New cryptocurrency draws attention as potential alternative to Bitcoin: 'A game-changer in the blockchain industry'
With great power comes great responsibility, and cryptocurrency is no exception. It usually takes a ton of energy to operate, but Algorand — a digital currency developed in 2017 — changed a key part of the technology, according to Blockchain Magazine.
It's OK if you're unfamiliar with the language around this stuff or how it all works. Without getting into the weeds too much, all you have to know is that creating crypto relies on a secure ledger called the blockchain to manage transactions and that the standard way of using the blockchain sucks a ton of electrical power from the grid.
What Algorand did was simplify how users interact with the blockchain when buying or selling Algorand currency. The result is a crypto coin that requires drastically less energy to keep up and running, Blockchain Magazine reported.
Since much of the electric grid system still relies on burning dirty fuel sources to make energy, the Algorand solution is a win for keeping the planet cool and clean for us humans to live on. It also marks a unique opportunity for crypto enthusiasts, as more businesses are starting to lean on Algorand to power sustainable finance, the outlet explained.
Despite weathering volatility during economic shifts, crypto owners frequently celebrate many coins as forms of money that operate in some ways more securely — and often less hierarchically — than traditional financial accounts.
However, the world of cryptocurrency still has a long way to go to minimize its strain on the grid and environmental impact.
Some critics also argue that Algorand's way of doing crypto is less secure and more centralized than the usual way things work. Others maintain that Algorand's system could change the whole crypto landscape and be a real competitor to other popular coins, such as Ethereum, which switched to a less energy-intensive "proof of stake" model in 2022.
"[Algorand] … is a game-changer in the blockchain industry," fintech expert Dr. Lisa Benton said, per Blockchain Magazine. "If the industry continues to prioritize sustainability, Algorand will be a benchmark for future blockchain networks."
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