Algorand Scores a Goal with FIFA
And what a goal it is! Algorand, the Proof-Of-Stake green blockchain-based technology explicitly developed for the financial sector, signed an agreement with FIFA for this 2022 World Cup in Qatar and the Australia & New Zealand Women’s World Cup in 2023 Official Sponsorship.
FIFA Welcomes Blockchain
FIFA president Gianni Infantino attended a business conference in Los Angeles during which the deal was officially announced.
FIFA, Gianni Infantino
“We are delighted to announce this partnership with Algorand.
The collaboration is a clear indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth for further reinvestment back into football ensuring transparency to our stakeholders and world-wide football fans – a key element of our Vision to make football truly global.
I look forward to a long and fruitful partnership with Algorand.”
As outlined in a FIFA statement, Algorand founder Silvio Micali said that his company would “transform the way we all experience the world’s game.”
Algorand, Silvio Micali
“This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”
Moreover, the arrangement involves sponsorship and technical collaboration designed to help FIFA develop a digital assets strategy, FIFA explained. This could provide FIFA with an opportunity to promote soccer-related NFTs (non-fungible tokens).
BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more 👉 https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6— Algorand (@Algorand) May 2, 2022
FIFA Crypto Wallet & Offical Blockchain Platform
As part of the agreement, FIFA will be able to use Algorand’s cryptocurrency wallet and Algorand will serve as the official FIFA blockchain platform.
Anyhow, these are excellent news, and they are bringing the Blockchain and NFT industry closer to the wider public.
Algorand – Sports Heavy Puncher
Algorand will throw its weight behind FIFA, but it’s worth noting that Algorand’s involvement in the soccer and sports business, in general, is not new.
Earlier this year, Algorand, powered by its FutureFi technology, partnered with the National Women’s Soccer League club NJ/NY Gotham FC on a three-year kit sponsorship deal. Club merchandise, in-game NFTs, and tickets will be available to the fans through Algorand’s digital wallet.
Moreover, Algorand also signed a five-year sports partnership with the Drone Racing League in September last year. Details of the deal were not publicly disclosed, but it’s rumored to be the most significant partnership in the history of the Drone Racing League, worth $100 million.
Specifically, Algorand supports financial, gaming, music, arts, and sports organizations in adopting Web3 digital capabilities to support growth, inclusion, transparency, and innovation in a sustainable manner.
What is Algorand
The FutureFi technology developed by Algorand (ALGO) is a Proof-Of-Stake blockchain that is specifically designed for financial services. Furthermore, Algorand’s technology encompasses much more than just public networks.
Providing a cluster of Layer-1 blockchains that provide security, scalability, customer privacy, and advanced smart contracts essential to FutureFi enabled worlds, Aglorand facilitates the construction of a cluster of high-performing Layer One blockchains.
Algorand MainNet implements blockchain technology based on Proof-of-Stake as the first pure Proof-of-Stake network. The Algorand Foundation is providing blockchain technology that is available to everyone.
Committed to technological development and innovation, Algorand focuses on:
- Private and Public Models
- Performance and Scale
- Layer-2 Smart Contracts
The average amount of transactions processed by Algorand each day is 500,000.
The Algorand platform has been adopted by more than 500 organizations to benefit from Layer One smart contracts.
Algorand focuses on providing a public, permissionless, and decentralized network that scales well rather than suffering the performance limitations of first-generation blockchains.
The scalability, security, and decentralization issues that hindered mainstream blockchain adoption for years have been eliminated by Agorand.
A fully decentralized Web3 network guaranteed by Algorand Consensus Mechanism can achieve full participation, security, and speed.
Blocks are finalized within seconds in Algorand’s transaction network, providing a level of speed comparable to large payment networks.
Moreover, Algorand is the first blockchain that allows transactions to be completed instantly.
The media widely hailed that El Salvador adopted Bitcoin as legal tender.
El Salvador & Algorand
Rarely is it mentioned that El Salvador is building its blockchain infrastructure on top of the Algorand platform.
The Algorand, Proof-of-Stake (PoS) blockchain, developed by MIT professor Silvio Micali, has already been widely adopted by Latin America’s national infrastructure.
It has also been used in a variety of capacities for Covid-19 responses, point-of-sale credit issuance systems, and smart contract financing systems.
Who is the Founder of Algorand?
MIT Professor Silvio Micali founded Algorand in 2017, a decentralized, secure, and scalable blockchain that can be used to develop products and services for a borderless economy. Micali is the head of research at Algorand and is responsible for theory, security, and crypto finance operations.
As a co-inventor, Professor Micali has also pioneered many innovations in cryptography over the years, such as probabilistic encryption, zero-knowledge, and verifiable random functions, and taking part in other advancements now considered crucial to blockchain’s future growth and evolution.
Algorand Price Predictions
ALGO token, the native currency of Algorand, surged more than 21% in the last two days, reaching $0.73. A number of price predictions forecast ALGO token to reach anywhere from $2.6 this year to $30 by the end of the decade.
In 2022, it is highly probable that the Algorand network and crypto ecosystems as a whole will undergo a major transition, as cryptocurrencies such as crypto-based payment platforms, DeFi, and NFTs are more widely adopted.
Moreover, it appears that Algorand is poised to become a layer-one blockchain that can reach a massive scale and provide remarkable value to the community in the coming years with its recent partnerships and technological advancements.
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