Why is everyone bridging on Algorand?

October 18, 2022

Why do we need blockchain bridges?

In the physical world, a bridge is a structure allowing passage on opposite sides of a river, road, or railway tracks. In the blockchain world, blockchain bridges, also called cross-chain bridges, connect two relatively independent ecosystems. Without a bridge, blockchains function as isolated environments that are unable to communicate with one another. This makes the connection between them crucial to ensure interoperability and scalability. Although each blockchain network consists of a specific set of standardized protocols and is unique in its own many ways, bridges provide convenient ways for users to transmit information or data, convert smart contracts, as well as transfer token assets across different platforms. With that being said, there is no doubt that cross-chain bridges will revolutionize the global cryptocurrency ecosystem, thereby paving the way for the future of the multi-chain space.

What makes Algorand unique among other similar blockchains?

Algorand was founded by famous Italian computer scientist, MIT professor, and Turing Award-winning cryptographer Silvio Micali. He is generally considered one of the most significant and influential figures in the tech and crypto industry today. Launched in 2019, Algorand is open-source software and blockchain-based technology company. Algorand focuses on creating an inclusive, borderless economy for all. To make this possible, they use a unique consensus mechanism known as “Pure Proof-of-Stake” (PPoS), enabling the ecosystem to become decentralized, secure, and permissionless. Another vital component of the Algorand ecosystem is the ALGO, the network’s native currency, which serves as their utility and governance token.

It should come as no surprise that Algorand has one of the largest numbers of hosted applications, with over 10 million accounts on its network. After its successful mainnet launch less than three years ago, Algorand has continued to grow and expand. With the increasing popularity and mass adoption of crypto, there has been a rapid development of dApps, NFTs, and DeFi solutions. So, how does Algorand stand out from the rest? Let's take a dive into the unique features of Algorand.

Algorand Has Never Gone Down. Yes, you read that right! Algorand heavily depends on a trusted randomness tool called Verifiable Random Function (VRF) to achieve true decentralization and scalability while having robust security. As a result, more and more blockchain projects are moving to integrate with Algorand.

Low Transaction Fees. Algorand offers fast yet secure processing times without increasing costs. Network transactions only cost 0.001 ALGOs (approx. $0.00034 with the current price), which is by far the lowest among other blockchain networks.

Diverse Ecosystem of Financial Services. Recognized as one of the fastest-growing fintech companies, it’s safe to say that Algorand is an ideal platform for hosting financial products and services. As previously mentioned, the PPoS algorithm is designed to improve scalability, enabling developers to build a wide range of dApps capable of making DeFi solutions more accessible and affordable to the general public.

Best Platform for NFTs and Blockchain-Based Games. Over the past years, we have seen the rise of NFTs and blockchain-based games in the crypto space. Thanks to Algorand—creators, artists, and brands from all over the world can now create NFTs without worrying about the high fees of the minting process. On top of that, Algorand has proven to be a forkless chain. In other words, no one can claim ownership or replicate it, making these NFTs more secure and reliable.

The Greenest Blockchain. Crypto’s massive energy consumption and carbon footprint have been a topic of conversation and controversy for a long time. In an attempt to mitigate the environmental impacts associated with cryptocurrency, Algorand, the world’s first-ever carbon-negative blockchain, announced last year its partnership with ClimateTrade to lead the way in terms of sustainability and a greener future.

Community-driven Network. As we all know, community plays an essential role in the development and success of the project. Home to thousands of developers, token holders, creators, builders, and supporters, the Algorand community is arguably one of the best in the digital space.

What is Glitter Finance?

Glitter Finance is a cross-chain interoperability protocol that enables transfer of assets and data between Algorand and current and emerging layer-1 blockchains. This integration gives users fast and seamless access, across multiple chains. As we are rapidly moving towards a multi-chain future, Glitter Finance aims to get ahead of the curve when it comes to interoperability.

If you’re interested in learning more about Glitter Finance, please visit our official website or follow us on Twitter. You can also reach out to us on Discord or Telegram and keep up-to-date with the latest news and updates through our Telegram Announcement channel.