Algorand focuses on delivering the tech without unnecessary effort hype, says interim CEO

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Algorand focuses on delivering the tech without unnecessary effort hype, says interim CEO

By Hassan Maishera - min read
  • Algorand has produced a scalable platform since it was launched in 2019, the CEO said.

  • Algorand is working hard to deliver the tech without unnecessary effort, hype and speculation.

  • The company wants to forge ahead with institutional partnerships.

Algorand has always focused on delivering the tech

Algorand Interim CEO Sean Ford, told Cryptoslate in a recent interview, that the blockchain project has always focused on delivering the tech. He added that Algorand has never focused on unnecessary hype and instead delivers on its technology.

Algorand is a public blockchain network that was created by MIT professor Silvio Micali and has been around since 2017. Ford highlighted that credibility is important for the crypto space to move forward following the LUNA and FTX crashes that occurred earlier this year. He said;

“Keeping our promises is one of the major ways that web3 could regain credibility. Algorand, unlike many other projects, has always made this a priority — working hard to deliver the tech without unnecessary effort hype and speculation. Since its launch in 2019, Algorand has produced a scalable platform that provides security, fast finality, and (as Sean emphatically emphasizes), “zero downtime.”

Algorand to focus on institutional partnerships

Algorand has entered some very important partnerships this year, including one with FIFA, the official governing body of football. Algorand became the official blockchain platform of FIFA following and sponsorship and technical partnership deal.

As FIFA’s official blockchain partner, Algorand has launched a marketplace for collectibles tied to FIFA’s digital archives. Algorand’s interim CEO explained that

“There are many ways the partnership could evolve, from issuing bonds to creating composable tickets that “take on a life of their own. The first step on its innovation journey is to start embracing new technology and drive benefits to engage more closely with fans.”

Moving forward, Ford said Algorand would focus on establishing institutional relationships. He said;

“Traditional financial institutions have been more thoughtful and rigorous about understanding the technology and the benefits and pressure-testing the capabilities of technical partners. They are more rigorous because they have a fiduciary responsibility, and there are things they can’t accept like downtime, lack of security, or lack of finality.”

Ford concluded that despite the slow rate of adoption, the presence of institutional entities in the crypto market is inevitable. He said;

“I haven’t seen a big pullback if you consider adopting new infrastructure — at least in our world. Our partners worldwide, like Koibanx in Latin America, are working with dozens of financial institutions and banks to adopt blockchain and Algorand and leverage it for their infrastructure. They’re very active even in this climate.”