On August 31, 2021, President Bukele of El Salvador establish a partnership with leading Latino crypto firm Koibanx to help establish blockchain technologies in country.
Koibanx revealed Algorand (ALGO) as a layer-1 solution to deliver FutureFi. While this infrastructure change is in progress, El Salvador prepares for stablecoin launch by the end of 2021. The Colon Dollar is aimed at facilitating day-to-day commerce for its citizens. The recent passing of the Bitcoin bill proposed by the president gained the country popularity as the first nation to adopt Bitcoin as legal tender.
The president states, “I’ve just instructed the president of our state-owned geothermal electric company, to put up a plan to offer facilities for Bitcoin mining with very cheap 100%, 100% renewable, 0 emission energy from our volcanoes. This is going to evolve fast!”
Of all nations that started using blockchain, El Salvador has set a new standard by producing renewable energy to power their blockchain initiatives. According to Cambridge Bitcoin Electricity Consumption Index, worldwide Bitcoin mining uses about 105 terawatt hours of electricity per year, which is more than the annual consumption of electricity in the Philippines.
Now to explain more about Algorand. ALGO removes the technical barriers that for years undermined mainstream blockchain adoption: decentralization, scale, and security. The consensus mechanism is permissionless and Pure Proof of Stake. It ensures full participation, protection, and speed within a truly decentralized network. Blocks are completed in seconds and transaction throughout is on par with large payment and financial networks.
Even the CEO of Koibanx states that, “El Salvador is paving the way for other countries to make the promise of blockchain a reality. We are honoured to be working with the government to enable Salvadorians to access a global digital economy and the potential for a more prosperous future.”
Overall, the blockchain ecosystem is growing and many countries are implementing technologies that will benefit more than the government while reducing emission.
This is the Future!