As 2019 comes to a close, here is a wrap-up of the three latest features launched on Algorand at layer-1 with links to content to help developers get started quickly.
Algorand Standard Assets (ASA)
Represent any asset at layer-1 with ASAs and benefit from the same speed and security as the native Algo. Trade those assets with each other and the Algo.
Read my previous blog post for an overview of ASAs. Check out our developer docs for an overview of core usage patterns as well as more detailed flows through each of the SDKs. Also, check out Sam’s blog post on opting in to assets with React.
If you are looking to get hands-on, try out our related task on Forums. Opt-in to the Algorand DevCoin asset on TestNet and we will send you 10 DevCoins in return.
Atomic Transfers
Swap a group of assets simultaneously without having to trust the other parties involved. Atomic transfers are implemented as group transactions, where either all transactions in the group are confirmed or none are confirmed.
Read more about atomic transfers in Russ’ blog post or read the docs on how to create an atomic transfer with goal and with the SDKs.
Try out our Atomic Transfers task on Forums and trade in 10 DevCoins for 1 AtomicTransferBadge on TestNet.
Algorand Smart Contracts (ASC1)
Backed by a new, assembly-like language called TEAL (which stands for Transaction Execution Approval Language), users can create stateless smart contracts at layer-1 on Algorand.
Read Jason’s blog post on Algorand Smart Contracts. Read the docs for contract walkthroughs, how to use Smart Contracts in the SDKs, and much more.
Get started building your first Smart Contract by participating in our related Forums task. Share ideas and best practices with the rest of the community.
With these features combined…
Mix and match these new features and a number of use cases become possible. Here are just a couple examples to get started…
Split Payments — Alice and Bob write a song together and agree on equal royalty payments
- Alice and Bob create a Smart Contract account with logic that allows for a group transaction with two payments. The payments must go to Alice and Bob, respectively, and the payment amounts must be equal.
- Alice and Bob provide the address of the Smart Contract to third parties for them to deposit royalty payments for use of their song.
- Alice and Bob can withdraw funds at any time, but the withdrawal will only be valid if they issue two transactions with equal payments to each other.
Limit Order — Alice wants to sell shares of a building she owns at a certain price
- Alice creates an Algorand Standard Asset that represents shares of her building, called AliceToken.
- Alice creates a Smart Contract with logic that says that any address can buy an AliceToken for at least 5 Algos. In other words, the contract logic states that anyone can issue a group transaction that contains two transactions: 1) a transfer of AliceTokens from the Smart Contract account to the desired receiving account and 2) a transfer of Algos to Alice’s account, where the amount of Algos to AliceTokens is at a ratio of 5 to 1 or greater.
- Alice sends her AliceTokens to the Smart Contract account and advertises the opportunity.
- Bob creates a group transaction that sends 1 AliceToken to himself (from the Smart Contract account) and 5 Algos to Alice.
We are looking forward to see what other use cases the community will bring to life in 2020! Happy New Year everyone!
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