Crypto isn't inching closer to mass adoption out of convenience.
It's inching closer to mass adoption out of necessity.
This space and this industry is going to innovate and rebuild
the way the world conducts transactions across the oceans.
This utility is going to cement crypto's claim as the future of finance,
and the coins that are ISO 20022-compliant are the building blocks
that will restructure the global financial system.
You want to know one of the best coins that's compliant
with the future of cross-border payment systems?
Well, we're going to tell you today.
Let's get it!
Welcome to BitBoy Crypto!
The people's channel
Home of the BitSquad
The largest and greatest crypto community in all of the Interwebs
My name is Ben.
And in this video,
we're going to talk about a proof-of-stake layer 1 blockchain
created by one of the most creative financial minds in the entire world today.
His name?
Silvio Micali
And his project is known as Algorand.
I don't want anyone in the BitSquad to miss out on this one
because in the next five years,
this project is poised to change the game as we know it.
For the past few months,
ALGO has traded between 30¢ and 35¢.
Its all-time high is just shy of $3.
So the idea of this being a long-term 10X is just the baseline of possibilities.
The idea of this project being a top 10 crypto isn't a matter of if
but I believe a matter of when.
Although everyone talks about it and says they've done it,
Silvio and his team don't mess around when it comes to solving the blockchain trilemma.
Before we get into the info and why of Algorand,
let's make something perfectly clear.
The legacy form of the cross-border payment system is outdated,
inefficient,
and in need of a complete makeover.
Society for Worldwide Interbank Financial Telecommunications aka SWIFT
is currently in charge of how many countries financially communicate.
Luckily, SWIFT sees how crypto is a much more optimal way to carry out these transactions.
They're the ones in control of the current global payment standard.
And they are the very ones pushing for this necessary change.
The future for the cross-border payment system ISO 20022 is actually backed by SWIFT.
And since the boards of the G7 and G20 countries are regulating crypto
in seemingly unison terms,
everyone is on board for the structural rebuild.
Believe it or not, in the not too distant future,
cross-border payments will all be verified on the blockchain.
It's happening.
This is just one of the utilities that is going to show the world
what the technology is capable of.
It should be noted that the implementation date for ISO 20022
was supposed to happen in November of 2023.
But since the waters of regulation are still very cloudy,
that implementation date is now being rescheduled to Q1 of 2025.
That's just around the time we'll be on our way towards the top of the next bull run.
Nevertheless, it's your duty as a trader to keep a keen eye on the coins that are ISO-compliant
because these are the coins that will have true utility in the future blockchain innovation.
With that in mind,
when regulation comes,
these coins are going to look like the teacher's pet
compared to all those cowboys in the Wild West.
The real dirty Gary.
If you want to learn about all the coins that are ISO-compliant,
be sure to watch this video here.
So let's learn about the man behind Algorand, Silvio Micali.
After getting his PhD in computer science at Berkeley,
Silvio went on to work at MIT for decades.
He co-invented building blocks of modern cryptography
such as probabilistic encryption,
zero-knowledge proofs,
and verifiable random functions.
His accolades range from winning the Turing Award,
the Gödel Prize and the RSA Prize for computer science,
theoretical computer science and cryptography,
which is equivalent to the Oscars and the Grammys for smart people.
Specifically, the 2012 Turing Award has to be the most impressive of his accolades.
It's the highest honor one can receive in the world of computer science.
Remember the movie The Imitation Game?
The one where the guy who plays Dr. Strange breaks the Enigma code
to intercept the German's messages and basically wins the war for the allies?
That man's name was Alan Turing.
And this is the type of genius we're dealing with when it comes to Algorand.
Not only is Silvio known for his intellectual prowess,
winning the Turing Award and creating Algorand in 2017,
I have to admire that he's not scared to put himself out there.
He does countless interviews,
teaches lectures,
speaks in front of thousands of people,
whatever it takes to deliver on the promise of a borderless global economy.
Whenever a blockchain is considered by the masses,
the creator of the protocol is always put under a high-powered microscope.
Think Vitalik Buterin for Ethereum,
Charles Hoskinson for Cardano,
or Gavin Wood for Polkadot.
I'm not saying any of these brilliant minds are better than the other.
Silvio Micali is 1,000% in this upper echelon bracket of blockchain brilliance.
Speaking of brilliance,
do the bright thing and smash that like button and subscribe to the channel.
It really helps the channel out and keeps you in the know about crypto.
There are several things you have to break down
when talking about Algorand to get the full picture.
Do you know how there's several different types of proof-of-stake?
Such as delegated, liquid, leased, etc.?
Well, Silvio likes to call Algorand a pure proof-of-stake
because unlike the others,
he's dedicated to making sure his project doesn't consume too much power
and has a zero carbon footprint.
While Bitcoin requires the power of a small city,
the Algorand Foundation website
says their negligible energy consumption is equivalent to seven houses.
Seven houses? How is that possible?
Through their partnership with ClimateTrade,
they have a smart contract that takes a piece of each transaction fee
and uses it to purchase verified carbon credits.
It's not that they're doing this because they know it looks good,
which it does, of course.
