Algorand (ALGO) Price Prediction

On Wednesday, the Algorand Foundation announced via Twitter that it had reached a new milestone. The Foundation revealed that the Algorand blockchain had processed a billion transactions since its launch. The team said this was possible thanks to a period of sustained high load, and the network behaved smoothly.Algorand is an open-source, permissionless, Pure Proof-of-Stake (PPoS) blockchain protocol for “the next generation of financial products.” As such, Algorand ensures "full participation, protection and speed within a truly decentralized network." ALGO is trading at $0.1901 at press time, up by more than 4% in the last 24 hours.

The Algorand team announced via Twitter on Tuesday that it has been chosen as the public blockchain to support an innovative digital guarantees platform in Italy. This new Digital Sureties platform is being developed by CeTIF, the Research Center for Technologies, Innovations and Finance of the Catholic University of Milan. The new platform is expected to become operational in early 2023 and will be the first time an EU Member State enables the use of blockchain technology for bank and insurance guarantees. Algorand is an open-source, permissionless, Pure Proof-of-Stake (PPoS) blockchain protocol for “the next generation of financial products.” As such, Algorand ensures "full participation, protection and speed within a truly decentralized network." ALGO is trading at $0.2219 at press time, up by more than 0.82% in the last 24 hours.

Blockchain Protocol Algorand (ALGO) was up about 3% on Tuesday, as the layer 1 technology was selected to be the blockchain to support a digital guarantees platform in Italy. ALGO was trading at around $0.223 at the time of writing, according to CoinDesk data. Algorand joined the Bank of Italy and the Italian insurance authority IVASS at an event hosted by the Research Center for Technologies Innovations and Finance (CETIF) in Milan on Tuesday to demonstrate how bank and insurance guarantees can be issued on blockchains, according to a statement. A bank guarantee is a type of financial backstop that's offered by a lending institution where the lender ensures that the liabilities of the debtor will be met. The new platform is expected to come into force in early 2023 and will be the first time a European Union (EU) member state enables the use of blockchain technology for bank and insurance guarantees, according to the statement. "We selected Algorand because of its unparalleled level of innovation and security among permissionless DLTs, as well as because of its leadership in sustainability," said Federico Rajola, professor at the CETIF, in the statement. The move is part of a wider initiative rolled out by the EU, dubbed "EU Recovery Plan" where the EU allocated roughly €200 billion to Italy. The program was launched to boost economic recovery following the Covid-19 crisis. Italy gained the largest allocation made to any country and was made to be used for co-grants and co-loans. "It's expected that a significant percentage of bank and insurance guarantees will leverage digital ledger technologies as part of Italy's National Recovery and Resilience Plan," said the press release.