On 2019, Algorand was officially launched. They want to increase the number of conceivable use cases for bitcoin by speeding up transaction times and shortening the time it takes for transactions to be considered final on their network. Algorand’s basic technology was built with the goal of supporting and incorporating all asset types for the future of finance, including Non-Fungible Tokens (NFTs).
Because of its demonstrated inability to fork, Algorand is widely regarded as the best platform for creating, launching, and managing NFTs. This means that the network will never split into many networks, resulting in the duplication of digital art pieces. Furthermore, Algorand’s cheap transaction costs, near-instant transaction finality, and decentralization by design ensure that both buyers and sellers have a seamless and accessible NFT experience.
The Algorand blockchain’s public version is primarily intended to allow other developers to construct new types of cryptocurrency-powered applications.
The platform has been utilized in a variety of industries, including real estate, copyright, and microfinance. The Algorand Foundation’s official website has a more complete description of use cases.
