Watch the AMA video at this link.
Max - Hello everyone and thank you for tuning in to the Algorand and Crypto.com Live Video AMA! My name is Max, I am a Community Manager here at Crypto.com and I will be your host for today's Livestream.
Joining us today will be CEO of Algorand Foundation, Sean Lee and COO of Algorand, Sean Ford. They will be answering questions we have collected from our communities over the last few days. If your question was featured in the Q&A session then you may have won a share of a 2000 ALGO prize pool, so keep an eye out for that as it will be arriving into your wallet within the next 14 days.
Now without further ado, we'll give the floor to Sean Ford and Sean Lee. So Sean and Sean, we’ve got many questions for you to get through here, but first, would you mind introducing yourselves, Algorand and the Algorand Foundation?
Sean Lee - Well, good morning. Good evening wherever you are. This is Sean Lee from the Algorand Foundation. Very glad to be here and thank you Crypto.com for hosting us. Thank you.
Sean Ford - So, I'm Sean Ford. I’ve been with the project Algorand which is the open-source software company based in the US for over two years. And very excited to be here with you all and with another Sean from the foundation.
What is the difference between Algorand Foundation, Algorand Inc., and the Algo VC Fund? Can you name some of them?
Sean Lee - Maybe I'll take that one. So, I guess the best way to look at it is that the Algorand Foundation is really more focused on the grassroots approach for ecosystem development, and our brothers and sisters at the Algorand Inc. are really focused on hardening the protocol and also enterprise adoption, as well now, we collaborate on a daily basis trying to Hostimize the value that we can bring towards the great Algorand community that we have.
As you can see, we also have a habit of hiring people with the same name. So we've got Sean and Sean here today, and hopefully that's not too confusing for all of you.
In terms of the Algo Capital, Algo Capital, it's actually now known as Borderless Capital. They're focused on providing venture funding to innovative startups, both inside the Algorand ecosystem and also outside as well.
We work very, very closely with them on a variety of different exciting initiatives. And I think very soon you, the community, will start seeing a number of key projects that are coming live, that will, you know, truly start to demonstrate the global scale and the speed potential of the protocol from Algorand in but more importantly, in very real and tangible business, not in just Mbps or PLCs.
I think that's very important as the entire space continues to mature, to see these are real businesses that are actually built on the protocol itself. I think from the front of perspective of how we work together, that's probably a high level update, maybe, Sean, do you have something to add on that from the inside as well?
Sean Ford - Sure. So I think that, you know, the Algorand Foundation operates completely independently, while we, you know, collaborate and we talk with one another to Hostimize the value that we bring to bear.
You know, Sean Lee is firmly at the helm there. And there's a number of very talented professionals that are working on a variety of things related to the community as well as research and all that. I think that the benefit that we see is that, you know, there's a big market, there are a lot of different players that are out there, both companies, businesses, across the board, Traditional, DeFi, and then there's a real need, as Sean Lee just said, to sort of double down and emphasize that organic development of the community globally, and I think it's a big mission, but one that you know, we're trying to do all we can to support Sean and the Foundation in pursuing,
Host - I think you've done a great job of explaining it there. I know for a lot of people, there is some confusion. So it's really nice to have it all cleared up and summed up in such a concise way.
What is the most ambitious goal of the project? They would appreciate it if you could share with us any upcoming updates on what should the community be looking for?
Sean Lee - I think we've got to talk about our Smart Contract capability. Right, Sean?
Sean Ford - Well, we certainly can. I think, Well, I would say that just to sort of hit that particular question. I think that ultimately Algorand as an ecosystem, if you step all the way back is really building a decentralized economy.
And when you think about that, and you think about what is important to have In a healthy economy, its participation, inclusivity, growth, opportunity, you know, all of the things that you'd see in traditional thriving economies. And I think the ambition is to try to build that, collectively. And that's not just Sean Lee and the Foundation or Algorand Inc, or Borderless Capital. It is everyone, it's the developers that we attract. It's the partners that we build, both infrastructure partners that we work with, as well as partners that are in more traditional businesses that are learning and, and looking to migrate over to this new digital economy in this decentralized reality that we're in the middle of.
