El Salvador just approved Bitcoin as legal money. As part of that announcement, Algorand was chosen as the project’s official blockchain platform. Furthermore, according to the Cointelegraph magazine, the ALGO crypto was chosen as the blockchain to aid El Salvador in developing its own blockchain infrastructure.
In fact, on August 31, a Latin American corporation, Koibanx, inked a “cooperation agreement” with El Salvador. A nationwide blockchain Covid certification program will be one of the project’s activities. A point-of-sale credit issuance system and numerous smart contract finance platforms are also part of the project’s activities. Here’s why the agreement proves Algorand’s worth.
Algo crypto offers “the performance, scalability, security, and functionality required to implement large scale projects around the world,” according to the statement.
Furthermore, Algorand’s “public, open source blockchain infrastructure enables interoperability and capacity to manage the volume of transactions required for defi, financial institutions, and governments to successfully migrate towards FutureFi,” according to the statement.
The Foundation announced two separate $5 million “Supagrants” on September 10. One is for the use of Algorand to create “oracle” networks with related price feeds. The other is for proposals to create bidirectional bridges between Ethereum and other chains.
This is exactly what you want from a development group like the Algorand Foundation. It will eventually result in a greater price for the Algo cryptocurrency token.