A blockchain project comes to provide some services, and the user has to use that project's utility token to avail services, but you know until a project has enough utility no one will exchange his bitcoin for the token and the project can't survive until its user base increase or services transaction increase because the business model of a company depends on the user's transaction for its services {Reference}.
When a good blockchain project launches only investors come in the place to invest because they think to multiply their money, but in fact, a good blockchain project like Algorand has use cases beyond Investment.
Since blockchain technology come in sensation thousand of a blockchain project came but only 8% of projects survive because of their real-life use cases so it is impossible to run a blockchain company by selling tokens for the long term and, in this article, we will discuss what services Algorand is providing or will provide so an end-user will buy the ALGO token to avail the service which means we will discuss the utility of ALGOs.
Algorand has all kinds of infrastructure support where Algorand maintains SDK support in JavaScript, Python, Java, and Go. More languages are also available through Community Provided SDKs which help any developers to build their decentralized applications and the key thing is Algorand blockchain now supporting smart contract creation and execution {Reference-1} {Reference-2}.
The major goal of the Algorand blockchain is to provide blockchain trilemma: security, scalability, and decentralization {Reference}. So Algorand blockchain is providing a suitable ecosystem solution for Defi (decentralized finance) where you can easily build and cheaply run your Defi applications and services on the Algorand blockchain {Reference}. To use these Defi applications and services we will need ALGO tokens so when huge numbers of Defi applications and services will build on the Algorand blockchain, then millions of transactions will occur because of Defi apps and services which will benefit the Algorand company for sure.
Do you know?
Algorand charges only 0.001ALGO ($0.0005270) per transaction independent of the amount you sent which making Algorand platform suitable to build and run a simple finance app. For instance, you can build the Point-of-Sale application on Algorand blockchain, compared to traditional Point-of-Sale applications where credit/debit cards charge high fees up to 4% and 30days for settlement but Algorand blockchain-based Point-of-Sale will not only save your fees but also save your time thus the utility of ALGOs increase {Reference}.
After the first game called "AlgoNim" created on the Algorand blockchain, there is two possible utility of ALGOs come to my mind first you can develop your game directly on Algorand blockchain or you can accept ALGOs as a payment option in your game where the buyers can save their transaction fees and game company no need to depend or pay 30% fees to the third-party application stores {Reference-1} {Reference-2}.
To increase the utility of the ALGOs, Algorand is focusing on partnerships with other institutions or companies, and Algorand already did some beneficial partnerships that are extensively utilizing Algorand blockchain and ALGOs tokens to know more about them you can read my previous article- "Modern Ventures That Depend On the Algorand Blockchain" where you may get an idea how to implement Algorand blockchain in your business.
As an individual, you can utilize ALGOs in two ways first you can use ALGOs for payment to save your extra charges and time and you can stake ALGOs to start a passive income for the lifetime so let's discuss the best place to stake your ALGOs.
Best Place To Stake Your ALGOs
You need only one ALGO to start staking but I'm not suggesting to start with only one ALGO because you want to earn passive income by Staking ALGO so take a good amount of ALGOs as your ability then install Algorand wallet from here- Android, IOS then transfer all your coins into your wallet and that's all you will start getting rewards in every 20min.
There are multiple places like exodus wallet, trust wallet, atomic wallet, Binance, Coinlist, etc where you can stake your ALGOs easily but I'm suggesting to use the official Algorand wallet because you will get full integration of ASA(Algorand Standard Assets) where you can able to store all kinds of assets or tokens created on Algorand blockchain, for safety and security you will get best-in-class security with Ledger Nano X integration, and easy for payment making with no extra charges, etc.
Conclusion:
This article purely written to tell you where you can utilize the ALGOs and how Algorand company is taking lots of steps to increase the utilization of ALGOs where I found interesting kinds of stuff that you can read above so I believe in long-term utilization of ALGOs will grow for sure which showing the strong vision of Algorand.After 3 months of use, I'm recommending the Algorand wallet, but if you are holding or staking ALGOs in other wallets, then no need to move if you are not using ALGO for payment.
For more information must visit to below links:-
Website-1, Website-2, Join Algorand community, Twitter, LinkedIn, Telegram, Facebook, Medium, Youtube, Community, Reddit,
Risk warning!!: All the information above are not financial advice and neither legal nor illegal advice all are my opinion and this article is for your knowledge and before investment do your own research because nobody will responsible for your profit or loss
About the Author:-
Name: Jitendra naik
Email: [email protected]
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