So from my perspective, the most ambitious goal is to try to, you know, drive mainstream adoption, global adoption of this new type of economic reality and really drive broad based participation in ways that even, you know, current economies don't see. And so if we can, if we can truly move in that direction, and build an ecosystem that's attractive and growing and vibrant, I think, you know, that's about as big a goal as you can have. And, you know, Sean Lee is commenting a little bit about the tech side of things. I'll pause. I'm happy to jump in. But I'll pause to see if that makes sense. Or that sort of, you know, articulation of what I think the big goal is,
Sean Lee - I think maybe for now add one point on top of that, you touch upon the notion of the global nature, part of what we're also looking to do is kind of bring the synergy from projects in different parts of the world, and expand that to serve a broader community as well. Right. So some of the ecosystem partners that we've been working with, you know, they may start in a particular part of the world, but then rapidly going through that process, we'll be able to kind of really broaden that ecosystem and bring that synergy in place.
I think that's going to be quite exciting in different parts. And obviously being here in Asia, there's a lot of exciting projects that are happening. So we're really collaborating on both sides trying to bring a lot of those things together.
Actually, somebody mentioned that obviously Ethereum right now is the kind of go-to platform for Smart Contracts. So it's interesting to get a new take from Algorand to explain why they do it differently — A way it's better in some cases.
Sean Ford - Sure, and I think, just as an aside, on our website, Silvio has published a number of different, more detailed blogs and descriptions of our approach to this. But I would say that the basic focus is this, that Smart Contracts, the way they were originally conceived, sort of took us down a challenging path.
While again, absolutely innovative, they were taken down a path where they were expensive, error-prone, there's security issues, and a lot of that was just part of their inherent design. And having developers have to try to figure out code and someone, you know, makes a fat-fingered mistake, and all of a sudden there's an error in the transaction or the execution of that transaction that could be fairly significant.
Algorand's approach was to really build the smart contract capability into Layer One with a number of primitives. So our basic focus of the Layer One Smart Contract is, you know, make it highly secure, fast for everyday transactions. So they avoid certain complexities and security risks and expenses. And so as a result, it removes a lot of those errors and uncertainties that we saw in some of the other execution of smart contracts in the market.
Our Layer Two, which is what we're calling, you know, what was a paper just written by Silvio on this, which is really the off-chain contracts for the long tail. So, you know, oftentimes, as we know, developing a smart contract can be fairly complicated, can have high compute, can be too big in terms of the needs and the parameters around it to be done on-chain, and so essentially, there's a way that Algorand has developed a method to consolidate and batch those more complicated transaction needs or parameters or effects. And then bring them back to the chain so that those more complicated Smart Contracts don't slow everybody else down. And, again, all of this has been designed with the use of Algorand's consensus mechanism to maintain scalability, speed, and security, while removing errors or potential flaws that we've seen in other smart contract protocols on the market.
Why is a pure Proof of Stake more secure than a, you know, typical generic Proof of Stake? It's more scalable, it's faster. You touched on that there, but to get some, some deeper insight would be really helpful.
Sean Ford - Sure, so I think, to just set the table, there's a number of different types of Proof of Stake that have been created in the market. There's Delegated Proof of Stake. There's a Bonded Proof of Stake and you know, those both those types of protocols are still prone to the risk of centralization, security concerns and you know, having stake ultimately end up in I would say, you know, malicious hands or dishonest hands. And as a result, they run into issues of confidence of the people who are using them and all sorts of issues around that, that you'd see in the market with respect to security and transaction, finality, all those things.
Pure Proof of Stake, what we've done is that every person who participates in Algorand, every Algo is a vote in the network you are able to be selected to be a part of either the validation or the propagation Committee. The likelihood of you being selected is tied to the number of Algos that you have in your stake. So it's sort of — we've talked about it as a lottery ticket, you win the lottery and you're able to then be the person who validates the block, there's no time for mining, no intensive compute required, and as a result of the fact that the committee's to validate every block change with every block randomly selected, and secretly. It's also more secure that the block is ultimately approved prior to even knowing who might have approved the block. So it is absolutely fault tolerant because there's no special group of users for an attacker or anyone that wants to target it.
So it's unbelievably secure. And really, the speed of the consensus mechanism is actually tied to the speed with which the block could be propagated through the network. So it isn't so much the voting mechanism, it is the speed of the decentralized network. That limits the scalability. And so as a result, you know Algorand right now can scale to billions of users and sustain a very high transaction rate with very minimal cost. So if you look at Pure Proof of Stake, it's more inclusive. There's no computer or really resources required. You know, the communication costs to the network scales linearly, blocks are finalized within seconds. And as a result, we think that the Pure Proof of Stake model is more scalable and faster than Proof of Stake.
