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Staci Warden, CEO of the Algorand Foundation, explains what Algorand is and the latest ways the blockchain technology is being used. Warden also gives thoughts on today’s crypto market environment.
Can you tell us a little bit about yourself and your background?
I spent a long time in traditional finance, or what crypto folks like to call TradFi. I actually worked for Nasdaq for some time, leading their two markets for microcap companies. After that, I ran JPMorgan’s EMEA public sector practice out of London. I then ran the Global Market Development practice at the Milken Institute, where I led its work on capital market development, crypto/blockchain solutions, and innovative finance to promote sustainable development goals.
On the public and nonprofit side, I’ve also held roles at the U.S. Treasury Department, the Center for Global Development, and the Harvard Institute for International Development.
Why did you make the switch from traditional finance (TradFi) into crypto?
Throughout my career, I’ve always been very focused on financial inclusion. Unfortunately, I’ve also seen firsthand how TradFi has let us down when it comes to giving people access to critical financial services, and the capital they may need to grow their businesses. There are 1.7 billion unbanked individuals worldwide, but about a billion of them have access to a mobile device. When Bitcoin came onto the scene, I understood its potential promise to enable financial services without having to have a traditional bank account.
What is Algorand—and why did you choose it?
Earlier protocols like Bitcoin (BTC) and Ethereum (ETH) showed how much blockchain technology can advance financial inclusion, but I felt like there were issues with them—including things like their environmental impact, limited speed (transactions per second) and settlement finality.
But I stayed engaged with the space more broadly. Algorand came along in 2019, and it solves for the problems of its predecessors. Algorand is founded by Silvio Micali, an MIT professor, Turing Award (the “Nobel Prize of Computing”) winner, and inventor of some cornerstone technologies of cryptography. It achieves both security and decentralization and can operate at a global scale with minimal transaction fees and a negligible carbon footprint.
Does Algorand have a negligible carbon footprint?
Yes, thanks to one of the unique things Micali invented, called a “pure proof of stake” consensus mechanism. It doesn’t involve mining with those big computer rigs that consume loads of energy that you’re always hearing about. And through a partnership with ClimateTrade and the use of smart contract technology, we ensure that even our minimal carbon usage is entirely offset. We also sponsor organizations like SailGP, Envision Racing and Climate Ride, who are totally aligned with our green, eco-friendly vision.
What are some of the latest things Algorand is being used for?
We’re very focused on real-world applications. The Foundation is working on projects and partnerships working on things like enabling money transfer for disaster relief, delivering mobile payments in Africa and measuring climate impact. Throughout the rest of our ecosystem, individual developers and entrepreneurs are also building amazing products and services like NFT marketplaces, tools for decentralized finance (lending, borrowing, etc.), platforms for investing in tokenized assets, and much more.
How are you evaluating today’s crypto market environment? How do you think Algorand will come out of this bear market?
Nobody likes a crypto winter, of course, but it has had some undeniable positive implications for us, actually, in that the market is placing more value on real-world applications and first-class tech. There is much less tolerance these days for blockchains that cannot meet required performance and security standards or projects that don’t have real utility.
In a bear market, there’s always a flight to quality. At Algorand, we’re building for the future and hiring in all areas. We are bullish because we know that our technology can deliver real-world impact for the long term.
This interview originally appeared in our TradeTalks newsletter. Sign up here to access exclusive market analysis by a new industry expert each week. We also spotlight must-see TradeTalks videos from the past week.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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