Algorand Weekly News Recap: 12/04/2023
Algorand Partners with the United Nations, Algorand Ventures Invests in Afghanistan-based HesabPay, LW3 wins $10,000 - AlgoBharat, Asia Broadband Inc Upgrades Algorand Wallet for "Mine-to-Gold Token
The Algorand Foundation's partnership with the United Nations Development Programme (UNDP) has taken a significant step in promoting sustainable development
Together, they are launching a groundbreaking blockchain academy that aims to equip all 22,000 UNDP employees worldwide with comprehensive training in blockchain technology. The ultimate goal is to harness innovative ideas to combat poverty and address global sustainable development challenges.
This initiative is designed to empower UNDP personnel by providing them with in-depth knowledge and expertise in blockchain technology. By doing so, the UNDP believes that its staff can contribute actively to sustainable development across various nations. The blockchain academy's curriculum includes a comprehensive understanding of blockchain technology, featuring recorded lectures, interactive workshops, and practical assignments. The wide accessibility of these instructional materials means that colleagues at other United Nations agencies can also receive training and enhance their skills in the field of blockchain technology.
Doro Unger-Lee, Head of Education and Inclusion at the Algorand Foundation, expressed immense enthusiasm about this partnership. It is seen as a crucial initial step towards identifying and implementing practical blockchain use cases on the ground, which will significantly contribute to achieving the Sustainable Development Goals across various domains. The UN's increasing embrace of web3 and distributed ledger technology underscores its commitment to leveraging cutting-edge technology to address global challenges and promote sustainable development.
Algorand Ventures has made a strategic investment in HesabPay, a fintech platform based in Afghanistan
HesabPay is recognized as the first and only interoperable digital payments platform in Afghanistan, utilizing the Algorand blockchain. Initially created as a solution to the humanitarian aid crisis, HesabPay has been instrumental in facilitating humanitarian cash transfers and other services in Afghanistan.
HesabPay's impact in Afghanistan is significant, given that 85% of the adult population in the country is unbanked, according to the World Bank. Notably, a study conducted by the London School of Economics found that digital payments through HesabPay had a positive effect on the well-being of recipients, with more than 98% of the transferred funds being spent on local purchases. This helped individuals have more nutritionally diverse diets and improved their overall quality of life.
Matt Keller, Head of Impact and Inclusion at the Algorand Foundation, emphasized the importance of blockchain in serving marginalized populations and announced this investment at the Algorand Impact Summit. The partnership highlights how blockchain can offer efficient, reliable, and transparent solutions for the unbanked, aligning with Algorand's commitment to making a positive impact.
The Algorand Foundation, through its India-focused initiative AlgoBharat, awarded $10,000 to LW3 from Assam as the winner of the Creating Impact!
Pitch Competition for Innovation in Blockchain. The competition was part of the Algorand Impact Summit held in New Delhi, which brought together leaders, policymakers, NGOs, and developers to discuss the potential of blockchain in addressing global challenges.
LW3's winning project, the Phygital Product Passport (P3), is a traceability solution that combines IoT technologies and Algorand's blockchain protocol to provide secure and digital provenance to consumers. Algorand also announced partnerships with T-Hub, one of Asia's largest tech incubators, to launch the Algorand Startup Labs program, supporting high-performing Indian Web3 startups building on the Algorand blockchain.
Another partnership was formalized with TiE Bangalore to expand Algorand's presence in the Bangalore tech community. Anil Kakani, Vice President and India Country Head at Algorand Foundation, expressed pride in the competition's achievements and emphasized India's role as a hub for global blockchain innovation.
The competition judged projects based on their impact, scale, development stage, and innovation, highlighting the potential of blockchain to create meaningful change in various sectors.
Asia Broadband Inc. has announced the upcoming launch of its new proprietary and upgraded AABB Wallet in mid-December 2023
This wallet is designed to enhance the user experience by reducing costs, speeding up transaction processing, and improving security. The AABB Wallet will house the AABBG.ALGO, a mine-to-token gold-backed cryptocurrency, following its migration to the Algorand blockchain.
Key features of the new AABB Wallet include full decentralization, user control of assets at all times, transparent and efficient transaction recording on the blockchain, and increased security. To streamline and enhance the wallet experience, the new AABB Wallet will only support specific cryptocurrencies, including AABBG, BTC, ETH, ALGO, USDT (on Ethereum and Algorand networks), and USDC (on Ethereum and Algorand networks).
Users holding cryptocurrencies other than the supported ones are advised to withdraw them from their current AABB Wallets before December 15, 2023. The official launch of the new AABB Wallet is set for December 20, 2023, and users can start transferring their assets from the old wallet to the new one on the same day.
Asia Broadband Inc. expressed its commitment to providing a user-friendly, secure, and efficient blockchain solution through this new wallet and appreciated the continued support from its users. The company's focus on its mine-to-token gold-backed cryptocurrency, AABBG, is evident in its efforts to offer a robust digital asset management experience.
The user advisory serves as a reminder for users to take necessary actions before the specified dates to avoid any disruptions in their cryptocurrency holdings.
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