There are numerous scaling issues with the current state of Ethereum, which I think everyone is aware of. So is Algorand planning to tackle DeFi and if so, how will it solve the current scaling issues surrounding it?
Sean Ford - Well, I think if I take it in reverse, I think that the scale, we have given the architecture of our consensus protocol and the platform itself, we've sort of solved the scalability challenges. I think that, you know, we have a line of sight into 10x improvement even in the TPS that we have now, which I think is still best in class. And, you know, we've seen a lot of folks that are in DeFi or Open Fi that have because those capabilities started to come to Algorand and move to Algorand pretty aggressively. So to now, talk about the first part of your question, Is that an area that we're tackling I think, again, if you go back to the idea that our big ambitious goal if one is to build a new economy and you know, a decentralized economy, one of the things you have to do in any economy is certainly build the right infrastructure and capabilities to transact and exchange value goods, services, whatever it is, that's pretty, pretty well understood. And I think we've done that with the core protocol. The second thing you want to make sure that you're doing is that you're able to attract the right sort of partners that focus on, you know, financial activity and performance. And so DeFi is such a broad term, there's so many different flavors of folks that are in this space, or migrating to the space that, you know, we see it's an absolute imperative for us and a focus area for us has really been in the DeFi, Open Fi space. We've done work with the central bank, digital currencies, and then they're sort of like I would just call additional finance and payment providers. And those big buckets have heavily taken up a lot of our activity and efforts in the near term as we start to continue to build out sectors in this new economy.
The growing popularity of the Ethereum blockchain has led to a significant increase in transfer fees. Have you solved this problem on your blockchain? Or is it something that you are looking to do in the near future as you scale?
Sean Ford - Well, I'm assuming you're asking me this question. I would say that, you know, look, the transaction fee on the Algorand blockchain is minuscule. It's 0.0027 of a US dollar. It's minuscule, and it doesn't change with traffic, or what the block is, or the asset that's been produced. That's largely I think, because of the efficiencies we've been able to build in around the lack of need for heavy compute and the speed that we've been able to create across the network.
Host - Okay, nice. I'm moving on to performance a little bit moving away from the tech approach onto performance.
What steps are Algorand taking to promote the Clarity Smart Contract to other blockchain industry players?
Sean Ford - So on this one, I think, first of all we're very excited to work with, with Blockstack and Muneeb, who's really an innovative pioneer in this space in particular, to try to collaborate and work towards, you know, interchain communication in order to avoid a lot of the kind of walled gardens that exist in the Smart Contract world. You know, so with clarity in particular, we know that developers can execute contracts between each other seamlessly through a widely adopted open-source language. And for us, again, if you're building an economy, you want to work with partners who have that same sort of open source collaborative inclusive approach to what they're building. And certainly Muhneeb the and the Blockstack team are that, and so for from our perspective, you know, we are going to continue to work with them to improve adoption and cross-chain collaboration to try to bring a bit more confidence and security and performance into the smart contract space. And there's a number of places that you can check out for more information on Clarity there's Clarity GitHub and other channels. We're going to continue to partner with them and others as we develop.
This is more of an Algo topic, what are the differences between Layer One and Layer Two scalability and which ones did Algorand use, and what is the reasoning for that?
Sean Ford - So Layer One...So if you step back again, there's a lot of overuse and, I would say inconsistent use of those terms. So for Algorand, Layer One scalability is specifically the performance of the Algorand consensus protocol. And I touched on it a few minutes ago, which is decentralized, and runs with a pure under the sort of pure Proof of Stake approach.
And so that scalability is able to process thousands of transactions per second, as we talked about with instant finality. And this level of throughput and adoption doesn't require users to compromise by using secondary networks of any kind. So as usage grows. For us, we have a number of different things that we're putting in place to continue to scale and support global adoption Layer One with that speed.
The Layer Two scalability is really based back to what we talked about a little bit around, sort of on-chain off-chain calculation and execution of Smart Contracts. And so the way that this has been designed is that, that the off-chain complexities and effects that are being built into certain types of transactions won't get in the way of the execution, the speed or the performance of the Layer One chain, in fact, it will move in batch and very quickly at the same speed as any other transaction would move on Layer One.
