We are thrilled to share a fresh recap on Algorand with all blockchain communities!
Algorand provides Layer-1 smart contracts which execute many common, simple transactions directly in the blockchain itself. Layer-1 smart contracts are written in TEAL. It provides programmers the expressive power to implement transactions. Forthcoming extensions to TEAL will allow programs to store states in Layer-1, and inspect account balances and other blockchain states for even more expressive power. What’s more, Algorand provides (Layer-2) off-chain contracts for the “long tail” of smart contracts that require more customization and more specialized tools.
Additionally, Algorand Standard Assets (ASAs) benefit from the same security, compatibility, speed & ease of use as the ALGO. The Algorand team has made it straightforward for ASAs to represent stablecoins, loyalty points, system credits, and in-game points, just to name a few examples.
New Algorand Wallet features have arrived! Algorand Wallet v4.0.0 aims to further streamline and simplify the experience of transacting on Algorand. You can now utilize transaction note fields from within Algorand Wallet. You’ll be also able to enter notes when creating a transaction as well as view notes attached to sent or received transactions from the transaction detail view.
More news to follow! Stay tuned!
Development
Github metrics:
Developer activity (from Coinlib.io):
Check out the latest developer resources at developer.algorand.org
New Algorand Developer Portal
It has a new, enhanced interface and there are three new types of content for developers: Tutorials, Solutions, and Articles. These new content libraries complement Algorand Developer Docs.
Quick links:
Browse all JavaScript Tutorials
Development Awards Program
Contribute to the Algorand Developer Docs
The official Algorand Developer Documentation repository is now public and open to contributions by the community.
The official repository for the Algorand Developer Documentation is located at https://github.com/algorand/docs and is licensed under an MIT license.
Take a look at Algorand Contributing Guide for detailed information on the types of contributions they are looking for and how to get started.
The Algorand Foundation Developer Ambassador Program.
Many of developers have already provided valuable feedback about Algorand documentation through the Algorand Forums
Creating your own asset on Algorand
Algorand Standard Assets (ASAs) benefit from the same security, compatibility, speed & ease of use as the ALGO. The Algorand team has made it straightforward for ASAs to represent stablecoins, loyalty points, system credits, and in-game points, just to name a few examples. Watch this video to learn how to create an ASA in a few simple steps.
For more information, check out:
https://developer.algorand.org/articl…
Algorand’s Smart Contract Architecture
Two-Tier Architecture
Algorand provides Layer-1 smart contracts, a secure fast-path for common, everyday transactions. Second, Algorand provides (Layer-2) off-chain contracts for the “long tail” of smart contracts that require more customization.
Algorand off-chain contracts should not be confused with Layer-2 payment networks such as the Lightning Network. Payment networks are specialized: they exist only to send payments from one party to another. By contrast, Algorand off-chain contracts are flexible, general-purpose programs.
Algorand’s Layer-1 (on-chain) Smart Contracts
Algorand Layer-1 smart contracts execute many common, simple transactions directly in the blockchain itself. For example, Algorand Layer-1 smart contracts make the atomic swap transaction mentioned earlier almost trivial. Layer-1 contracts provide atomic transfers, a built-in mechanism that ensures that multiple transactions authorized by mutually suspicious parties are executed as a single atomic unit: either all succeed, or none do.Forr example, Alice creates an atomic transfer containing both her payment to Bob and Bob’s payment to her. She signs her payment, Bob signs his, and the doubly-signed atomic transfer containing both payments is then sent to the blockchain.
The Algorand smart contract architecture, by contrast, provides built-in support for user-defined Algorand Standard Assets, at the same level as Algorand’s native Algo currency. The Algorand blockchain provides built-in protection against inadvertently creating or discarding tokens, along with direct support for optionally freezing, clawing back, minting, and burning tokens.
Algorand Layer-1 contracts also provide direct support for common kinds of “post-and-sale” transactions, securitized loans, crowdfunding, accredited-only transactions, multi-sig wallets, and other simple, recurring transaction types.
