, understand how DeFi works.

One of the ways that Algorand is acting as a bridge between the two is through partnerships with strategic centralized finance players. Some of the institutions it has partnered with include SWIFT, HSBC, Facebook, and OMFIF.

Besides introducing such institutional players to DeFi, Algorand also offers a comprehensive guide on the development of smart contracts. The platform understands that smart contracts are an integral part of the future of finance, and as such, should be easily understandable to those in centralized financial institutions.

  1. Algorand is in the fast-growing NFTs market

The number of NFTs launched on the Algorand blockchain has shot up over the last couple of months. Per the project’s metrics, over 4.5 million NFTs have been launched through the Algorand blockchain.

This is a big deal because NFTs are the next big thing in crypto after DeFi. To understand this, one only needs to look at the level of investment that is going into DeFi.

Recently, top organizations such as Disney, Fox Corporation, Marvel, DC Comics, and Instagram, have all hinted at investments into NFTs. The demand for NFTs is pretty high too if recent sales are anything to buy. One of the most expensive NFTs to ever go on sale is Beeple’s, and it sold for $69 million.

As this space grows, blockchains that make it possible to issue NFTs are likely to experience value growth. Algorand is not just a player in this market but has also made it so easy for those looking to issue NFTs.

  1. The entire crypto market is in a buy zone