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Algorand Foundation head of Asia Pacific Community: How to become an integral part of the real world and sustainable development is critical

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Summer, head of the Asia Pacific community at Algorand Foundation, shared her thoughts on the causes of DeFi outbreaks at the public Chain theme roundtable

The original title: "the infinite future, waiting for the wind to | Algorand @ 2021 world block chain assembly complete MSC"

原文来源： Algorand 基金会

From July 24 to 25, world Blockchain Conference 2021 was successfully held in Hangzhou. This conference brings together the global online and offline blockchain practitioners and enthusiasts, with the attitude of embracing all rivers in the sea, looking forward to the "infinite future" of the industry prospects. As a representative of the public chain of finance, The Algorand Foundation was invited to attend the roundtable discussion of the public chain at the open Finance Forum, and had a face-to-face in-depth communication with the majority of the blockchain community at the exhibition area.

In particular, Algorand foundation teamed up with ecological partners Props, Republic, Algomint, etc., to provide attendees with a wealth of peripheral gifts and wonderful activities. Algomond, an overseas community NFT card game project, also provided five beautiful NFT cards for the exhibition as a gift to the Chinese community. There were even long lines outside Algorand's booth during the fair, and it became one of the most popular areas of the fair.

Algorand booth

Community NFT card Algomond on display

On July 25, Algorand Foundation Asia Pacific Community Head Summer shared her views on the causes of DeFi outbreak and Algorand's achievements in promoting the development of the industry at the public chain roundtable, and received positive feedback from participants.

Scroll down to read the original text and view the video review (Forum 3 Open Financial Forum at 1:41:00)

In response to the question of the causes behind the outbreak of hot spots such as DeFi and NFT, Summer said:

There are probably four reasons for the explosion of projects in the industry.

Internal reasons:

1. This project or hotspot has the value and potential of application;

2. There has been a period of accumulation and development.

External reasons:

1. It follows the trend of the industry;

2. Encountered a good market situation and atmosphere.

Take DeFi as an example. Decentralized finance, as the name implies, is a financial application ecology based on blockchain technology that can realize peer-to-peer network without third-party intervention. DeFi removes intermediaries in traditional finance, such as banks and trading platforms, and replaces them with smart contracts, so that more people can participate and enjoy all kinds of financial services on an equal footing without relying on any financial institution. And this, whether for the investor population, or for the unbanked population in less developed countries, has great application value.

DeFi has great potential to reshape the global financial system. That's one thing. In addition, DeFi had been dormant for several years before it became a big hit. Since the concept was first proposed in 2018, DeFi has been continuously developing and improving in terms of technology and ecology. So the time is ripe, ripe. The accumulation in the early stage is the basis of the subsequent can rise, which is the second.

Besides external reasons, finance itself is the most easy application direction of blockchain. Blockchain has injected vitality into the financial industry, and the emergence of DeFi has brought greater power to the industry. Following industry trends is number three.

In addition, it is the reason that everyone can feel, good market conditions and atmosphere. The hot digital asset market, capital needs a breakthrough, the market needs a new story, the wind has come, dormant projects such as a good time, this is the fourth.

Of course, after the outbreak, there is no stamina is very important. Whether DeFi, NFT or other projects, how to become an indispensable role in the real society, sustainable and healthy development for a long time, is crucial.

Just like Algorand, he has not changed his original intention and has been developing steadily according to the plan. Really is that sentence, quietly hard, and then amazing everyone.

Do the right thing, go in the right direction.

Then, wait for the wind.

When asked about the challenges Algorand faces in linking blockchain to the traditional world, and the results it has achieved, Summer said:

In fact, the mainstream of blockchain is the goal of the entire industry. Some challenges encountered in this process are also the challenges faced by the industry. Algorand has successfully found a breakthrough in its development and practice in the past two years.

First, whether the blockchain platform has credibility and can meet traditional industry needs for privacy and compliance.

Algorand was founded by MIT professor and Turing Award winner Silvio Micali. Under The leadership of Professor Silvio, Algorand has built a core team of prominent figures from academia and business. Among them is Paul Milgros, who is now a consultant at Algorand. He won the Nobel Prize in economics last October. With strong academic and traditional industry resources, Algorand has credibility and influence that other projects can hardly match in the traditional financial world, which has also become one of the unique advantages of Algorand's outward development.

Compared to native encryption applications, traditional financial enterprises have significantly higher requirements for compliance. In this field, Algorand is gradually becoming the new infrastructure for the traditional financial industry to enter the blockchain world with financial support in the original design. And last year we launched Algorand's licensing chain version, Co-Chain, as a blockchain solution for governments and others.

Secondly, whether it has the capacity to carry large scale applications, that is, whether it has the ability to expand.

The founder of Ethereum has proposed the impossible triangle theory of blockchain, that is, no matter which consensus mechanism is adopted to determine the generation mode of new blocks, the three requirements of scalability, security and decentralization cannot be taken into account at the same time, and only two of the three can be taken at most.

Algorand has successfully solved the impossible triangle problem of blockchain by using the pure proof-of-equity consensus mechanism PPoS. With perfect scalability, high security and decentralization, instant transaction confirmation and non-fork characteristics, it can serve the scalability needs of billions of users.

Third, the sustainable development of blockchain.

Musk has expressed concern about bitcoin's environmental protection on energy, and Algorand's original consensus mechanism determines its environmental protection and low carbon attribute, and through ClimateTrade And Global Carbon Holding Algorand is one of the few sustainable blockchains.

Of course, there is still a long way to go, and there are many challenges to connecting traditional industries with blockchain. Algorand will work with the entire industry to push blockchain into the mainstream.