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Spotlighting Algorand's Growing Ecosystem
11/6/2022
Spotlighting Algorand's Growing Ecosystem

As web3’s first carbon-negative ecosystem, Algorand has already established itself as a major figure leading web3 toward mainstream adoption. Yet beyond the groundbreaking technology, Algorand is set to expand and enrich the current web3 landscape through its partnerships with multiple high-profile and exciting web3 projects.

Having such a rich and diverse ecosystem is a vital measure of a platform’s strength and viability. This blog post will spotlight some of the exciting developments in Algorand’s growing ecosystem, and emphasize the importance of bolstering this growth with Algorand smart-contract audits.

FIFA + Collect

Algorand has partnered with FIFA to support FIFA + Collect, which allows football fans from across the globe to take part in the 2022 World Cup by collecting rare and exclusive content in the form of NFTs.

In doing so they have created a novel and compelling use case for blockchain and NFTs within mainstream culture. As one of the biggest sporting organizations in the world, FIFA reaches football fans across the globe. Now, with Algorand they are providing fans with new ways to access and engage with the sport.

With millions of football fans spread across time-zones and continents, Algorand was a natural partner for FIFA given its low cost, high speed, and scalable network. From launch, FIFA+ Collect will be available across all web and mobile devices and in three language editions (English, French, and Spanish), with several additional languages to follow, and Algorand's low cost, high speed network allows FIFA’s global fanbase to communicate, connect, and share value like never before.

The scope of the project is a clear example of the capacities required of blockchains when exposed to established markets. It also shows the potential for blockchain markets to intersect with these markets and provide them with novel ways to engage with their audiences.

Writing on the collaboration, interim Algorand CEO W. Sean Ford praised the FIFA + Collect, saying that, “FIFA’s platform – via a truly decentralized and scalable public blockchain – is the first tangible representation of the technical partnership recently announced between FIFA and Algorand…The commitment FIFA has made to bridge to Web3 enabled by Algorand, is a testament to their innovative spirit and desire to directly and seamlessly engage with football fans around the world.

Napster

In another high-profile addition to its ecosystem, Algorand acquired the peer-to-peer music streaming service Napster. An icon of the legacy internet, Napster significantly disrupted the music industry when it was first released in 1999 by providing users with a decentralized way of sharing files.

As an early pioneer of decentralized technology, it is then only fitting that Napster should re-establish itself within the new world of web3, where Algorand’s technology can take its founding vision to new heights.

In its new form, Napster will issue its own $NAPSTER token, which will be used by music creators to build sustainable careers, whilst also allowing music-lovers to connect, support, and share with the artists they love in new ways.

In their recently released litepaper, Napster stresses the importance of interoperability in its new ecosystem. It outlines how the platform will ultimately be cross-chain, and be compatible with a range of third-party content issued in a variety of formats.

Every iteration of the internet has significantly disrupted the music industry in some way, and web3 is no different. However, we have yet to see web3 infrastructure intervene in the music industry in a meaningful way. By applying web3 programming to an existing tech business, Algorand has made a significant move in bridging web3 into the mainstream.

LimeWire

In another revival of defining projects from the legacy web, LimeWire – the free, peer-to-peer file sharing client– announced that it is relaunching as an NFT marketplace built on Algorand.

It will be a one-stop marketplace for artists and fans alike to create, buy and trade digital collectibles without the technical hurdles of the current NFT landscape. The company aims to bring digital collectibles to the mainstream and onboard one million users within the first year through partnerships with major artists in the music industry.

In the relaunch, LimeWire is focusing on creating a seamless user experience designed to feel intuitive to users who are used to Web2. This emphasis on usability is key to opening up web3 to a wider user base and making blockchain technology accessible to the mainstream. In addition to minting its digital collectibles on Algorand, LimeWire also plans to launch a token later this year, which will provide exclusive community access, voting mechanisms, and a reward system for token holders.

Algorand Smart-Contract Audits

The fact that so many high-profile projects are partnering with Algorand to realize their vision is a clear indicator of the strength of its platform. Yet as more projects seek to build and innovate with the game-changing technology that Algorand offers, it is vital that they implement practices of end-to-end security. This begins with having regular and thorough Algorand smart-contract audits that steel your project against attack.

CertiK’s Algorand smart-contract audit has the benefit of having partnered with many of the leading projects in the Algorand ecosystem. With clients in every sector of Algorand’s ecosystem– from Icon.Foundation, to WazirX, to Orion Protocol– CertiK’s Algorand smart-contract audit benefits from having bolstered the security of multiple projects.

By providing a real-world use case for the cutting edge in computer science research, the leading AI technology, CertiK’s Algorand smart-contract audit rigorously checks every line of code, flagging hard-to-spot vulnerabilities and providing actionable insights on how to remediate them.

In addition to this, CertiK is the first to offer KYC verification for project teams as part of its Algorand smart-contract audit. This is a vital tool for project teams to build trust and transparency within the current web3 landscape. With security being top of most users’ and investors’ minds when looking for projects to participate in, having had both an Algorand smart-contract audit and KYC verification before launch put a project on the best possible footing with their communities.

Yet of course, the security of the Algorand ecosystem does not end with an Algorand smart-contract audit. Rather, CertiK offers a complete range of web3 security tools, beyond the Algorand smart-contract audit, that are designed to steel the growth of the Algorand ecosystem against attack. Key to this is blockchain analytics tools such as CertiK’s Skynet and SkyTrace, both of which give Algorand projects an unparalleled overview of their on-chain activity after launch. This saves vital time in anticipating and responding to attacks.

Lastly, CertiK has recently expanded its security offering to include a new bug bounty service. This effectively crowdsources security from a range of verified white-hat hackers, each specially selected by CertiK for their experience and reliability. This added feature is designed to work in tandem with the Algorand smart-contract audit to create an even sharper analysis of a project’s code, and deliver a more diverse package of security insights and protections.