Hello to all blockchain communities! Welcome to our biweekly update on Algorand!
Algorand built the world’s first open source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. Algorand is powering the DeFi evolution by enabling the creation and exchange of value, building new financial tools and services, bringing assets on-chain and providing responsible privacy models.
Transaction speed, finality and extremely low fees are the main benefits that make Algorand the blockchain of choice for developers. Anyone can now learn to use and build applications on the Algorand blockchain.
Their recently redesigned Developer Portal offers a great number of tutorials, solutions, and articles. One of the latests updates is the article made by the creator of PyTeal, a Python language binding for constructing Algorand Smart Contracts. Read on to check out the overview of the language, a walkthrough example, and some other tips and resources available for getting started writing Smart Contracts on Algorand with Python.
Algorand has recently formed a number of significant partnerships.
Firstly, Props, a network built to reward application users with a financial stake in the network they contribute to, has raised approximately $2M in token-sale to scale its user network through integrations by additional consumer apps, and to evolve its infrastructure, including a transition of its PropsChain to the Algorand blockchain. Algorand’s public chain will increase Props’ speed and reliability, while powering more transaction volume and a higher level of security.
Secondly, Algorand has also collaborated with Verady, the leading cryptocurrency company which provides cryptocurrency tax, accounting, and confirmation capabilities through the Ledgible platform. Algorand will leverage Ledgible for internal accounting and auditing. In addition, Ledgible will be integrating ALGO into its software, so that all holders of the native token of the Algorand platform will have integrated accounting. This expands the growing suite of digital financial products and services that are available to Algorand users.
Furthermore, RHOVIT, a dual currency content platform that allows mining through micropayment made to content creators, joins the Algorand community as it announces plans to further democratize cryptocurrency mining with scalable accessibility. By building on Algorand, RHOVIT will benefit from enterprise grade scalability and also best-in-class innovation to develop tools and creative methods for users to mine and earn.
Last but not least, Future of Blockchain, a 3 month hackathon, has ended. It featured over 140 teams from all over the world building blockchain solutions and competing for some lucrative prizes. Algorand was the obvious choice for many blockchain projects and Algorand’s Developer Relations team was very impressed by the teams and products built on our platform. A quick recap of the winning projects can be found further in the article.
More news to follow! Stay in the loop!
Development
Github metrics:
Developer activity (from Coinlib.io):
Check out the latest developer resources at developer.algorand.org
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
Updated PyTeal Resources
PyTeal is a Python language binding for constructing Algorand Smart Contracts. It was created as a community project to make writing contracts even easier and more accessible to developers who prefer programming in Python.
Check out this article, by the creator of PyTeal, for an overview of the language, a walkthrough example, and some other tips and resources available for getting started writing Smart Contracts on Algorand with Python.
PyTeal Documentation
Check out the docs. It includes an overview of the language and how it maps to underlying TEAL. PyTeal supports certain cryptographic primitives, data type conversions, accessing transaction and grouped transaction properties, globals, and the addition of conditional logic.
Tutorials
A great way to get started with PyTeal is to work against known TEAL templates and try and produce the same TEAL code through PyTeal. You can find a set of TEAL templates in the reference docs starting here with delegate key registration.
Tutorial: Dynamic Fee Template with PyTeal
The Dynamic Fee Tutorial shows how to construct a contract that allows an account to pay the transaction fee on behalf of another sender. In this tutorial, Bob can pay the transaction fee for a transaction that is sent from Alice to Charlie.
In this tutorial, you will learn how TEAL can be used to check transaction properties within an atomic transfer that is composed of: 1) the transaction from Bob to Alice to cover the fee and 2) the main transaction from Alice to Charlie.
You will also learn how to build the atomic transfer and authorize its components with Bob’s private key (for the first transaction) and a Logic Signature (for the second) through TEAL’s delegated approval mechanism.
Tutorial: Hash Time Lock Contract with PyTeal
The Hash Time Lock Contract Tutorial walks through the creation of an escrow account that releases funds to either someone who supplies a passcode, hashed with a specific cryptographic function, or to the original escrow creator after the contract expires.
As you learn how to construct the aforementioned scenario, you will also see examples of how to use TEAL’s hash function opcodes and how to pass parameters to a TEAL program.
Tutorial: Periodic Payment using PyTeal
The Periodic Payment Tutorial illustrates setting up a periodic payment from one account to another. As part of this tutorial, you will learn how to create a Logic Signature that is used to delegate an account’s signature for transactions governed by the TEAL program. You will also learn how to limit transactions to a specific period of rounds and how to effectively expire a logic signature. This example is based on the Periodic Payment Template but uses delegated approval instead of a contract account.
Algorand 2.0 : Insights on Algorand Smart Contracts in Layer-1
In this article, you’ll find the details about Algorand Smart Contracts (ASC1) at Layer-1 in Algorand 2.0 along with potential use cases and how it will be helpful for implementation in real world scenarios.