So in some ways, we've removed the distinction in Algorand or the need to distinguish an Algorand between Layer One and Layer Two scalability given the way that we've architected a number of the different types of actions and assets that we see coming onto the platform. So I would say safely at this point that you know, I mean, the focus is really Layer One because for us Layer One is really the thing that is how we think about scalability and it shouldn't be impacted by it for businesses that build on top of us.
Similarly, what advantages does Algo have above the competition? And more specifically, what kind of plans do you have for the Asian market in 2020? To 2021?
Sean Lee - Okay, all right. So obviously, the Algo itself and the protocol go hand in hand. I think Sean Ford already covered quite a bit around the transactional speed, which is truly transformational, especially if you know, those of us that have been in tech and work in the traditional kind of, you know, in the industry, you know, to to be able to have blockchain transactions that are able to occur at the same speed as kind of, credit card transactions these days, that is a game-changer, right. And in four and a half seconds, you can have the transactions going from one holder to the next, that allows for the use of Algo to really be adopted by you know, high-performance e-commerce platforms, plan payment platforms that Sean talked about earlier.
And this really opens up the space to a lot of possibilities with real-world use cases rather than, like I mentioned before, still being stuck in kind of pilots and experiments and PLCs. The second part of the question about Asia. Obviously, Asia is a very critical market for us as evidenced by the tremendous momentum that we see in blotching developments in the DeFi space, and also with several governments working very closely on central bank digital currencies. So because of that, we actually launched our first accelerator program in Singapore, just a little while ago, the applications are still taking place. So we've got about five more weeks. So we're still open for, you know, anyone that's got interesting use cases as a proposal to come and take a look at the accelerator program.
And, you know, what we're trying to do is create this networking effect, where we bring in our technologists or cryptographers, from our research team, our mentoring network, the VC community to create that groundswell where we can look at interesting use cases that are either developed and originated in Asia, or potentially use cases that originates from elsewhere.
But now they're looking into Asia as a growth market and they want to really tap into the talents and also the multifaceted cultural aspect here than we have here as well. So, I think, you know, in terms of Asia, we're spending a lot of time looking at the various different regions and looking at working with different partners. Always trying to expand into our capability here and the accelerator program is a prime example of that.
Can you tell me why investors should invest long term in the Algorand project? And aside from that, what role does the Algo token have in the grand ecosystem?
Sean Lee - Okay, all right. So let me cover the Algo. First. I mean, first of all, it the Algo is a crypto, it's a usable cryptocurrency, right? So we talked about, you know, if the from the sense of, holders, being able to execute the transaction with it anywhere in the world, right in under 4.5 seconds, and with analogy, right, so Sean talked about that earlier. But so that by itself is amazing.
But if you think about the additional capabilities that the Algo can bring, it is also our consensus token, right? And that's very important for our blockchain because it is fundamental in terms of block creation, and then also in the future, adding on to the kind of the voting mechanism. So our community will be able to vote in terms of the direction of where the protocol is going, as well as the ecosystem as well.
So there's a lot of capabilities that the Algo brings to the overall Algorand ecosystem. And I think that makes it very, very exciting in terms of a vehicle for people to look at, and then obviously couple on top of that, the tremendous amount of use cases that we're seeing being the, stable coins or security tokens that people are now looking at standardizing on the Algorand ESAs, I think the use cases and the broad usage of the Algo in conjunction of those use cases, make the Algo an interesting aspect to look at. Obviously, you know, those of us here are not investment advisors. So I'm not going to really talk about, kind of the investment angle of it. But I think from a long term usage and the long term prospects of where the Algo is going along with the protocol, it is tremendously exciting. And we're very happy to see where it's going.
The next question is regarding staking. How can users stake Algo, what is offline mode, and then are you able to stake in offline mode?
Sean Lee - Great question. That's actually a simple question. Staking in Algo is actually very simple. If you hold Algo in a wallet, you're automatically participating in our protocol. So in a sense, you're already part of it.
Now, to join consensus. You just have to kind of turn your Algo holding to an online mode. That's all you really need to do. Now, if you hold Algo in offline mode, you are actually still participating in our ecosystem. So in other words, let me put it very simply whether you're online or offline. As long as you're holding Algo, you're participating in our network and you're receiving participation rewards. So that's, that's quite simple for us.
Fantastic, and quite an open-ended question to finish off this topic before we move on to adoption. What is the future of Algo?
