Roundup: Algorand to Benefit from Nigeria-DAG Deal, Wormhole Expands to Algorand and More

Algorand has announced a deal with Nigeria aimed at expanding its use across Africa, Wormhole announces partnership between Algorand and DataStreamX.

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Algorand, a new cryptocurrency that is powered by a DAG (directed acyclic graph) algorithm, has had its price prediction increased after the company announced a partnership with Nigeria-based blockchain firm, Wormhole.

Roundup-Algorand-to-Benefit-from-Nigeria-DAG-Deal-Wormhole-Expands-to

 

For the most part, the crypto market has been quiet this week as investors and traders acclimatize to the new market environment after the enormous sell-off of the previous two weeks. Like many other major cryptocurrencies, Algorand’s native token ALGO has continued to trade in the red. The token saw a small drop earlier today, hitting a two-week low of The crypto market has remained dull for the larger part of this week as investors and traders adjust to the new market environment following the massive sell-off over the last two weeks. Algorand’s native token ALGO has continued trading in the red like many other top altcoins. The token earlier today posted a brief slump, touching a two-week low of $0.375. It has since traded around this level, following an unsuccessful ascent towards $0.40..375. Following an aborted rise towards The crypto market has remained dull for the larger part of this week as investors and traders adjust to the new market environment following the massive sell-off over the last two weeks. Algorand’s native token ALGO has continued trading in the red like many other top altcoins. The token earlier today posted a brief slump, touching a two-week low of $0.375. It has since traded around this level, following an unsuccessful ascent towards $0.40..40, it has subsequently traded around this level.

Outside of the market, the Algorand ecosystem has picked up a few more victories to go along with the FIFA and Australian Zoo collaborations it announced earlier this month. The following are the specifics:

Nigeria and the Developing Africa Group have teamed together to establish an Algorand initiative.

On Monday, the Nigerian government and software development firm Developing Africa Group signed a three-year exclusive intellectual property rights agreement, with the former benefiting from a statewide wallet. The business will be tasked with creating an official IP rights marketplace and will profit from the revenues of the wallet offering.

The project will use Koibanx blockchain technology as well as Algorand’s proof-of-stake blockchain to store digital tokens. The choice to embrace the blockchain was explained by Developing Africa Group CEO Ben Oguntala, who cited various benefits, including performance and sustainability.

“Algorand’s protocol not only provides the performance, scalability, security, and functionality required to implement such a large-scale project,” he said in a statement, “but it is also environmentally friendly, which is important for the Government, and has a huge philosophical match with the ‘creators economy industry’ we’re targeting here.”

The agreement is notable because it adds to a growing number of ‘Koibanx-Algorand’ implementations throughout Latin America.

Chain-link bridge Wormhole is now available on the Algorand blockchain.

Last week, a generic cross-chain bridge was released. Wormhole has announced that the Algorand blockchain is now supported. Algorand became the eighth platform to be integrated with this DeFi switching platform as a result of the expansion. Users of Algorand will be able to move their tokens between the native network and BNB Chain, Ethereum, Polygon, and a variety of other layer one and layer two networks through the gateway bridge.

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Wormhole will also add liquidity to the Algorand ecosystem, since it is supported by Jump Capital’s crypto investment arm, Jump Crypto. The impact on Algorand would be an increase in total value locked (TVL) and the possibility to utilize the utility outside of the ecosystem through improved network compatibility.

Silvio Micali of Algorand believes that blockchains should coexist in the future.

Despite being a cryptography pioneer since the 1980s, Silvio Micali, an Italian computer scientist, did not convert his expertise and knowledge into a meaningful tool until roughly a half-dozen years ago. His work has grown important, particularly on Algorand, which he released in 2017. He is now a Turing Award recipient and professor at the Massachusetts Institute of Technology.

Algorand was created with the goal of creating a more user-friendly blockchain ecosystem with cheaper fees, faster transaction speeds, and lower power usage. It has many more benefits, and considering that its architecture was created to allow for rapid modifications to execute a change, there might be even more in the future.

Despite Algorand’s rapid development, Micali is committed to creating a blockchain future in which everyone exists together – “be excellent at something, and someone else is great at something else,” he remarked at a recent MIT conference. The creator of Algorand aspires to create a future in which blockchain networks can effortlessly collaborate and exchange data.

Napster is a clone of LimeWire, and it’s making a return with Web3.

Last Monday, digital music provider Napster duplicated LimeWire’s recent makeover as an NFT marketplace focusing on music digital collectibles, marking its second purchase in less than two years. Hivemind, a cryptocurrency investment business, recently announced on Twitter that it has partnered with Algorand to buy Napster.

According to the release, Napster intends to use blockchain technology and the development of Web3 to change the music industry’s experience for artists and consumers.

Skybridge, G20 Ventures, and Arrington Capital were among the companies involved in the deal, which was concluded for an undisclosed sum. Napster will be managed by temporary CEO and veteran music business executive Emmy Lovell in order to achieve this goal. She has worked for the BBC, EMI Music, and Warner Music Group, as well as serving as the chief strategy officer at Napster.

The purchase structure of Algorand and Hivemind was not specified in the statement, but an update is expected soon.

Visit our Investing in Algorand article to learn more about Algorand.

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