Algorand 2.0 : Insights on Atomic Transfer
In this article, you’ll find out the details about the new and exciting ‘Atomic Transfer’ feature in Algorand 2.0 along with potential use cases as well as how it will be helpful for implementation in real world scenarios.
From the article “Coronavirus: Blockchain at the rescue?” published by Analyst Syndicate
Whether the contact-tracing aid is an app or QR code or the operating system itself, Algorand’s proposal is for a blockchain-enabled app that would
Offer citizens the chance to see the same (possibly anonymous) data as governments. This is a powerful, self-breeding feature: as people learn that they can participate and monitor, usage of the solution should grow;
Allow to correctly and efficiently learn how many citizens have opted into the system — a less reliable count if based on software downloads;
Allow everyone, not just the governmental authority, to share the dynamics of (anonymous) social interactions. Foreign governments and researchers, for example, could log in and see;
Ensure the authenticity of all redacted records flowing from individual users to the central system. No central agency has a way to modify the list. This would keep to a minimum the risk of abuse as well as conspiracy theories ;
Allow users to possibly elect other agencies, in addition to the governmental one, entitled to receive their reporting.
Algorand (correctly) fears that it may be too late for such a solution to be implemented for this pandemic, as it requires
Development Awards Program directed at completed projects that help to grow the Algorand ecosystem.
Docs
Workspace Setup
It’s a getting started guide for developers looking to build applications on the Algorand blockchain. Start here to learn what it means to build an application on Algorand and how to get started quickly.
Building an application on Algorand means that your application, directly or indirectly, reads from or writes to the Algorand blockchain. Writing to the Algorand blockchain is synonymous with issuing a transaction that will later be confirmed within a block. Reading from the blockchain means reading back transactions that have been confirmed within prior blocks.
A program connects to the Algorand blockchain through an algod client. The algod client requires a valid algod REST endpoint IP address and algod token from an Algorand node that is connected to the network you plan to interact with.
Available tools
Algorand officially supports four SDKs for developing applications on Algorand: Javascript, Java, Python, and Go.
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
Algorand Node Types
The Algorand network is comprised of two distinct types of nodes, relay nodes, and non-relay nodes. Relay nodes are primarily used for communication routing to a set of connected non-relay nodes. Relay nodes communicate with other relay nodes and route blocks to all connected non-relay nodes. Non-relay nodes only connect to relay nodes and can also participate in consensus. Non-relay nodes may connect to several relay nodes but never connect to another non-relay node.
In addition to the two node types, nodes can be configured to be archival and indexed. Archival nodes store the entire ledger and if the indexer is turned on, the search range via the API REST endpoint is increased.
Both node types use the same install procedure. To setup a node for a specific type, requires a few configuration parameter changes as described below. The default install will set the node up as a non-relay node in non-archival and non-indexed mode.
Please, read the full article to learn about additional configuration options.
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. The Need for Both Public and Private Blockchains
The Algorand protocol is a public permissionless blockchain platform that enables all organizations, individuals and governments to exchange value in a manner that is efficient, secure and transparent. However, governments, central banks and traditional financial organizations have complex regulatory, control and compliance requirements that frequently require a different solution.
Understanding this need for both public and private blockchains, Silvio Micali has recently shared his latest for Algorand Co-Chains, which are private permissioned chains that interoperate with the Algorand MainNet.
A co-chain
- Is totally independent from the public chain, shields its transactions from all outsiders, chooses its own validators, and runs its own Algorand consensus algorithm;
- Interoperates with the Algorand main chain to transact with other co-chains, and everyone else, with the same ease and security with which the members of Algorand’s permissionless chain transact with each other; and
- Enjoys, both in its internal and external interactions, the same atomic transactions, layer-1 smart contracts, and all other primitives and tools offered by the permissionless Algorand protocol. In fact, it automatically inherits all the improvements and upgrades that will be added to Algorand’s permissionless protocol.
Social encounters
Algorand To Hold Q&A Session On Central Bank Digital Currencies
Interview: Algorand COO Sean Ford — ALGO PoS — Marshall Islands CBDC — Tokenizing Gold — Wall Street
Interview with W. Sean Ford who is the Chief Operating Officer at Algorand. Algorand was chosen to be the blockchain platform that the Marshall Islands will build their CBDC on.
Upcoming events
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.
Create an Account on the Algorand Wallet
In these series of posts the team will be taking you through the step by step workflow all the way from generating an account on the Algorand Wallet to taking custody of your Algos on a ledger hardware device. Check it out here.
Pairing Your Algorand Wallet with Ledger Nano X
The Algorand Wallet is Algorand’s official mobile wallet that allows users to hold, transact, and request Algos or one of the hundreds of assets built on the Algorand blockchain. Within Algorand Wallet, you can access your various accounts along with their respective public and private keys.
