Ethereum Competitor, Algorand, Stakes Its Fight Against COVID-19 Epidemic

algorand

  • A proof-of-stake blockchain, Algorand, is helping in the fight against COVID-19 by providing information to citizens on the virus.
  • The new app, IReport-COVID is set to record information from symptomatic and asymptomatic users on the virus and post it on the blockchain.
  • Meld Gold, an Australian gold company, also aims to leverage the Algorand platform in an aim to tokenize every gold token in the country.

At a time the world is in the pain of dealing with the exponentially growing virus, COVID-19, an Algorand-based platform, IReport-Covid is providing a record of information on a public and immutable blockchain on symptoms and other data aspects on the virus. This is in an aim to develop data-based solutions on the platform by collecting info. from asymptomatic and symptomatic patients on the virus.

Algorand in its fight against COVID-19

According to the release of IReport-COVID, users will be able to fill out a form and the data stored on a public blockchain available to everyone. Once recorded, the decentralized application will aggregate the data and “will introduce tools for the community to build applications using the collected data.”

However, the IReport-COVID app will only be used for data purposes – no medical advice or consultations on the pandemic. Dr. Tal Rabin, one of the researchers on the Algorand based app said,

“The Algorand Foundation app leverages blockchain technology to provide users with timely, transparent, and permanent information sharing tools. The app serves as a tool to deliver information during the current crisis and support future research on epidemics.”

Notwithstanding, the Algorand blockchain is witnessing massive developments – not only in the medical space but also in the precious metals department – as the first gold tokenizing platform in Australia launched on the platform.

Meld Gold set sights on every gram of gold in Australia

Meld, an Australian based company is aiming to tokenize every gram of gold in Australia held in the vaults on the Ethereum competitor, Algorand. According to the release, the platform will employ Meld Gold tokens to represent every gram of gold and also the newly minted gold coming into the reserves. The report reads,

 “Independent vaults will still hold gold, as will refineries as they receive gold. At each of these points in the supply chain, gold tokens can be minted and recorded. No single entity will hold all of the gold (no central point of failure).”

The tokenization will take up a supply-demand model whereby the tokens will be minted and burned according to the suppliers’ gold demand and supply. Having partnered with several gold suppliers already in Australia, the company is focused on extending its horizon to the Americas, Europe and Asia in the coming months.