Algorand (ALGO) — the blockchain-based cryptocurrency protocol that leverages proof-of-stake technology — is up over 12% in 24-hour trading following the announcement of its partnership in India.
Algorand’s recent push into India
On Mar. 29, ALGO reported that it has secured a partnership deal in India with AlgoBharat, a move it hopes will support India’s burgeoning economy as it moves from Web2 to Web3.
In an interview with CoinDesk, Staci Warden, the CEO of the Algorand Foundation, said that the partnership would focus on bringing real-world utility to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem
According to Anil Kakani, vice president and the India country head at the Algorand Foundation, the new use cases they envisage will apply to not only the millions of freelance workers in the country but also the cases in which blockchain may be needed for more complex financial transactions.
“Blockchain use cases that have the greatest real-world utility is happening here in India,” Kakani told CoinDesk, adding:
“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.”
So far, Algorand has formed partnerships with various entities in India, including the state of Maharashtra, where they plan to create 100 million NFTs for storing personal health data, per CoinDesk.
As well, they have also partnered with the Self Employed Women’s Association (SEWA) to support women-led enterprises in building blockchain solutions and with Jawaharlal Nehru Technological University and the Indian School of Business to launch faculty development programs, most of which focus on education.
The announcement on Mar. 29 of Algorand’s continued push into India, one of the world’s most populous, educated, young and well-connected countries, signals a move for one of crypto’s largest token projects.
Algorand’s unique governance
Algorand is governed by both a foundation and a company. The Algorand Foundation oversees cryptographic research, award funding, on-chain governance, and decentralization of the Algorand network, including nodes. Algorand Inc., a private corporation based in Boston, is responsible for the core development of the Algorand protocol.
Algorand aims to address the “blockchain trilemma” by simultaneously achieving decentralization, scalability, and security. The consensus algorithm leverages proof of stake and a Byzantine agreement protocol.
Since 2022, Algorand has appeared keen on integrating and providing the foundation for real world use-cases, announcing a partnership with the sports and entertainment giant Fifa, which has seen Algorand support Fifa+, fan and NFT collectibles.
As of Mar. 29, the total market capitalization of Algorand is $1.64 billion, with a 24-hour trading volume of $181.61 million and a circulating supply of 7.12 billion tokens.