What's hot in crypto this week?
It's Algorand. ALGO is a public, pure proof-of-stake blockchain launched in 2018 by a Boston-based team and founded by Turing-award winner and cryptographer Silvio Micali. The technology company is dedicated to removing friction from financial exchange, and powering the decentralized finance wave. Its native cryptocurrency is the ALGO.
The loyalty rewards program Props Project, which includes popular dating app Dating.com, is teaming up with ALGO. On July 31, Props announced it was migrating to Algorand’s proof-of-stake platform.
Props’ network of independent apps uses the "Props Token" as a reward mechanism, thereby giving users a stake in the system. Users who hold these Props Token then get in-app benefits.
How has ALGO’s FCAS score changed?
ALGO's fundamental crypto asset score has climbed 124-points (16.8%) since the beginning of August, due to a 289-point (51.24%) spike in User Activity. Developer Behavior and Market Maturity also increased 9-points (1.04%) and 60-points (7.18%) respectively.
What's Flipside's take?
The Props Project brought a lot of users to the Algorand blockchain. Props handles over 700,000 transactions daily at five transactions per second. This proved to be difficult for their previously used private blockchain to handle, so they moved over to Algorand, which can handle upwards to 1,000 transactions per second.
The Flipside Data Cooperative reveals a 618% increase in median ALGO daily transactions in the past 30 days, as well as a 137% spike in median daily volume - which currently stands at $17 million. The number of median daily unique addresses has also climbed 24% in the past month.
Dating.com, a conglomerate of 15 international dating apps that have more than 73 million registered users between them, invested in Props Project and intends to integrate Props into some of its applications. Blockchain has often been criticized for a lack of adoption, so to see its adoption by a consumer-facing project with millions of users is a promising sign.
The Flipside Crypto Asset Score Tracker provides institutional and sophisticated retail investors the ability to track over 500 cryptocurrencies' fundamentals. FCAS Tracker is currently free to a select group of new users as it continues to develop the product. Visit Flipside here to gain access to Flipside Analytics.