Develop an algorithm that checks whether an input string forms palindrome or not using both stack and queue. A palindrome is a word, number, phrase, or another sequence of characters which reads the same backward as forward, such as madam, racecar. Pay attention to the fact that the algorithm should spend the minimum number of operations during the process. Illustrate the algorithm with a simple example, then translate it into C code, and finally provide a sample run for proving the correctness of it