How is Milkomeda Going to Boost Adoption and Developers in the Algorand Ecosystem
With the upcoming launch of the Milkomeda Algorand Rollup (A1) on the Algorand mainnet we thought it would be pertinent to highlight some of the benefits and projects that Milkomeda A1 Rollup will bring to the Algorand ecosystem.
These benefits and projects come in multiple forms, however they are all a result of the EVM capabilities that Milkomeda is bringing to the Algorand ecosystem. Bringing EVM capabilities exposes the Algorand ecosystem and community to developers writing dApps in the world’s most popular smart contracting language, Solidity. Providing this interoperability to non-EVM chains, like Algorand. Read on to discover what Algorand is, what factors made it the best choice for the first Milkomeda rollup deployment, and what benefits the A1 rollup can bring to the Algorand ecosystem.
What is Algorand?
Algorand is a non-EVM, layer 1 blockchain, running on the Algorand Virtual Machine (AVM), that uses a Pure Proof of Stake™ (PPoS) protocol built on Byzantine consensus. It was founded by MIT professor Silvio Micali, and operates with instant transaction finality, with a transaction confirmation time of under 5 seconds.
ALGOs, the native currency of the Algorand network, are used to pay for transaction fees and to reward users who participate in the network’s consensus process. The Algorand network also supports Algorand Standard Assets (ASAs), a standardized mechanism for representing assets other than ALGO on the network. This asset standard includes: fungible, non-fungible, restricted fungible, and restricted non-fungible assets.
The network’s smart contracts are written in a language called TEAL, Transaction Execution Approval Language, but developers can also write their contracts in Python and then use a pyTEAL library to compile their contracts into TEAL. Algorand also supports smart signatures, or stateless contracts, that are typically used to sign signature delegation transactions.
Algorand has been designed to solve the blockchain trilemma of scalability, security, and decentralization. The network’s unique PPoS consensus protocol, where all users no matter how small their stake can participate and be rewarded for being part of block creation and confirmation. A consequence of Algorand’s consensus protocol is that forking the network is impossible. This results in instant finality for transactions with a transaction confirmation time of 4.5 seconds. The Algorand network can handle 6000 Transactions Per Second (TPS) and the minimum transaction fee is just 0.001 ALGO.
What Types of Projects can Milkomeda Rollup Bring to the Algorand Ecosystem?
Bringing EVM capabilities to Algorand increases blockchain interoperability and opens up the Algorand ecosystem and community to developers writing in Solidity, the world’s most popular smart contracting language. Exposing Algorand to developers writing in Solidity significantly increases the number of developers who are able to deploy their dApps to the Algorand ecosystem with little to no changes to their underlying code.
So what types of projects can we expect to see being deployed on the Milkomeda Algorand Rollup?
DeFi
DeFi is by far one of blockchain technology’s most popular use cases and we can expect to see multiple DeFi projects launch on the A1 rollup. There are a wide variety of DeFi projects out there, and the list of potential projects includes: DEXs, lending protocols, launchpads, yield farming management protocols, and cross-chain swapping protocols (between EVM-based chains).
Users of DeFi on the Milkomeda Alogrand A1 Rollup will be able to perform multiple basic and advanced defi activities thanks to the porting of Solidity contracts, the largest library of DeFi protocol contracts, to the Milkomeda A1 rollup. Such DeFi activities can include: providing liquidity, farming liquidity, leverage trading, lending and borrowing assets, LP token staking, using algorithmic stablecoins, and many more!
DAOs
DAOs functionality and usage are maturing in the crypto space and, as this happens, they are not only becoming more finely tuned but also more commonplace. New and existing projects will be able to launch and run their DAOs on the Milkomeda A1 Rollup using many unique tools for a wide variety of DAO functionalities including community management of crypto assets and project treasuries, charitable donations, bug bounty distribution approval, collective investing in blue chip NFTs, joint investment ventures in accelerators and launchpads, and many more use cases!
There is a litany of DAO tools that have been built for EVM chains, which can be utilized straight out of the box on the Milkomeda A1 rollup by projects looking to enhance their offerings with DAO functionalities.
NFTs
NFTs are one of the most popular use cases for blockchain technology and we’re steadily seeing their use expand beyond representing the ownership of digital art. Milkomeda will support non-fungible tokens, and we can expect to see many projects take advantage of this functionality, offering everything from art and tickets, to digital representations of tangible possessions and items.
The NFT space also includes NFT marketplaces, where users can buy and sell NFTs. These often come with fixed price offerings and auction capabilities. Auctions can be formatted in multiple ways and we’re excited to see what developers bring to the Algorand community using Milkomeda A1 rollup.
Gaming
The world of blockchain gaming is growing at a tremendous pace and includes everything from games stored entirely on-chain to games who’s in-game items, characters, and other elements are represented by NFTs. Innovations in the blockchain gaming world continue to happen and we can expect to see some exciting gaming projects launch on the Milkomeda A1 rollup.
Tooling
The EVM is the most prolific virtual machine in the whole blockchain space. The result of this is that there are a huge amount of tools, examples, documentation, and best practices available for developers looking to develop dApps on EVM-based chains. Having all this tooling and documentation available can decrease a dApp’s time-to-market, greatly expand the possibilities for developers, build a great team easier and thus increase the possibilities of what will become available to users of Algorand on the Milkomeda A1 rollup.
Infrastructure
The Milkomeda A1 rollup adds EVM capabilities to the existing stack for Algorand and, in doing so, enables the transfer of assets from EVM-based networks over to the Algorand network. The Milkomeda A1 rollup will also allow for the deployment of cross-chain communication built for EVM chains. This makes it easier for projects to deploy blockchain bridges that connect to the Algorand network via the Milkomeda A1 rollup, enhancing blockchain interoperability.
Milkomeda | Algorand A1 Rollup Launches Soon!
Keep an eye on our social media channels where we will soon announce the launch date of the Milkomeda Algorand Rollup. We are excited to see what developers will bring to the Milkomeda A1 Rollup and the Algorand ecosystem! Outside of protocol parameters, the only limit to what developers can create to launch the Milkomeda A1 rollup is the limit of their imagination.
The EVM capabilities of the Milkomeda Algorand A1 Rollup mean that developers do not need to re-develop their dApps to work with another language and environment. Instead, they can redeploy their dApps to the rollup with little to no change. To keep up with announcements regarding the launch and to discover more about the Milkomeda Algorand A1 rollup and how to use it follow our social channels!
Learn more about Milkomeda:
Website: milkomeda.com
Twitter: @Milkomeda_com
Medium: @milkomedafoundation
Learn more about Algorand:
Algorand Inc: Website
Algorand Foundation: Website
Algorand Research: White Papers
Twitter: @Algorand
Medium: @Algorand