Layer-1 smart contracts are written in TEAL, an assembly-like stack machine language. TEAL provides programmers the expressive power to implement the kinds of common transactions mentioned earlier. Forthcoming “stateful” extensions to TEAL, ready by summer 2020, will allow programs to store states in Layer-1, and inspect account balances and other blockchain states for even more expressive power. TEAL will also provide enhanced security guarantees for off-chain contracts.
Algorand’s (Layer-2) off-chain contracts
While many simple blockchain transactions are appropriate for the Layer-1 fast path, there is also a “long tail” of applications that require more specialized tools. For example:
- A contract may be too big. For example, a contract managing a private stock placement may need to consult a database of certified investors who are allowed to participate, perhaps along with a database of blacklisted investors who are not. These databases may be too big to keep on the chain, or too sensitive to make public.
- A contract may be too computationally demanding. For example, a contract managing a token that provides a high degree of privacy may require computationally intensive libraries such as ZK-STARKs, ZK-SNARKs, and so on. Similarly, a complex contract that handles valuable assets may make liberal use of assertions checking the integrity of its data structures. Such long computations may obstruct progress by other clients, slowing everyone’s block rate.
- A contract may be too complex. TEAL is a powerful and secure tool for programming simple Layer-1 transactions, but more complex applications require a higher-level language. Good software engineering practice often requires splitting an application into multiple contracts, sometimes provided by different parties. Any application complex enough to require a modular structure is best managed by a higher-level language.
On-Chain vs. Off-Chain Contracts
The Algorand blockchain, new blocks are selected by a consensus committee chosen securely and at random by Algorand’s cryptographic self-selection algorithm. When a user calls an off-chain contract, the call is not directly executed by the consensus committee. Instead, the call is executed and validated by a parallel committee, called the contract execution committee. Each validator on that committee executes the contract call and generates a sequence of effects: the sequence of blockchain transactions generated by the contract call. The contract execution committee then produces a signed certificate endorsing the call’s effects. The simple list of effects, together with the signed certificate and other validation conditions, are then submitted to the consensus committee. For efficiency, multiple contract calls can be executed in a batch, so they can all be endorsed with a single certificate. Consensus committee validators never execute user-defined contract code, as in an on-chain contract architecture. Instead, consensus committee validators need only check the certificate and the validation conditions before applying the transaction’s effects.
A blockchain that requires on-chain contracts is like a bank that requires that all financial transactions be carried out by cashier’s check. Before spending money, a customer must wait in line, along with all the other customers, at a bank office with only one teller, to escrow the amount of the check. By contrast, a blockchain that uses off-chain contracts is like using a regular checking account: customers write their own checks without queuing at the bank, and funds are transferred later when the check clears.
Figure 1: normal Algorand execution with Layer-1 smart contracts
Figure 2: execution with Ethereum-style on-chain contracts
Figure 3: execution with Algorand off-chain contracts
Other highlights of the article include:
- Comparison with Ethereum Smart Contracts
- Executing Off-Chain Contracts
Read the full article for a more detailed explanation
An overview of Accounts on Algorand
It reviews core terminology and guides developers on how to interpret these terms in different contexts.
Reference Docs
Learn commands and syntax for specific developer tools.
How to run a Node
Participate in Consensus
Register accounts to participate in Algorand consensus.
Community Projects
Browse existing projects built on Algorand.
Algorand Consensus
Learn more about how Algorand consensus works
The Algorand blockchain uses a decentralized Byzantine Agreement protocol that leverages pure proof of stake (Pure POS). This means that it can tolerate malicious users, achieving consensus without a central authority, as long as a supermajority of the stake is in non-malicious hands. This protocol is very fast and requires minimal computational power per node, giving it the ability to finalize transactions efficiently.
More details about the protocol can be found here
Algorand Co-chains
sign up for Algorand Developer Newsletter for the latest news, solutions, and tutorials on Algorand.
