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Algorand strikes a deal with FIFA: Set to develop digital assets’ strategy
The adoption of blockchain technology has been on the rise making new records since the 2021 boom of the crypto space. The world of sports is not untouched by this as well. As per a recent announcement from the official website, FIFA has entered into a sponsorship and technical partnership deal with proof-of-stake blockchain Algorand.
Algorand becomes the official blockchain platform of FIFA
Algorand is now the official blockchain platform for FIFA, as per the press release, and will also provide the official blockchain-supported wallet solution. Interestingly, the proof-of-stake blockchain will be a FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe and a FIFA Women's World Cup Australia and New Zealand 2023™ Official Sponsor.The press release also talked about the usage of blockchain for storing data stating that "blockchains allow non-editable data to be permanently recorded and distributed on digital networks while also facilitating innovations and ensuring safe, untampered exchange of value and assets such as non-fungible tokens (NFTs), and through blockchain-enabled wallets holding digital assets."
Additionally, Algorand will help FIFA develop a "digital assets strategy" while the non-profit organization "will provide sponsorship assets including advertising, media exposure, and promotional opportunities," as per the announcement.
"This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world's game," said Silvio Micali, founder of Algorand.
Ambitious series of upgrades
As per a report from Cryptonary, Algorand also brought a series of ambitious upgrades for developers and users of the network, which were focused on privacy, speed, and 'co-chains,' as per Micali's statement from the Australian Blockchain Week. Micali also added that the network is assembling a strong team, and he "already has some plans" regarding the future of the network.Continue reading by joining Cryptonary Pro
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