Sean Lee - Well, like I said, the future holds that the Algo holds a multifaceted function within our ecosystem and I mentioned it being a transaction mechanism. I talked about it being a consensus mechanism for us for funding transactions and as I mentioned before, in the future, we're also adding on-chain voting capability on there as well. So it is you know, it's fundamental to the overall protocol.
So as we continue to build new capabilities, Sean talks about the continuous improvement in the TPS as well. I think the Algo is going to go along with that. And we're, of course going to be looking at various different aspects of tying various other angles to it as well. So I think the future of the Algo is, it's where the imagination goes and where our capabilities can bring it.
Host - I love that. Thank you, Sean. We've gone through adoption. Again, we're bringing it back to DeFi. It's a very, very hot topic right now. Could you share with us your opinion on DeFi how you think it will disrupt the current financial system? And I know you touched on it earlier in the different segment, but what is your general approach as a company to the whole sector?
Sean Ford - Yeah, so I'm assuming that that's me. So first of all, again, we think, you know, the world of finance, in general, is at a point that I think we've seen in the world of tech a number of times before, you know, certainly with cloud-based computing, and even as we started to touch into things like, you know, the IoT and big data. And so I feel like we're at that moment again, and kind of, at Algorand, our belief has always been that it wasn't a lack of interest on the part of people to sort of participate in this sort of digital community in this new type of economy. It was actually that the tech was getting in the way it wasn't performing in a way that allowed people to, in a very simple, easy permissionless fashion start to adopt a number of strategies that people had thought about maybe conceiving of if you think about it.
I mean, Silvio's thinking on zero-knowledge proofs, or verifiable random function, a number of other things that we sort of pioneered in cryptography. That was all done by hand. I mean, he was sort of calculating, it wasn't an abacus, but it was certainly a calculator and it was pretty impressive, but the tech hadn't caught up to really take full advantage of that thinking.
And so now blockchain comes along. And now Algorand comes along. And if you look at the DeFi space, I actually would posit that it was the failings of the various projects across the ecosystem that really hindered the DeFi development and adoption. And so now, given where we are, I think you know, again, not to rehash but because it is unbelievably simple to create an asset, a very cost effective, no barriers to entry, incredibly fast, transaction finality, which obviously in finance, it's true. It's important everywhere, but certainly, in finance, you want to make sure that the exchange you made is valid, real, and is final. And so by bringing tech that really ticks the boxes to a number of the things that I think are causing people to not adopt or not grow their DeFi strategy. I think by solving those things, which we have, like I said, we're seeing a massive, massive uptick in both the variety of assets that are starting to be built on Algorand and the value of those assets that are being brought on-chain.
Tell me about some of the main projects that you guys are financing currently through the Algorand Foundation.
Sean Lee - Um, well, there are a variety of different projects. I see quite a few of them are coming in, working predominantly around kind of the infrastructure around and in support of the Algorand protocol. So those are very exciting and that's additional capability that our overall ecosystem can leverage. But at the same time, continue to your supplement our team on both sides of the Algorand companies where we can continue to build upon that.
So that's been actually quite exciting. And you'll be seeing quite a few of those coming online pretty soon.
In addition to that, though, I think it goes back to what Sean was talking about, kind of in the DeFi space, right. So there's lots of very compelling use cases, I would say, and they are really coming from all over the world. They are coming in investigating the possibility of their business ideas and then leveraging and supplementing that with the Algorand capability. So we're looking at a number of these use cases. You know, there are a lot of them that are obviously in the kind of open finance space, but we are also seeing some others that are truly unique. So we're evaluating the data and trying to bring together a variety of different coverage areas where we can really Hostimize the power of what our technology can bring, you know, both in terms of the scale, both in terms of the transaction capability and the speed.
So, we're looking at a lot of these projects. And those are predominantly what we're focusing on right now. Now, as we continue to expand, obviously, there'll be additional possibilities that you'll never know what the communities are going to be bringing in. And so we're very excited to see, kind of, the continuing funnel that is coming through both in terms of the accelerator program that I talked about, and also through our communities, and also the grant program as well. So quite exciting in that regard.
Again, this sort of segues through to the next question that sort of touches on community, obviously, that would result in you building quite a strong community I imagine. How would you describe your strategy to building a powerful and global community? Do you organize community-related events or services and if you do, which kind? Talk to us a little bit about that.
Sean Lee - Yeah. I mean, events are obviously central to every project. So that's for sure. And of course, the world has been kind of adapting to the new normal, in terms of how these events can be run both effectively and also in a sustainable manner as well. But before I touch upon that, I do want to say, you know, when we look at the community, we predominantly look at four different personas, right?
