Building anything that is going to survive and prosper requires a solid foundation and that is what Sean Lee CEO of the Algo Foundation described when he met Lloyd Wahed in this week’s Searching for Mana Podcast.
The Algo is the native token of the Algorand blockchain, and the Algo foundation helps users solve real-world problems using the Algo ecosystem which is based on four basic principles:
- Speed, as it sends money anywhere in 4 seconds
- Scale, to support billions of users without slowing down
- Security, to operate without any forks, and
- Transparency, as anyone can see how many Algo are in use
To add to that compelling mix of benefits the Algo takes no mining to use, so this is a green, carbon-neutral technology using consensus as an alternative. Here is a different type of platform to solve the blockchain trilemma of being fast, scalable and secure together.
Currently, there are 2m Algo transactions a day and Sean sees their role as part of a new generation of technologists with a vast array of opportunities in front of them and a “rising sea to lift all our boats”. Sean studied computer science before working through what he defines as a series of technology-driven waves that have transformed the way life and business work. The first wave was the internet driving new business models, and then social networks changed the way we communicate with each other, which was followed by the “sharing economy” enabled by the cloud and here we are now on a rising tide of transaction innovations increasing efficiency, transparency and security.
The Algo foundation invite applications from institutions around the world who want to use the Algorand blockchain, and Sean describes a project with the University of Cape Town, which they will be funding for some years to create a centre of excellence to apply blockchain solutions to digital currency and identity issues across Africa. This is part of the foundation’s belief in education and helping the tokenisation of assets release the benefits of ownership and provide equitable financial assets to those that don’t have them. For Sean crypto assets create an economic model by engaging with communities wanting to leverage the blockchain to empower them through better owner models and frictionless ways to transact.