Social encounters
Algorand’s LIVE Q&A features the team behind the world’s first national digital currency, the Marshallese sovereign (SOV).
In this discussion, the following topics are covered:
- How the SOV became the world’s first sovereign digital currency
- Why CBDC
- Why blockchain for CBDC
- Acceleration of CBDC and what the future holds
Upcoming events
JUN 04, 2020 — PANEL DISCUSSION — PORT HARCOURT, NG
This summit is for Businessmen, Entrepreneurs, and aspiring Entrepreneurs, with keynotes on understanding the market place
JUN 10, 2020 — MEETUP (EXTERNAL TICKETING) — ABUJA, NG
A webinar with the google developer community members in Bayelsa. This is to introduce the developers to how they can leverage on Algorand and build grassroot solution that can be adopted and used almost immediately. It is a community that has a good number of developers.
The Algorand team regularly hold meetups and events with those looking to learn more about blockchain, understand what is possible with Algorand technology, or even build their business on Algorand.
Check out this community.algorand.org page for more information on upcoming events.
Finance
Mainnet stats (information from https://algoexplorer.io)
The Algorand blockchain network has its own official native cryptocurrency, called the Algo, to drive their borderless economy and the system of incentives. The allocation of Algos and how they are being distributed is presented here. The Foundation holds Algos to contribute to the stability of the Algorand blockchain and to support the Algorand community, ecosystem building and research. The Algos will enter the ecosystem via various channels including development and research grants and sales. All such activities will be disclosed with full transparency to the community.
The Newly Designed Algorand Wallet
Algorand Wallet v4.0.0 which aims to further streamline and simplify the experience of transacting on Algorand.
New features:
Transaction Notes: You can now utilize transaction note fields from within Algorand Wallet. You’ll be able to enter notes when creating a transaction as well as view notes attached to sent or received transactions from the transaction detail view.
TestNet Compatibility: Developers can test sending assets or certain transactions before going to MainNet by toggling between MainNet and TestNet.
Improved UX: Updated icons for your account’s address (and QR), along with an in-app tutorial to show where to find it.
Algorand Wallet and it’s features here, or download it directly:
Update: 2019 ALGO Auction — 90% Refund window starting June 19th 2020
May 26th — 2019 ALGO Auction participants, who did not avail of the early redemption window in August 2019, are qualified to opt for a second and final Auction redemption window. The program (click here for detailed information on the refund structure) will run from 12.00am June 19th 2020 to 11:59PM June 26th 2020, all times in Singapore time. You will only be able to request refunds during this period. You will receive your refund by 11:59PM July 1st, 2020 Singapore time.
Over the next few weeks, Algorand’s auction partner, CoinList, will be sending emails to all remaining auction participants to provide greater detail on the process to apply for the refund.
As occurred during the optional early redemption last August, all ALGOs returned via this refund mechanism will be burned (permanently taken out of circulation). Once the process is completed, the Algorand Foundation will provide certification that the token burn has taken place.
Update on Key Rotation within 200M ALGO Staking Rewards program
The window for key rotation within the Algorand Foundation’s 200M Staking Rewards program has closed. The following successful transactions took place. Please note that the criteria outlined here will be applied to decide which accounts remain qualified for the 200M Algo Staking Rewards Program.
Create an Account on the Algorand Wallet
Pairing Your Algorand Wallet with Ledger Nano X
Follow the link to go through the end-to-end process of setting up your Nano X, pairing the Nano X with your Algorand Wallet, and finally, signing transactions with the Nano X’s bluetooth capabilities.
Those who don’t have a Nano X device, can check out the article on how to Create an Account on the Algorand Wallet in the series of Algorand Wallet tutorials.
How to add Tether USDT to your Algorand wallet
In Algorand, to avoid spamming your address with tokens and assets, you need to manually opt in to the asset that you wish to receive. This Opt-In transaction involves sending a 0 amount of the asset you wish to add to your account to yourself.
