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Algorand Foundation Joins Decentralized Identity Foundation

Twitter icon  •  Published 1 month ago on November 22, 2024  •  Hassan Maishera

The Algorand Foundation announced via a blog post on Thursday that it has joined the Decentralized Identity Foundation (DIF), strengthening its commitment to open standards in digital identity.

Algorand Foundation Joins Decentralized Identity Foundation

The Algorand Foundation announced via a blog post on Thursday that it has joined the Decentralized Identity Foundation (DIF), strengthening its commitment to open standards in digital identity. DIF leads the development of decentralized identity infrastructure through technical specifications and open standards.

This latest development follows the development of did:algo, a decentralized identifier (DID) built on Algorand. Implementing did:algo enables individuals and organizations to generate their identifiers using the Algorand blockchain, providing a secure and permissionless system for identity management.

Algorand is an open-source, permissionless, Pure Proof-of-Stake (PPoS) blockchain protocol for “the next generation of financial products.” As such, Algorand ensures "full participation, protection, and speed within a truly decentralized network."  ALGO is trading at $0.2283 at press time, up 5.5% in the last 24 hours.

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Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.