By using the Ledger Nano X hardware wallet to store your Algorand Wallet private keys, your private keys now never even touch your phone. The transaction signing process is simple and secure, made even easier with the Ledger Nano X’s bluetooth capabilities.
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
Props raises $2M in funding led by Union Square Ventures and Borderless Capital, Moves to Scale on Algorand Platform
The Props Network, governed by Props PBC, a Delaware public benefit corporation, is built to empower the people who help digital communities thrive. Props provides open source infrastructure for a network of apps capable of transparently and fairly rewarding users with a shared token. The Props platform abstracts blockchain’s technological and regulatory complexity for apps, enabling them to easily plug Props Tokens into any app, in order to grant their users unique benefits and a financial stake in the very networks they help grow. Props is backed by Union Square Ventures, Borderless Capital, Venrock, Comcast Ventures, Zeev Ventures and others.
The team behind Props, a network built to reward application users with a financial stake in the network they contribute to, announced today that it has raised approximately $2M* in token-sale financing from a number of funds and strategic partners led by Union Square Ventures (USV) and Borderless Capital, with participation from GSR, Lvna Capital, SPiCE VC, CoinFund and the Dating.com Group. Props will use the capital to scale its user network through integrations by additional consumer apps, and to evolve its infrastructure, including a transition of its PropsChain to the Algorand blockchain, the first open-source, permissionless, pure proof-of-stake blockchain protocol.
With more than 3 million users on its network, Props is the first Regulation A+ consumer token qualified by the SEC. Apps integrate Props Tokens to grow engagement of their users, and better align with them. Props removes the technical and regulatory complexity traditionally associated with blockchain-based tokens through a set of APIs that apps can easily use to make the token experience seamless for users. The token can be used across the network’s apps. Props expects to grow to 5 million Props Token users following a May launch of Props Tokens on two additional consumer apps, Listia and Paltalk.
To support the growing volume of activity on its PropsChain and provide greater transparency to network participants and the market, PropsChain will be moving to Algorand. Algorand’s public chain will increase Props’ speed and reliability, while powering more transaction volume and a higher level of security. This is a long-term partnership that will allow Props and Algorand to collaborate on a potential transition of more Props technology elements to the Algorand blockchain.
Verady Unveils Ledgible Accounting Partnerships with Algorand
Verady, the leading cryptocurrency tax and accounting software company, announced a collaboration with Algorand.
Verady provides cryptocurrency tax, accounting, and confirmation capabilities through the Ledgible platform. The Ledgible platform is the bridge between cryptocurrencies and traditional financial accounting.
Algorand will leverage Ledgible for internal accounting and auditing. In addition, Ledgible will be integrating ALGO into its software, so that all holders of the native token of the Algorand platform (managed by the Algorand Foundation) will have integrated accounting. This expands the growing suite of digital financial products and services that are available to Algorand users.
Algorand’s next-generation blockchain technology is already breaking new ground with notable applications like the world’s first central bank digital currency. Ledgible’s integration for institutional level financial management and reporting helps to further innovations like these that advance the crypto industry as a whole.
”One of Algorand’s goals is to enable enterprises to easily embrace the opportunity that blockchain provides,” said W. Sean Ford, COO of Algorand. “Broadly applicable financial reporting tools like Ledgible Accounting further that goal. We’re excited to partner with Verady to not only account for our own assets, but to provide Ledgible Accounting to our partners who are helping to develop and grow the Algorand blockchain.”
“Verady is determined to help move the cryptocurrency industry forward with advanced, secure, and intuitive reporting tools. In a rapidly changing economic landscape, we’re glad to work alongside leaders in the industry to make crypto more accessible,” said Kell Canty, co-founder and CEO of Verady.
RHOVIT Leverages the Algorand Platform
RHOVIT, a dual currency content platform that allows mining through micropayment made to content creators, joins the Algorand community as it announces plans to further democratize cryptocurrency mining with scalable accessibility. Currently in open beta, the full version of the RHOVIT Platform will release Q3 of 2020.
By building on Algorand, RHOVIT will benefit from enterprise grade scalability and also best-in-class innovation to develop tools and creative methods for users to mine and earn.
Originally built using the NEM Protocol, RHOVIT will be switching their native token called an Rbit over to Algorand. Beyond the token, RHOVIT will also be utilizing Algorand to build their platform game extension RHOAM. RHOAM takes user participation a step further by returning a portion of all revenue back to the community in an easy to play trading game.
W. Sean Ford, COO of Algorand, said:
“At Algorand, we provide technology that is scalable, secure, and decentralized to organizations building out inclusive and new economic models in their industries. We are excited that RHOVIT is taking a new approach to gaming and leveraging Algorand to scale its business.”