Check out this tutorial on how to Opt-In and add Tether’s USDt to your Algorand wallet in My Algo in order to be able to receive it.
You can choose to watch the tutorial which will help you to facilitate the whole process.
Roadmap
By combining cutting-edge research and innovation with an ecosystem that enables ease and speed of development, the Algorand Foundation strives to anticipate and fulfill future technology needs.
The Algorand Foundation has contracted with Algorand, Inc. to begin development on several advancements to the foundational Algorand public blockchain.
VAULT™
Vault is a blockchain compression technology that allows new users to immediately join and participate in the Algorand network without a burdensome download.
View Whitepaper: Vault: Fast Bootstrapping for the Algorand Cryptocurrency
Algorand’s Forthcoming Technology, by Silvio Micali
PIXEL
Pixel is a new digital signature scheme built for Proof of Stake systems that reduce space requirements through committee member signature aggregation while maintaining forward-security through key rotation.
Pixel-signatures: Efficient and Secure Digital Signatures for Proof-of-Stake Blockchains
Algorand’s Forthcoming Technology, by Silvio Micali
SELF-VALIDATING TRANSACTIONS
Self-validating transactions are an advance that allows separation of consensus and storage to enhance the efficiency and the logical structure of the Algorand blockchain.
Algorand’s Forthcoming Technology, by Silvio Micali
ATOMIC² SWAPS
Atomic² swaps leverage Algorand’s instant transaction finality and implement same-chain swaps of assets, without any type of time- or hash-locks, in a single transaction.
Algorand’s Forthcoming Technology, by Silvio Micali
POST-AND-SALE TRADES
An exchange of assets usually requires interactivity: prior to delivering the asset, a seller must find a buyer and negotiate terms. Post-and-sale trade technology will allow any seller to post assets for sale, at a given price. Any buyer can browse these offers, pay the price and receive the asset immediately without having to interact at all with the seller or any third party.
Algorand’s Forthcoming Technology, by Silvio Micali
SMART² CONTRACTS
Smart contracts permit trusted transactions and agreements to be carried between parties around the world without the need of a trusted third party, but they can be slow and expensive.
Smart² contracts™ leverage Algorand’s consensus mechanism to offer faster and cheaper forms of smart contracts.
Partnerships and team members
From the article “Is blockchain becoming the new digital?” published by TheRecord
Sean Ford, chief operating officer of Algorand Inc., the creators of the public permissionless Algorand blockchain platform, believes the technology has the power to totally disrupt the financial services industry.
He said:
“Traditional finance products were created around centralised, physical institutions with geographical constraints that largely appeal to their local populations. They were created before significant technical advancements. As a result, there has been a lot of friction in traditional finance, behind the scenes and for customers.
“Blockchain creators have struggled with the trilemma of making their solutions scalable, secure and decentralised,” Ford explains. “Before Algorand, you could only have two of the three, which made it difficult to ensure a solution’s efficacy.
“We have designed our experiences to be simple and user-friendly. We want our protocol to feel familiar, in a bid to demystify blockchain.”
“Institutions didn’t want to degrade the user experience from those offered by more traditional organisations and products,” says Ford. “There wasn’t a blockchain that could deliver those transfer speeds until Algorand. With our platform, transactions are completed and final in around four seconds — that’s pretty revolutionary.”
“Financial institutions need to get involved with blockchain if they want to ensure that they are well-positioned for competitive success in the future,” says Ford. “Companies that made the leap to digital in the noughties have seen unprecedented wins; everybody knows what Netflix is, while Blockbuster died.
“Blockchain is something that people need to understand, and the industry needs to get better at explaining. It’s worth the investment because in two or three years, companies will look back and say, ‘Oh man, we have got some catching up to do.’”
Other
Social media metrics
Social media activity:
The graph above illustrates changes in the number of Chainlink Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.
This report is not financial advice.
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