Algorand (ALGO) has benefited from the general sentiment in the crypto market as it records significant profits on high timeframes. The cryptocurrency has been upward since late 2022 and could be on track for further gains.
As of this writing, Algorand (ALGO) trades at $0.24 with a 2% loss in the last 24 hours. Over the previous seven days, the cryptocurrency saw a 3% decline while recording a 40% profit in the last month.
Algorand Founder Makes The List Of Most Important Crypto Projects
According to a recent report, Algorand founder Silvio Micali s one of the top “2023’s crypto characters to watch.” The computer scientist is one of the investors of the zero-knowledge proofs (zk Proof) technology which is widely accepted in the blockchain space and one of the pillars of its privacy settings.
Micali has been part of the faculty at the Massachusetts Institute of Technology (MIT) in the Electrical Engineering and Computer Science Department since 1983. In addition to Zk Proof, Micali has investigated Verifiable Random Functions and is the co-inventor of probabilistic encryption.
According to the report, Micali has received the Turing Award called the “Nobel Prize of computing,” the Gödel Prize, and other distinctions. In that sense, the report claims that Micali and the Algorand network have the background and capabilities to push the crypto space into a new adoption era.
Over the coming decade, Micali believes only those blockchains capable of processing fast transactions will remain and see high levels of adoption. This theory is part of the long-term value proposition for Algorand, its founder said:
The moment the blockchain starts to be used for transactions, the few blockchains that are really capable of transacting at a very low cost, they’re going to emerge, in my opinion. When traditional finance starts getting on the blockchain, you’re going to see the blockchains that are really used in a massive and transactional way are going to accelerate.
ALGO Founder On The Radar Along With?
In addition to Micali, the report ranked Vitalik Buterin, the inventor of Ethereum, and Adam Back, CEO of Blockstream. As the report claims, the past years in crypto were led by “moguls” by loud personalities with little technical background, such as the founder of bankrupt crypto exchange FTX, Samb Bankman-Fried.
Thus, the industry might look up to Buterin, Back, and Micali as the new faces of the crypto industry. Unlike SBF and others, these individuals could “shake things up” and allow the industry to transition from its current state of crisis.