We have the core developers, whether these are blockchain, developers or developers now they're in the space where they want to get more educated and try out new projects in the blockchain and crypto space. So there's, there's that kind of one bucket.
We also have a lot of partners that we work with, right, whether they're technology partners or application partners that are looking at us as well. And then there are the academic institutions that are part of the community that we work with very closely, both in terms of additional research that we're doing in the topic, but also creating curriculums that might be making it easier for the next generation to learn really where this whole space is going, because we all know, we could see the momentum accelerating in that regard. And then the last one I'll talk about, and I think you touched upon a little bit on that earlier, is the Algo holders right? The Algo holder community that we have as well. So at the highest level, we break it down into four distinct groups.
Now, to engage with all of those, we leverage a number of programs that we've already got in flight. And we'll continue to look at expanding and evolving those as well. So let me talk about this and that part of that is our Global Ambassador Program. And we've got these extended brothers and sisters all around the world, really to give us kind of global coverage, be our feet on the ground, understand what their community, what their regional ecosystems are looking for, be that feedback loop to us. And over the last couple of weeks, I've been very fortunate to be able to talk to a few of them in Japan and Turkey and other places where I wanted to really understand, you know, what are they seeing? How are they seeing it right, in this world in this climate right now, but also in the general space together. So the Ambassador Program is certainly one area that we can tap into, to work with those communities and I talked about.
We also covered the Accelerator Program. And that one is right now very, very Asia focused. So we're looking for interesting use cases and proposals, bringing in kind of the partner side and the developer side and really creating something unique together. I’ll touch a little bit upon the Grant Program, I think there in the previous question that you talked about was about financing right? Financing different projects. So that's predominantly through our 250 million algo Grant Program that we launched a few months back, and we've been working with the community to identify, you know, capabilities that will benefit the overall ecosystem.
And I think, you know, throughout all of these programs we were able to get a much better understanding of the needs and the desires and also the aspirations of what our community wants to do with us, and what we want to do with them as well. So I think from a perspective of kind of expanding that ecosystem outreach and the strategy around it, we're very much sticking to a user-centric approach. We want to understand what they want, we want to continue to work with them. And it's an evolving process. And that's why these programs have been put in place for us to be able to have that iterative cycle so we can continue to evolve and continue to bring more and Hostimize the value that we can bring to the ecosystem.
Host - Speaking of optimizing the value of the ecosystem. What use cases are the grand team currently working on focusing and building you know?
Sean Ford - So I can jump in on that one if you want Sean. So. Again, putting a sort of a framework around our approach, again, it's to try to, you know, build an enduring, enduring ecosystem with as much variety and credibility and types of assets as well as value as we can on-chain because then it becomes a place that more and more people want to come build and create and develop their own businesses.
So using that as a basic, you know, filter, we've got a lot of projects that are building actively on Algorand right now, a number that we've announced, many around tokenization of assets, Meld Gold out of Australia, Realio, which is commercial real estate, a number of stable coins and ASAs are in place. Obviously Tether is live and it's been a great partner USDC announced that they are going to be coming on Algorand very soon, ARCC which is a very interesting project, Asia’s reserve currency coin but they are actually actively building up, you know, a series of opportunities for people in Asia to participate and create digital currencies. It was announced the Marshall Islands has selected Algorand to launch their first ever digital currency Monerium which is money regulated in Europe and a number of new asset classes, for example, Republic, which announced with us several
weeks ago but has now gone live, today in fact, with their token, the Note, and it's a profit sharing token. It's regulated and approved and it is bringing 700,000 new whitelist investors on to Algorand's platform to give them opportunities to invest and share profits of investments that Republic has made, and Props which is a loyalty token.
So there's a bundle Things we also have a bunch of, you know, infrastructure partners, Pocket Network just announced, which is a decentralized infrastructure for cost-effective peer to peer application development. They allow people to build apps that are, you know, looking to create businesses and access their network of nodes and their infrastructure to do that very, very easily and securely.
So there's a bunch of things that are all wrapped in the idea of making sure the infrastructure of the economy is actually strong and vibrant. And the variety of assets that we're bringing to bear are real, and are, are compelling to give people a lot of different ways they can interact with the protocol.
Is there any open chance for a new developer to participate or build their projects like token, using Algorand blockchain as their basic platform?
