Two days ago, during the Paris Blockchain Week, a side event organized by the crypto project Algorand was held.
In the splendid setting of a Haussmannian building in the heart of Paris – with a view of the Arc de Triomphe square – the Algorand event gathered several hundred people who attended the presentation of various projects related to the ecosystem of this blockchain and of course the party/cocktail party that followed.
During the conference, the future of this blockchain was discussed as well as the most interesting projects currently populating Algorand.
Below we will see Folks Finance and Exa Market.
The agenda of the Algorand party in Paris
The first to speak on stage was Benedetto Biondi, the CEO of the Italian company Folks Finance, one of the largest projects DeFi on the Algorand blockchain.
Folks Finance is a project launched 3 years ago in 2020 when the team participated in the Algorand Europe Accelerator, raising a total of 3 million in 2022 from a fund that included Coinbase, Genesis, and other industry giants. In the same year, in April 2022, Folks Finance then launched its own mainnet.
This is what they define as “Next generation DeFi”, as their goal is to improve the sector, since currently DeFi still has several issues such as user experience and gas fees.
The most important part of the Folks Finance platform is lending, but also the swap that exchanges $6 million in volumes per month and staking with 454 million crypto ALGO.
In the roadmap in the near future Folks Finance plans to create a cross chain landing, launch its own mobile app, a debit card and finally – drum roll – its own crypto, or rather a utility token.
Exa Market: the NFT marketplace on Algorand
After Folks Finance, among the crypto projects to take the stage at the conference related to the Algorand blockchain ecosystem, it is then the CEO of Exa market who has decided to build an NFT marketplace on Algorand to take advantage of the low fees, speed, and the fact that it is a blockchain with less carbon footprint.
The project was born in 2022 and aims to provide an easy solution for minting NFTs. The company also has a team that guides artists step by step to help them use the platform.
What is Algorand’s blockchain?
Algorand is a decentralized and open-source blockchain platform designed to create and scale decentralized applications (DApps) and digital financial services. Of course, it has its own native cryptocurrency called ALGO.
Founded by Silvio Micali, Turing Award winner, Algorand aims to solve some of the key issues of traditional blockchains, such as scalability, security, and transaction speed.
Algorand uses a consensus algorithm called “Proof of Stake” (PoS), which allows to achieve consensus on new transaction blocks efficiently and securely.
This algorithm also allows for greater scalability compared to “Proof of Work” (PoW) systems used by blockchains like Bitcoin, reducing energy consumption and increasing the number of transactions that can be processed.
The Algorand network supports a wide range of use cases, including payments, asset tokenization, smart contracts, and much more.
Its flexible architecture and advanced security features make it attractive for developers and companies looking to leverage the potential of blockchain to innovate in their sectors.
