ALGORAND AND DELCHAIN – PROVIDING SOPHISTICATED FINANCIAL SERVICES TO DRIVE DEFI GLOBAL SCALE ADOPTION.
Considering the loopholes and complications prevalent in the traditional financial solutions, fund management has become quite cumbersome, most of the financial institutions are straight up centralized, this means that there is a go-to person or an authority which mediates and approves transactions before they are executed. This financial approach generates fraud, fund mismanagement, high transaction charges, lack of transparency and inefficiency.
This development triggered the need for a better and more liberating financial system, that is how DeFi(Decentralized Finance) was introduced. This system eliminates all the complications encountered in the previous traditional solutions and creates opportunities for massive financial advancement within the economy of the various countries of the world. It involves the use of digital or virtual tokens backed by solid cryptography for payments without requiring mediation.
The main driver of DeFi is an inventive technology called the blockchain, it is a digital ledger that records and executes multiple transactions in seconds in a manner that it is impossible to effect any change after a task has been executed. The blockchain infrastructure is like oxygen to DeFi, it is the wheels that drive the adoption of this financial approach as it facilitates the attainment of full decentralization.
Since DeFi, there have been a number of blockchain protocols developed to facilitate the assimilation of crypto payment system into the society, the most popular ones being Bitcoin and Etherum, however, these protocols are yet to reach optimum performance as there are underlying issues within their framework, like bitcoin’s resource wasting PoW(Proof of Work) algorithm, to realize the full potential of DeFi and push for global scale adoption, Algorand was formed.
ABOUT ALGORAND PROTOCOL.
ALGORAND is birthed from a partnership between Algorand Foundation and Algorand Inc., it is a pure proof of stake, public, decentralized blockchain protocol designed to be permissionless, open source, trustless and highly scalable. It is the bedrock to achieving the vision of a frictionless and borderless economy.
The algorand protocol will facilitate the development of numerous decentralized applications(Dapps) by new and broader community of developers on the network, with the proof of stake algorithm, to facilitate the attainment of this set goal in a comfortable, eco-friendly and sustainable manner.
Algorand popularity is continuously echoing within and beyond the DeFi industry, its performance has attracted more than 500 companies to leverage its layer 1 smart contracts and other functionalities to develop innovative apps on the blockchain protocol, algorand has generated a lot of support and partnerships over time, the likes of Mentat, Cred, Infocert, Hummingbot have experienced firsthand usability of the protocol.
The recent milestone of the Algorand network is having its digital assets integrated into DELCHAIN ECOSYSTEM.
DELCHAIN limited is a next generation digital asset financial services provider located in the Bahamas and Singapore. It is the only licenced financial and corporate service provider which offers a full stack of financial services to support the trading of digital assets and blockchain companies.
The rationale behind DELCHAIN establishment is to bridge the gap between regulated financial services and the vast world of blockchain. Some of its services include
- Consultation service for companies specialized in digital assets as regards to fund generation, exchange listing, creating of digital assets and distribution.
- DELCHAIN also provides the basic fiat banking services obtainable in traditional banks provided by their banking partners.
- Staking, which entails supporting a network by holding crypto in a wallet, This is a passive way of earning income similar to a savings account.
- There are also custody services which involve the safeguarding and storing of digital assets such that they are impossible to be compromised.
- Market making, treasury management as well as trading for diverse traditional and digital assets.
DELCHAIN INTEGRATES ALGORAND ASSETS TO ITS ECOSYSTEM.
This financial service provider recently aired its intentions of supporting the growing community of users of the algorand blockchain. It looks to integrate the ALGO, USDT on Algorand as well as Algorand Standard Assets(ASA) to its portfolio of digital assets strictly for custody, trading and staking purposes.
Delchain through its staking service proffers an opportunity for its users to earn passive income while having their assets locked up in an insured cold storage. This will now open up opportunities for users to buy, trade, stake and secure their digital assets in a very convenient manner using private keys and under a unified system.
HOW DOES ALGORAND NETWORK IMPACT DELCHAIN LIMITED?
Algorand has always been about contributing to the attainment of a completely borderless and frictionless economy built on the blockchain, this informs its design to provide the basis for app developers to create innovative decentralized applications with its pure proof of stake consensus algorithm to achieve full decentralization and optimum performance in the DeFi industry.
Algorand protocol will help delchain attain its full potential by providing a framework for the creation of financial services within the blockchain space. Delchain will seamlessly bring fundamental tools and services to enterprises and organizations using algorand to provide cutting edge blockchain apps.
WHAT DELCHAIN PARTNERSHIP MEANS FOR ALGORAND.
The alliance between Algorand and the Delchain network creates mutual value for these two powerhouses. The partnership unravels more potential of the algorand protocol and drives for its adoption, it also significant as it generates more support for the algorand network from surrounding blockchain related projects.
Moreso, as already mentioned that Delchain integrates usdt , Algo token and Algorand’s standard assets, the result is that more liquidity is generated for the Algorand’s native token(Algo).
Delchain limited and algorand have combined resources to create more adoption for DeFi while sustaining its vision for a borderless and frictionless economy based on the blockchain, this is one of the many partnerships this innovative blockchain provider has entered to improve DeFi experience for all subscribers within the industry, there are also the likes of infocert, mentat, cred, borderless capital, hummingbot and many others joining the band to leverage the algorand protocol to create more usability, improve services and perform satisfactorily in the digital industry.
The algorand blockchain is exceeding expectations at all levels, its design is to facilitate the creation of innovative Dapps for a better DeFi experience. It is no surprise how much support it has gained over the years from related blockchain projects and industries around the world, its alliance with Delchain is only a part of the building blocks in revolutionizing the entire global financial system.