What is Algorand?
Algorand is a scalable, secure and decentralized cryptocurrency and smart contract platform. It uses a consensus mechanism that is a variant of Proof-of-Stake (PoF) called Pure PoS. Algorand’s technology enables a set of high-performing Layer-1 blockchains that provides security, scalability, complete transaction finality, built-in privacy, co-chains, and advanced smart contracts. Algorand also has a Layer-2 that is capable of running larger, more feature-packed smart contracts.
Algorand was built to solve the blockchain trilemma of achieving speed, security and decentralization simultaneously. Algorand, which can be used to create powerful DApps, is geared towards fast payments and thus can be used effectively for Decentralized Finance (DeFi) applications. The blockchain was designed in a way that ensured very low fees as well as no mining requirements. Algorand can also finalize blocks in seconds and provides immediate transaction finality.
More and more Decentralized Apps (DApps) are being built on Algorand to benefit from a scalable, secure, fast and truly decentralized network that is capable of supporting multiple tokens and smart contracts. Though a large number of DApps are currently being built on the blockchain, DApp development on Algorand is still in its infancy. In the coming months and years, hundreds of DApps are poised to launch on this DApp platform. Some of the DApps mentioned in this article are not live yet.
Top Algorand DApps
Yieldly is one of the first DeFi platforms to be built on Algorand. The DApp leverages Algorand’s features to provide users with a number of products to generate potentially lucrative yield-generation opportunities. Yieldly plans to build a cross-chain decentralized exchange (DEX) which would streamline the exchange of tokens between blockchains. Yieldly is one of the most popular DApps on Algorand.
2. Lofty AI
Lofty AI is a liquid real estate marketplace on Algorand. Lofty AI’s model allows anyone to become a direct owner in real estate and earn rental income for as little as $50 per token. The DApps aim is to bring liquidity and accessibility to the notoriously illiquid real estate market. Algorand’s advantages allow investors to participate with significantly lower minimums and to liquidate their investments at any time, thereby reducing risk.
Opulous is a decentralized peer-to-peer loan platform catering to the need of the music industry. Opulous, which is built on Algorand will change the way artists access the funding they need and provides a launchpad for the first music copyright–backed NFTs. Using Opulous NFT Exchange anyone can own a piece of their favourite artist’s music copyright and buy assets previously available only to industry insiders. Musicians can freely raise money by freely selling their music copyright as NFTs.
Algogems is an open NFT marketplace that operates on Algorand. The NFT marketplace aims to support a wide range of digital art contents such as pictures, GIFs, quick videos etc. Algogems offers zero-fee NFT creation and low fees marketplace trades (as low as 0.001 ALGO fees for bidding, auctioning, buying or selling NFTs). The DApp offers a Royalties feature to tip the original creator every time their NFTs are sold on Algogem’s market. Algogem also allows NFTs to be minted in private mode where only the NFT owner can view the digital art.
Algofi is a fast, low-cost crypto lending market on the Algorand platform. This simple to use DApp allows everyone from crypto-native traders to less tech-savvy retail users to earn high yields on their investment. Algofi will function like a crypto native bank and will bridge the gap between traditional and decentralized finance. The DApp features seamless on and off-ramp solutions to make this possible. Users can loan and borrow crypto assets on the protocol and also go short or trade with additional leverage.
PlanetWatch is a DApp that uses crowd-sourced data to combat air pollution. It is an environmental monitoring service, which will be utilizing the Algorand blockchain and Internet-of-Things (IoT) to provide its services. PlanetWatch will store data gathered from air quality sensors on the Algorand blockchain and subsequently reward contributions to the ecosystem by distributing the PLANET token to sensor owners.
7. Smile Coin
Smile Coin is a DeFi DApp that seamlessly allows users to transact with prediction and gaming platforms with a single currency. Smile Coin also offers decentralized gaming portfolio and payment processing to transform the way businesses and users transact on gaming apps. The DApp enables users to view, manage, and track their gaming activity on an open, public infrastructure. Their services also include streamlined financing for gaming companies and alternatives for payment processing.
8. Meld Gold
Meld Gold is a DeFi protocol on Algorand that leverages Algorand’s platform to deliver gold that is traceable, fungible, transactable, transferable and redeemable. Leveraging the Algorand Standard Asset (ASA) functionality, Meld tokenizes digital gold in the form of a Meld Digital Gold Certificate. These tokens, which are equal value to one gram of physical gold, will be supported by the Algorand Wallet. The holders of digital gold will be able to monitor the value of their assets and transact with other wallets in a quick and secure way.
Other Algorand DApps
- Venue One