UNDERSTANDING THE ALGORAND ECOSYSTEM with KarlaGod, CEO CRYPTOSMART

1. There are over 16,000 Cryptocurrencies now in circulation and over 10,000 of them are worthless.

2. The ecosystem refers to the interconnectivity of smaller organisms within a structured, large environment big enough to contain or aid the co-existence of these organisms.

3. Blockchain technology is like an environment/town(DeFi town, NFT town, DAO town, Game town) where different streets or high-rise buildings can exist and interact with each other promoting connectivity.

4. Any project built on a blockchain should be able to interact with other projects on that chain.

5. Ecosystem of a blockchain: This means projects existing on a particular blockchain, its users and community as well as their tokens should be able to exist on that same chain.

6. How to identify a good Algorand Ecosystem as a user:

* DeFi projects built on them

* NFT projects

* Their foundation

* GameFi

* De-Centralised storage & oracle service projects.

* Finance projects

7. How to identify a good Algorand Ecosystem as an Investor;

* Who’s funding them?

* Who are their team members?

* Who’s the founder?

8. The value of a token comes from the liquidity paired to it and the use case of its project.

This is the summary of our last AmA education session on cryptosmart, do well to join our community via this telegram link https://t.me/cryptosmartcommunity

Compiled by the Education Team