Sean Lee - Oh, absolutely. I mean, let me take that one. The Algorand platform we're watching is built as an open-source public permissionless blockchain. So that means it's available to anyone who wants to create a project built on or you're using the blockchain itself.
And we touch upon the ASA standard, the Algorand standard assets, standard for creating digital assets, such as many of the use cases that Sean Ford mentioned earlier. That means basically, anyone can create a token based on the ASA structure if I recall, in less than, like five minutes or so. Right? So it's quite simple to be onboarded with a new project in that regard. So we're definitely seeing a lot of tokenization projects, you know, for kind of fungible assets like stable coins that we talked about, non-fungible assets, you know, collectibles and things in those areas, and those can all be very easily created on Algorand. And most importantly, without any permission, this is open source. So you can try it, play with it. If you want to talk to us about the additional capabilities, you're more than happy to do so. You need support from us, we're happy to pick the phone or email or Telegram or whatever channel that you prefer. And we'll be able to work on that as well.
So absolutely for any developer or someone to participate or build on it. You know, we really truly want to create that inclusive open environment for all to participate.
Can you tell us why Algorand is a partner with Meld Gold. I know we mentioned it briefly earlier. But what are the uses and benefits gained from Algorand by becoming a partner of Meld Gold?
Sean Ford - Sure. Yeah, it's a pretty exciting project. So it's based out of Australia. It's backed by a number of folks through the Melbourne mint. You know, it'd be very easy and compelling to say that you know, we're very excited to add a gold back stable coin to our ecosystem. There's a lot of you know, obviously benefits to that and it's an exciting thing to be able to add.
I would say though that the thing that really gets us excited about Meld is, Meld, you know, was able to sort of issue their stable point on Algorand but they actually have bigger aspirations at least they've self-described which is to try to provide greater transparency to the entire gold industry supply chain all the way from the miners to the buyers and sellers. And it is an industry obviously, that is ripe for innovation and the leveraging of technology to really remove some of the opacity that people have in that supply chain and Meld is you know, beyond just looking to issue a gold back stable coin, really trying to transform an industry and that kind of partner I think gets everybody at Algorand and in the broader ecosystem very excited and so that's what Meld is and what Meld is doing with us.
The final question before we move on to the future topic, which will be our last topic. There are micro shares on the ground blockchain. Can we invest in stocks or in stocks on-chain?
Sean Ford - Well, the short answer is that is yes, there are a number of projects I mentioned, one, the Republic Token offering is actually live today. So that's, again, a regulated security token that's being used on Algorand. World Chess has announced that they're going to be doing a hybrid IPO, using a security token offering in the next weeks, is was going to say months but let's say weeks, and Props, again, is a loyalty token, regulated, that's moving from Ethereum into Algorand to sort of make sure that it's able to scale at the speed that it needs. And we are very excited about those. And I think, you know, I would say there's a dozen others that are out there that are actively working with us to launch so we expect to see more and more partners like that and a greater number, a greater variety of ways that people can actually invest in what would be you know, security tokens or regulated assets.
Research innovation on the technical blockchain information is a very important element that makes cryptocurrency as a project or entity survive. So how well does the Algorand team handle this?
Sean Lee - Maybe I'll take it from the Foundation side and obviously we were closely collaborating with each other. So a lot of this will be very, very synergized. I think on the Foundation side, you know, we will continue to strive to be more grassroots level, more kind of bottoms-up approach. We are constantly looking to engage more with the community, whether they're already part of the Algorand ecosystem or potentially looking into it. But, they haven't really been a partner yet.
So I think from, from our perspective, a continuation around reaching out to those communities, both from a research perspective, identifying more ideas, more concepts that we can incorporate into the projects, as well as innovative capabilities, features or use cases. All of those are going to be very exciting for us and we'll continue to work very hard in expanding that.
Now, I talked a little bit about the different programs that we are running and have been running over the last few months and we predominantly look at it kind of four areas, right, within the grant program. So there is a pillar around the research aspect of it, both from a technology and economic side of it. There is an area where we focus very heavily around tooling and infrastructure capabilities. We also look at education proposals, and what can we do in that regard, together with the community and obviously also application use cases that we spent quite a bit of time talking about today. In the current grant program, as it stands today, is predominantly handled within the Foundation.
