September 8th, 2020 — Since the Algorand Foundation launched its Grant Program this year, many developers and innovators around the world have been eager to participate. After thorough review and selection, we are delighted to announce that JellySwap has received an Algorand Foundation Grant, to make it easier for Algo token holders to quickly and seamlessly exchange their tokens for the tokens of other blockchains.
What is Algorand
The next key project to integrate into our platform is Algorand. It is a network with great technical progress and huge potential. The pure fact that he mainnet has launched with the capability of handling 1,000 transactions per second with a latency of fewer than 5 seconds, proofs that Algorand’s team aims high. What they are trying to solve is the so-called Blockchain Trilemma without sacrificing any of the three pillars — decentralization, scalability, security.
What they offer is a decentralized digital economy based on open and permissionless access, instant verifiability, internally developed Pure Proof-of-Stake protocol, and transaction management system capable of scaling custom blockchain projects.
Here is how:
Immediate transition finality- once created, each new block remains on the chain indefinitely, thus ensuring that all transactions in this blockchain remain final.
Pure Proof-of-Stake- a unique consensus algorithm, developed by the CEO Silvio Micali. Unlike other PoS models, PPoS does not reward, nor does it put validator or user funds at risk of being slashed. Each user can read every block and is given an opportunity to write a transaction in a future block. Users can influence the selection of a new block based on the size of their stake in the system which is measured in the number of ALGO tokens. Users are selected discreetly, based on randomness principle, and allowed to propose blocks and vote on block proposals, with the likelihood of being chosen being proportional to the stake volume.
Open and decentralized- all that is required is the possession of arguably modest computing resources. Algorand’s users are free to offer new market applications based on the ownership records which are publicly available on the blockchain.
Verifiable Random Function- enables the self-selection process by which the users can secretly determine whether they have been selected to participate in the consensus protocol round or not. Each time a new block is committed to Algorand blockchain, participants are made aware of the seed and the Verifiable Random Function is checked by the user with the help of the secret participation key and the selection seed. VRF operations produce a cryptographic proof which is available to everyone who wants to verify the ensuing results.
Jelly as a Grantee
Jelly is one of the projects selected to receive a grant for building on Algorand.
“We are actively working on the trustless bridge between ALGO<>ETH and ALGO<>BTC”, said Tito Titov, CEO of JellySwap. “The bridge should be available on mainnet at the end of October.”
“We are delighted to support JellySwap’s grant application,” said Sean Lee, CEO of the Algorand Foundation. “Algo holders will now be able to take advantage of JellySwap’s innovative P2P approach to easily exchange tokens across platforms.”
Algorand Foundation is proud to support this project with funding through the Algorand Foundation Grant program. For more information on JellySwap specifically, please read their blog or visit their website. If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.