Algorand and SIAE have just announced a new NFT platform.
SIAE, the Italian society of authors and publishers, which protects trademarks and songs, basically considered as an Italian monopoly since 1882 for guaranteeing authors’ copyrights and royalties, had already partnered with Algorand in 2019.
And today this partnership with SIAE is being extended to project for NFTs to create a marketplace of non-fungible tokens where works have their copyrights effectively guaranteed.
Gaetano Blandini, General Manager of SIAE, explained:
“Ensuring the protection of creativity has been SIAE’s mission for 139 years, and this project demonstrates that our goal is to continue to guarantee it for the next 139 years. We are not interested in building technological infrastructures to generate profit. Instead, our goal has been and always will be to create value addition for our members. This is why we can afford to talk about open infrastructures and make all our know-how available to the community. Blockchain technology is definitely an interesting strand to continue exploring because of its transparency and efficiency – by design – features, which are fundamental for those who, like us, manage the salary of other people’s hard work.”
How does Algorand work
Algorand is a blockchain based on the Proof of Stake (PoS) consensus protocol, attempting to solve the so-called blockchain trilemma of having decentralization, low fees and scalability at the same time. This trilemma was formulated by the creator of Ethereum, Vitalik Buterin, and explains that each feature of a blockchain is unfortunately at the expense of the others, at most it has come to have two features out of three.
What Algorand is working on is finding a solution to this, using a different consensus algorithm than the more common Proof of Work (PoW).
NFTs on Algorand
Over 4 million NFTs have been created this week, representing over 95,000 authors who are members of the SIAE mark.
Silvio Micali, founder of Algorand, explained:
“SIAE has brought an ambitious project to life, where transparency and simplicity in data management are becoming a new reality for their industry. SIAE is a forward thinking organization that will open up new opportunities as they build the foundations for new economic models. I am thrilled to have SIAE a part of the Algorand ecosystem as they embrace the scalability, efficiency and security of Algorand.”