We work with the community, we go through our certain processes and evaluation criterias, and we look at where those are going to be important proposals that we invest in. Now, that is what we're going through at the moment. Our plan, however, is to really broaden that out. Our plan is to have more of a community-driven brand approach where we will give our Algo holder that we talked about earlier, like that everyone that holds an Algo will have an opportunity to decide what we should be investing in together, and where the direction of the capabilities in the ecosystem will be going into.
So that is a process that we're going through right now. We're investigating how to do it, what to do with, what portion of the grant should we be allocating, in that regard, we want to do it in a very methodical manner. Because we obviously want this to be vastly successful in attracting even more talents to be coming on to our community. So if you were to ask me kind of in the near future, what we're thinking about, it's definitely evolving those programs in place, and then making it even more community-driven than the current process that we're in at the moment. So that's what we're doing on the Foundation side, Sean?
Sean Ford - Yeah, so on the Inc side, I think the philosophy that I'll keep, you know, screaming from the mountains is that we're interested in building an enduring, enduring value and an enduring economy and ecosystem. And so the reason I start there is that, you know, part of that is the ability to sort of predictably deliver technology and new innovation. I think, you know, Algorand as a project, one of the things we're very proud of is we make promises we deliver on those promises from a technical perspective. We've demonstrated that with a number of releases, we have another release coming very shortly. That's exciting.
And that we have, from the beginning said that our intent is to continue to innovate and develop new capabilities for all of the people who are members of our community in our ecosystem.
So Sylvio Micali and the research team, with Jing Chen and a number of folks that are luminaries in their field are always out in front and publishing their thoughts on what's next, the most recent being our Smart Contract blog that Sylvio wrote, as well as something on the right to be forgotten. So there's no lack of innovation and thinking there. I think that you know, philosophically as a company, one of the things that we've tried to do is really look for friction and eliminate that friction. Technology, any company that's, that's established itself anywhere in tech has been very good at making interaction seamless, whether it's a video conference or an exchange of assets. And so if you can create that type of experience for people and really focus on providing innovation that is simple and easy to use, but also really removes core friction that's experienced in the market.
I think that gives us a good long runway. And the other thing I would say is that, you know, we often have discussions in the space, understandably so, about the quality of tech and performance, and that's really obviously an important thing, and provides a lot of value. I also think that there is something to be said for, you know, the incredibly capable set of people on the business side across our ecosystem.
Sean Lee, obviously being a great example, other members of the Foundation with a very strong business pedigree that know how to run things and run them, right. I think that, you know, the Inc. has tried to build that as well. And I think we've got a number of people who, this isn't our first expression in the US, it's not our first rodeo. We've been here before. And I think that's given us a nice blending of that business acumen with what is unquestionably a world-class technical team and research team led by Silvio. So I feel optimistic and know that we have some work to do, but I feel like we've got a very good start to what I expect to be a long run.
That pretty much concludes the community questions. I want to thank you both so much for your time. If you have anything else you want to add before we close out now would be the time to do it.
Sean Lee - Well, I think I just want to, you know, thank Crypto.com, Host, and the team for hosting us. This has been a great exchange. I think I really like a lot of the questions both from a technical perspective and also in regards to where the Algo and some of the economic dynamic around that as well. So I appreciate the community for reaching out and giving us some food for thought. And I'm hoping that what we have shared brings you some insight into what you know, I say projects are going into and what we'll be bringing into the future as well. So thank you, thank you again.
Sean Ford - Yeah, and I would just add our thanks from the Inc. Host. This is great and I want to thank everybody who submitted questions. The participation was overwhelming and somewhat daunting for me, so I want to thank everyone who spent even five seconds writing a question. And we would just ask you to keep doing so keep participating and, you know, keep asking questions as we go, that makes us a better company. And it keeps us tightly connected to all of you. So thank you.
Thank you both so much for your time, I really appreciate you being here. That does conclude our Live AMA with Algorand today guys. If your question was asked during the AMA, and you did submit it over the last few days, then you may have won a share of a prize pool of 2000 Algo and your winnings will be deposited to your crypto.com wallets within the next 14 days.
In the meantime, if you want to head over to Algorand's Twitter or the Algorand Foundation Twitter you will find the links on the next page. Stay tuned for our events and updates available all the way through Crypto.com on our Twitter and join us on Telegram as well you'll find all these links over on our socials so I want to thank everybody for their questions.
Thank you again to Sean Lee and Sean Ford for their time, and we will see you guys next time. Thanks.
Sean Lee - Take care. Bye bye!
Sean Ford - Bye Bye!