Recap: Future of Blockchain Competition
By: Jason Weathersby
This week marked the end of Future of Blockchain — a 3 month hackathon featuring over 140 teams from all over the world building blockchain solutions and competing for some lucrative prizes.
Algorand Grand Prize Winner
Decentralized Robinson List — 25K Algos
The Robinson list is an opt-out list of people who do not wish to receive marketing transmissions.
Nowadays, Robinson lists are managed in centralized infrastructures. They aim at demonstrating that Robinson lists can be implemented in decentralized infrastructures thus empowering citizens in autonomously managing their own choices.
To this purpose the team implemented a PoC of the RPO, the Italian Robinson list, on Algorand exploiting some interesting technical ingredients such as assets, atomic transactions and TEAL. Our PoC shows that Algorand can be considered an effective solution. The next step is to show that Algorand is also efficient in supporting over 100 Million expected users and even more in a future trans-national deployment.
Additional Algorand awards
MangoDev.io — 15K Algos
Mango (AAM in Hindi) is an Algorand Asset Manager, which provides a web interface for users to create, freeze, revoke, modify, and destroy Algorand Standard Assets.
You start by importing your mnemonic phrase into the app (which is NEVER stored anywhere) — after which you can fill out web forms specifying the asset information to create it, or select a previously created asset to manage it. They use Angular 9 for the frontend, and a Go based REST API using the Algorand Go SDK.
algoBox — 15K Algos
AlgoBox is an easy to use chrome extension that enables you to create Algorand wallets, transfer Algos, switch between various algorand networks, schedule transactions for future dates, easy wallet management and more. It also exposes various APIs for developers to use, like approve and transfer functionalities.
A fully functioning Algorand TEAL Explorer (by Rand Labs) — 15K Algos
This explorer was deployed on algoexplorer and able to display all transactions and addresses associated with a TEAL program, as well as link them to the address overview. They are able to decompile the code of a TEAL program to a human readable format. In addition to displaying the TEAL program, the explorer also displays the program arguments and compiled code in Base64. The TEAL explorer works in Mainnet, Testnet, and Betanet.
Eventers (akshaykant@eventersapp.om) — 15K Algos
A single platform for Organizers to manage ticket allocation, access to a secondary ticket selling platform with features like dynamic pricing, ticket allocation, reselling and enabling faster access to money.
Non-Fungible Tokens in the form of tickets with allocation from the originators, enable reselling and handling ticket counterfeiting. Attendees can assure genuine tickets, without thinking about the complexity of underlying technology.
Features include:
- Decentralized ticket supply chain.
- Ticket validation: helping against ticket counterfeiting.
- Ticket reselling: enable reselling standards based on local regulations.
- Non-Fungible assets in the form of tickets with allocation from the originator.
Algorand team
The Algorand team consists of internationally recognized researchers, mathematicians, cryptographers, and economists along with proven business leaders from global technology companies.
Ambassadors Episode 1: Vincent Kong
Algorand ambassadors play an important role in the global community. Currently, there are more than 250 ambassadors worldwide across over 50 countries and the number is growing continuously. Sharing the same belief in Algorand, they are promoting the project everyday through various ways such as content creation, meetup organization and community engagement, etc.
To acknowledge the amazing work of our great partners, Algorand has announced the Ambassador Rewards Program early this year, so ambassadors can earn Algos by completing achievements. Among these, the Ambassador of the Quarter Award serves as a way of saying thank you to the ambassadors who are contributing to the development of Algorand through their leadership, creativity and tremendous efforts.
On April 17th, the Algorand Foundation has announced the first recipient of the ambassador of the quarter award — China ambassador Vincent Kong, who is the CMO of Bitpie Wallet and has taken the role of Algorand ambassador back in August, 2019.
April was their China Ambassador Theme Month, and they’ve held a series of AMAs with the ambassadors to share their stories with Algorand and their insights about the Blockchain industry. Vincent Kong was the first guest.
Read this interview hosted by Summer Miao from the Algorand Foundation’s China team.
Algorand is always looking for professionals!
They are looking for the best and brightest to be part of their growing team in a cutting edge industry.
Other
Algorand: una tecnologia Blockchain per l’IT Manager
CBDCs, the future of money?
This is the translation of an article published by Algorand, Ambassador, Gonzalo Martinez Mosquera, in a newspaper from Argentina called “El Economista” where he describes CBDCs and CoChains.
COVID19: Is it time to issue a Crypto Peso in Argentina?
This is the translation of an article published on a newspaper called El Economista in Argentina
How could distributed leadership help unlock the blockchain potential?
Published by Algorand Ambassador, Emily Nicleoid.
Algorand’s Approach to COVID-19 Tracing
The graph above illustrates changes in the number of Chainlink Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.
See also:
Algorand on YouTube
Medium official page
This report is not financial advice.
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