Erik Weijers, a year ago
On May 3, the price of Algorand jumped 15%. The reason: the news that it entered into a sponsorship agreement with FIFA. The deal is about more than just money: Algorand will also become the official blockchain platform of FIFA and will set up a FIFA wallet.
Algorand states that it will also help FIFA with its digital assets strategy. FIFA has a turnover of around 4 billion dollars (2018 figures). Of course, in return, FIFA offers space on billboards at the men's World Cup in Qatar at the end of this year and at the women's World Cup in Australia and New Zealand, in 2023.
Algorand (ALGO) is a proof-of-stake blockchain set up in 2017 by an MIT professor with many cryptography patents to his name. The development of the protocol is monitored by the company Algorand inc. Algorand is one of the crypto projects that has set itself the goal of solving the blockchain trilemma: the ideal compromise between scalability, security and decentralization (Fantom, for example, has also explicitly set itself this goal).
A breakthrough for Algorand was that it was used by El Salvador in 2021 as the blockchain on which the Chivo payment app runs. Algorand was also used to allow banks to accept BTC. Quite a remarkable fact when you consider that Bitcoin needs the help of another blockchain.
It won't be the first or last time you see the logo of a crypto industry company at sporting events. Because crypto is such a raging growth market and because the competition is so fierce, companies are competing to be on that car, or on that shirt or billboard.
For example, trading platform Bybit closed a mega deal with Formula 1 racing stable Red Bull in early 2022. The deal involved £111 million. Crypto.com's deal with basketball team Los Angeles Lakers was also impressive. The company is rumored to be paying 700 million over a twenty-year period. This buys it the rights to the name of the stadium. With the deal, it surpasses FTX, which previously became the namesake of Miami Heat's stadium for 210 million.
May 22, 2023
On Saturday, Tornado Cash's DAO was taken over by an attacker, or group of attackers. It's another backlash for the plagued coin mixer which makes privacy for Ethereum holders possible. In an interesting turn of events, a day later the attacker proposed to undo his attack. Never a boring day in crypto!
May 17, 2023
Ripple has been fighting against the SEC in court since December 2020. Some analysts believe that the case could conclude this year, while others argue that each party could try to appeal the court’s decision. Whether the subject is finally settled, all believe the first verdict will provide essential guidance in the US judicial system. Should the SEC lose, then many other crypto projects could be strengthened. Winning the case could mean the SEC could go after many other cryptos.
May 16, 2023
Apple's WWDC 2023 event will kick off on June 5. Rumors that Apple will present a first look at its AR/VR headset are doing the rounds. Supposedly looking like a pair of ski goggles, the headset will only arrive on the market at the end of this year. Being crypto investors, let's talk a bit about the potential implications of this for metaverse coins.
May 15, 2023
Today the Bitcoin Cash network will go through a voluntary hard fork to implement an upgrade. One particular part of that upgrade is highly interesting since it introduces tokens on the Bitcoin Cash blockchain. Tokenization has been a topic for several years and it seems that Bitcoin Cash is late for the party. However, Ordinals have proven on Bitcoin that even a late arrival can still unleash a storm and create a billion-dollar market.
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