They're doing it because they can do it to scale
while maintaining 1,000 transactions per second with a time of finality of 4.5 seconds.
Wow! That's no joke!
Going total green is a win-win for them
because it doesn't hurt the environment,
they're just as powerful and sustainable,
and these are the types of things that institutional investors consider
when unloading their pockets.
While politicians are writing letters to Congress about how terrible Bitcoin is
because of power consumption and all that jazz,
agree with it or not,
but when people in power get down to the nitty-gritty,
Algorand is the teacher's pet in the corner with straight A's.
Another notable highlight of their pure proof-of-stake network
is that unlike other protocols where it would cost thousands of dollars,
anyone who wants to participate in consensus and be a validator can do just that.
The minimum stake required to be a validator on Algorand is one ALGO.
That's pretty awesome,
considering it costs 32 ETH to be a validator on Ethereum.
By spreading out the load this wide,
encouraging anyone and everyone to be a validator,
this tightens their security,
protects against attacks,
and preserves privacy on many levels.
If you'd like to learn more about Silvio Micali's thoughts
on achieving security through randomization,
I highly suggest you watch his interview with Lex Fridman.
Absolutely brilliant interview.
I can do an entire video just on Algorand's take on solving the blockchain trilemma.
If you go back to that interview,
you can hear it from Silvio firsthand.
Warning,
I recommend captions.
He has a heavy Italian accent.
If the majority of the tokens are in honest hands,
that is essentially true.
Because if the majority of the tokens are in honest hands,
if you select--
say 90% of the people are--
90% of the tokens are in honest hands,
so can you randomly select 1,000,
and in this 1,000, you find the 501 tokens in bad hands?
Very, very improbable.
So, basically,
when a large fraction of people are honest,
then you can use randomness as a powerful tool to get decentralization?
So let's zoom out here.
Algorand is ISO 20022-compliant.
Big win.
Their goal is to deliver on the promise of a borderless global economy.
They have an honest case on solving the blockchain trilemma,
being fast, secure and decentralized.
They've never failed to complete a block.
They've never done a hardfork.
And their network has never gone down.
Not even once.
Looking at you, Solana.
They're lightning fast,
with over 1,000 transactions per second with a 4.5-second time of finality.
They're a carbon negative layer 1 blockchain.
There's no capital barrier to become a validator.
They are a magnet to institutional investors.
If you don't believe me,
they're already on the list for Grayscale's non-ETH smart contract fund.
Their networking team is bar none,
sponsoring everything from racing drones, racing cars and, you know,
the World Cup for soccer in November and December this year?
Officially becoming the official blockchain of FIFA?
Football, I mean.
They're also sponsoring the 2023 Women's FIFA World Cup as well.
Remember LimeWire?
Now, if you're younger, you might not,
but if you're like me, very old,
and you were willing to sacrifice your parents' computers so you can get free music,
you know what I'm talking about.
Anyway, so LimeWire is now powered by Algorand,
and they're doing a digital marketplace and their own token.
Keep in mind, Algorand's ecosystem is absolutely massive.
To mention everything they do, every DEX they have,
the SDKs, the infrastructures, the applications, exchanges, wallets, etc.,
it would take weeks to cover every base they have.
But they're always growing.
And they're always looking towards the next goal.
Now, in case you're wondering,
Algorand has already heavily been involved in the world of DeFi
with their new DeFi hub Algofi.
It's a DEX and a lending/borrowing market that just launched version 2 on August 2.
They only have a little over $100 million in TVL now,
but when you notice their list of investors,
scroll to the bottom,
take into account that it's integrated with Coinbase Pay,
and they're even going to have their own native token called BANK,
this DeFi hub is definitely one that will substantially grow in a short amount of time.
Keep an eye on Algofi.
Now, in case you haven't caught on,
Algorand is the real deal.
Yes, Silvio is the mastermind.
They have an elite team with a history in finance,
which is imperative considering they're ISO 20022-compliant.
Remember, when regulation comes,
Algorand is the teacher's pet.
I cannot stress how important that fact is alone.
Earlier in July,
they hired John Woods as their new CTO.
That name might only ring a bell to a few of you,
but Mr. Woods formerly served as the director of Cardano architecture at IOG.
Great add to the team.
This might seem like an arbitrary name to some,
but his practiced hands and experience with Cardano are the point of contact
for educating developers and adding to the user experience.
He must have hit the ground running
because just last week, the Algorand Foundation got a brand new layout on their website.
The creator, the vision, the investors, the team, partnerships and, most of all, the utility,
these are the types of things you want to look for before you invest in any altcoin.
What I'm saying here is that Algorand is easily in top 3 of undervalued coins in all of crypto.
If ALGO was to go from its current price range back to its all-time high,
that's over a 750% pump.
That's just the beginning.
In an interview with Cointelegraph, Silvio Micali stated,
this is the year speculation will disappear and real world use of blockchain will start.
He's 100% spot on with his quote
because what separates ALGO from everyone else
is that it's a main utility in our future borderless global economy.
Keep an eye on ALGO.
That's all I got.
Be blessed.
BitBoy out.