Algorand price surges over 12%

Algorand (ALGO) — the blockchain-based cryptocurrency protocol that leverages proof-of-stake technology — is up over 12% in 24-hour trading.

Algorand’s recent push into India

On March 29, Algorand reported that it had set up its own dedicated team for Algorand Foundation’s operations in India.

In an interview with CoinDesk, the CEO of the Algorand Foundation, Anil Kakani, said that the joint effort would focus on bringing real-world utility to Indians through blockchain applications applicable to Algorand’s DeFi ecosystem.

According to  Anil Kakani, the new use cases they envisage will apply to not only the millions of freelance workers in the country but also the cases in which blockchain may be needed for more complex financial transactions.

“Blockchain use cases that have the greatest real-world utility is happening here in India,” Kakani told CoinDesk. He added that:

“These partnerships with governments and ministries are already happening. They have hundreds of thousands if not millions of users and we want to handhold their transition to address key bottlenecks in their systems from a Web2 to a Web3 solution.”

Algorand’s unique governance

Both a foundation and a company govern Algorand. The Algorand Foundation oversees cryptographic research, award funding, on-chain governance, and decentralization of the Algorand network — including nodes. Algorand Inc. — a private corporation based in Boston — is responsible for the core development of the Algorand protocol.

Algorand aims to address the “blockchain trilemma” by simultaneously achieving decentralization, scalability, and security. The consensus algorithm leverages proof of stake and a Byzantine agreement protocol.

On March 29, the company released a new developer toolkit, hoping to streamline blockchain development on its platform.

As of March 29, the total market capitalization of Algorand is $1.64 billion, with a 24-hour trading volume of $181.61 million and a circulating supply of 7.12 billion tokens.

Corrected as of 11.25 UTC