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We've seen plenty of Blockchain and crypto ventures promise the world over the previous decade only to fall short of their goals. Some of the activities were well above their capabilities. Others have failed to create a commercially viable product. Worse, during the 2017 bull market, a report indicated that over 80% of ICOs were outright scams.
The industry is still working to restore the harm caused by years of lack of transparency and unscrupulous actors in Blockchain and cryptocurrency. In many investor conversations, blockchain has gone from being the golden ticket to being a red flag.
Even the best ideas in any sector aren't certain to succeed, but some of the most inventive projects' lack of transparency is alarming.
While numerous well-known cryptocurrencies, like as Ethereum and Cardano, have made attempts to construct their vision in a transparent and forward-thinking manner, the industry's reputation still has a long way to recover.
More and more projects must commit to designing for the future and being transparent along the way in order for the "future of tech" to be relevant.
Algorand's technology has so far performed admirably. Algorand can currently handle over 1000 transactions per second and has not had any network stalls or outages as of this writing.
While their technology is outstanding thus far, Algorand is working hard to earn community trust through the Algorand Foundation, which provides regular updates and criticism on their mission.
The Foundation's dedication to listening to the community and making required adjustments demonstrates that the project is committed to the long-term success of its mission and technology.
Furthermore, Algorand's fundamental function is to make it easier for anybody to tokenize an asset with both transparency and scale. "Those who tokenize assets utilizing the Alogrand blockchain will be assured of having a fully decentralized blockchain, which no one can censor," says the company.
Of course, while it is a bold claim, it appears that the Algorand team is well-equipped to lead the charge in terms of innovation thus far.
Despite the allure of Blockchain and cryptocurrency, it's critical to keep your feet on the ground. There are a few projects that I'm currently thrilled about, not only because of the innovation they expect to offer but also because of their goal to create an inclusive and open community that is concerned with the long term rather than the short term.
The space must begin to take on a new identity in order to mature and evolve. We must demand that Blockchain technology's innovators adhere to a higher standard of trust and transparency.
There is a problem with the branding of blockchain and cryptocurrency. A branding issue that can only be handled if organizations are willing to put in the effort and are honest and transparent throughout the process.
While Algorand and other prominent Blockchain projects may experience ups and downs, those who are creating for the future are our only hope of mending our tarnished reputation.
I'm thrilled to see more and more projects commit to making the world a better place via their deeds, not just their words. That ends today's discussion, thank you for passing by.