Through their ability to scale while maintaining fast transaction speeds, low fees and security, Algorand is attracting a diverse range of developers on their network.
While there are many promising projects being built on Algorand, here are a few that have taken unique approaches to maximizing the blockchain’s full capabilities:
PlanetWatch came about as an initiative to counter global pollution and encourage air quality monitoring worldwide. PlanetWatch is a decentralised, gamified way for anyone to set up air quality monitors and earn rewards for it.
To participate, all you’ll need to do is purchase a compliant sensor, a PlanetWatch license (which can last up to 3 years), and follow the activation guidelines. Once you start monitoring your local air quality, you’ll receive your recurring rewards in the form of PLANET tokens that are distributed on the Algorand blockchain as an Algorand Standard Asset (ASA).
As a transparent endeavour, PlanetWatch has a block explorer where anyone can view all reward tokens that have been paid out, as well as an interactive map to see where the 4,000+ sensors are deployed globally.
2. The Marshall Islands
By now, everyone knows that El Salvador has adopted Bitcoin as legal tender. But it’s not the only country to embrace cryptocurrency on a national level; in a move demonstrating their commitment to a digital technological future, the Republic of the Marshall Islands will become the first country to create their own national digital currency.
The Marshallese sovereign (SOV) will circulate in the Pacific Island nation alongside the US dollar. The Marshall Islands chose Algorand as the preferred blockchain for the SOV due to the network’s scalable and secure platform, as well as its capability to manage and distribute the currency on a global level.
“I am excited about the technological partnership with Algorand,” said Kenneth Kedi, Speaker of the Marshallese Parliament. “This is another milestone towards developing the Marshall Islands financial services industry.”
The Asia Reserve Currency Coin (ARCC) was released by the International Blockchain Monetary Reserve (IBMR.io) in an attempt to break the poverty cycle in emerging markets. By offering entrepreneurial and investment opportunities to a demographic that has been historically excluded from traditional financial services, ARCC has promise to close the extreme wealth gap in Southeast Asia.
As a supplement to the coin itself, ARCC.one was launched as a microfinance platform that provides financial inclusion opportunities to 300 million people in this region. ARCC.one is a gamified way to earn ARCC tokens by anonymously answering survey questions relating to issues that affect each individual.
Earned coins can then be invested into micro assets and other cryptocurrencies, or reinvested to earn more ARCC. Users can also purchase community health insurance on the platform, participate in weekly raffles, or support local community projects through crowdfunding.
Algorand was chosen as the preferred blockchain for the tokenization and on-chain representation of the ARCC coin. “It was clear that Algorand’s strong interdisciplinary approach to monetary economics, technology and ecosystem focus was beneficially aligned with our own social impact mission for empowerment,” said Sinjin David Jung, Managing Director at IBMR.io. “We’re excited to be leveraging what we see as the best blockchain tech and applying it to a new structural solution for the inclusive economic development of emerging markets.”
For people that have long lacked access to bank accounts, credit and loans, ARCC.one empowers them to achieve financial freedom through safe investment opportunities.
Yieldly is the first DeFi smart contract platform to be built on Algorand. Through Yieldly you can earn staking rewards with your Algorand, win weekly prizes, and swap your Algorand for other assets.
Yieldly runs a weekly prize drawing in the form of a no-loss-lottery. To do so, all you need to do is connect your My Algo Wallet and deposit (stake) as much Algo as you choose.
Just as Algorand’s Pure Proof-of-Stake allows anyone to participate in the network by staking just 1 Algo, prize game participants are given 1 ticket per Algo staked. Lottery winners are chosen at random, with prizes given out in the form of Algo and sent directly to the winner’s wallet.
Although it may sound too good to be true, the game is “no-loss” because entrants who don’t win the grand prize will still receive staking rewards in the form of Yldly (Yieldly’s native token).
Yieldly has also launched an NFT Prize Game where users can stake their earned Yldly in order to win Algorand NFTs. Like the weekly Algo lottery, NFT winners are chosen weekly and 1 ticket is given per token staked. There are no losers in this prize game either, with all staked Yldly earning more Yldly.
Yieldly Pool Staking
If lotteries aren’t your thing, there are other ways to earn staking rewards on Yieldly. Through their ASA Staking Pools, you can stake your Yldly to earn rewards in the form of Algo, Yldly, Opul, and Smile, with more tokens to be added in the future. You can always track transactions between your My Algo Wallet and Yieldly, as well as view all previous lottery winners directly on Etherscan.
Yieldly lowered the barriers in how tokens can be exchanged across different chains, by becoming the first to allow direct Algorand to Ethereum (ETH) swaps. You can convert your Algo to ETH by connecting your My Algo Wallet, and vice versa via Metamask.
Cybersecurity firm Halborn performed smart contract audits on all of Yieldly’s products, further securing Yieldly as a trusted DeFi platform.
5. ANote Music
ANote Music is an NFT marketplace connecting musicians with their audience. On ANote, fans can support their favorite artists by investing in song royalties. By listing music rights on the platform, creators are empowered to gain access to new sources of funding while growing their fanbase and sharing in their success.
ANote Music has even launched collectible NFTs on the Algorand blockchain, where fans can buy directly from their favorite artists. Once purchased, these NFTs can be stored in the Algorand Wallet and viewed at any time on the Algo Explorer.
Based in Luxembourg, ANote Music has made history by becoming the first marketplace where tokenized rights and NFTs can be created and exchanged. “The different integrations made possible by ‘logic transaction signatures’ are a huge step forward towards using blockchain in real business solutions,” said Gregoire Mathonet, the company’s co-founder and CTO. “We expect this just to be the start of a huge evolution within the music industry.”
The Algorand Foundation regularly publishes fund announcements and grant winners as they expand their growing list of project partners.
Where to buy ALGO
You can buy Algo directly on MoonPay or through one of our many partner wallets using a credit card or bank transfer, to start participating in the ever-expanding Algorand ecosystem.
MoonPay's simple widget allows you to purchase Algorand quickly and securely, using your preferred payment method. MoonPay has made the buy flow significantly faster and we now offer a fixed quote, guaranteeing the amount of crypto you will receive.