Algorand: Native Support Of The Pocket Network’s Next-Generation Decentralized Infrastructure, Coinbase Lists Algorand In Latest Expansion, Auction Redemption Complete, A Workshop Lead By Osservatori Digital From Politecnico Milano
Biweekly update 4th July — 18th July
Hello, crypto world! Today we are here to share our regular recap of news and events that happened within the Algorand project, open-source, permissionless, pure proof-of-stake blockchain protocol. But before You go deep in the update, let’s have a quick look at some main takeaways!
June was quite a fruitful month for Algorand. The milestones reached in this past month were extensively depicted in the infographics in order to highlight multiple activities, partnerships, and integrations. More to come in July! The progress is consistently shared via the Algorand developer portal. Recently, it was posted that, as part of updating the SDKs to V2, the dev team has been in the process of improving the documentation to reflect the new features. This week they have updated examples that illustrate calling smart contracts with the SDKs. The team continues to follow the roadmap with the stably ongoing development.
Apart from the mentioned above, a lot of progress was made on the partnership side. Algorand announced that Pocket Network, a decentralized infrastructure platform for the development of peer-to-peer applications, will now be natively supported on the Algorand network. Through the AlgoSDK, Algorand will be the first blockchain to natively point to Pocket’s API protocol, which connects developers to a decentralized relay network of node operators and infrastructure providers, thereby lowering the barrier to blockchain application development. Beyond the existing offering, Pocket will begin the deployment of a token bridge between Algorand and Pocket. This bridge will work through a system of minting and burning, that is wholly decentralized thanks to Pocket’s architecture. The Algorand<>Pocket Token Bridge will provide extra accessibility to the POKT token, allowing Algorand developers to use their newly created ASA-POKT tokens in their applications. People will also be able to trade ASA-POKT on Algorand supported exchanges and send it on Algorand supported wallets.
Furthermore, Algorand now has a new grantee! Since the Algorand Foundation launched its Development Awards Program last year, many developers worldwide have been eager to participate. On July 7th, My Algo Ltd., an Algorand web wallet with a non-custodial and secure mechanism, has received a development award.
As for the public events: the Algorand team participated in a workshop lead by Osservatori Digital from Politecnico Milano, where Pietro Grassano elaborated on how Algorand can be used for the next-gen of economic exchange along with MakerDAO, Chainalysis, Aave & additional innovators in the blockchain space. Feel free to check a video AMA with Sean Lee, CEO of Algorand Foundation and Sean Ford, COO of Algorand. Besides, a fantastic webinar called “Blockchain Tech, New Finance & The Race to Innovate or Be Replaced” took place a few days ago. The esteemed panelists brought the current state of Blockchain technology to the surface, how we all got here, and perhaps most importantly, where they felt we’re heading. Some virtual gatherings are also scheduled, so don’t forget to check the upcoming events section! The number of subscribers in social networks and active participants in chats is sharply growing! For more precise details, please, read a recap below. Stay informed and see You in two weeks!
Check out the latest developer resources at developer.algorand.org
The author digs into the hidden gem of functionality enabled by the Lease field nestled quietly within the transaction header. In this article, it is explored what this optional field enables, why you may choose to include it within a smart contract, and review some code examples for completeness.
Algorand team participated in a workshop lead by Osservatori Digital from Politecnico Milano. Pietro Grassano shared how Algorand can be used for the next-gen of economic exchange along with MakerDAO, Chainalysis, Aave & additional innovators in the blockchain space.
Founder Silvio Micali talks about security, scalability, decentralization and the importance of achieving all three on blockchain! Check out the.
The panelists covered a variety of topics, including how public blockchains position themselves, blockchains’ current bottlenecks, consensus algorithms, smart contract languages, etc.
During the Wall Street Blockchain Alliance’s global webinar, Blockchain Technology, New Finance and the Race to Innovate or Be Replaced, key members of the Algorand team share how their unique approach to blockchain technology removes the friction from economic exchange across several recent use cases. Hear from top executives at Circle, Blockstack, Republic and Algorand as they discuss:
- Where we are on the blockchain adoption curve & where we’re going
- The need for both public and private infrastructures
- Interoperability and technology for a maturing industry
- and more!
- Algorand Explainer Video by Operation Crypto
Konstantin Richter, Founder, and CEO of Blockdaemon introduces Blockdaemon, discussed how it all started, shares why they chose Algorand and gives advice to new founders and startups in this interview for Algorand Asia Accelerator, the Finance 3.0 focused blockchain accelerator program launched by the Algorand Foundation, Borderless Capital, and powered by LongHash Ventures.
- 23rd July 2020 — Building on better: A guide to Algorand blockchain. Jing Chen, Head of Theory Research and Chief Scientist at Algorand, and Jason Weathersby, Senior Director, Developer Relations at Algorand will address some of the most pertinent questions, developers, founders and startups grapple with as they make it on their own.
- 24th July 2020 — Algorand Code Camp at Singapore Blockchain Week
U.S.-based and regulatory-friendly crypto exchange Coinbase has added ALGO as its latest new cryptocurrency after the outfit added the coin to its trading-based platform in the latter part of 2019.
On August 1, 2019, Algorand Foundation announced an optional early redemption of auction refund in an effort to promote the long-term success of the public blockchain network and the Algo token. The 2019 early redemption process was completed and about 20 million Algos (~80% of the Auction volume) were voluntarily rendered for early redemption. Auction participants who opted to retain their Algos were eligible for the original 90% refund policy in June 2020, where they had a one-week window to exercise the 90% refund of the June 2019 auction purchase price.
In summary, nearly all of the outstanding ~5 million Algos (or 146 out of the 257 qualified addresses) from the 25 million Algos originally auctioned on June 19, 2019 had been voluntarily rendered for redemption. This now means that nearly all of 25 million Algo have been redeemed.
Check a staking guide by Exodus.
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 is a blockchain compression technology that allows new users to immediately join and participate in the Algorand network without a burdensome download.
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.
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.
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.
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.
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
- Algorand Provides Native Support of the Pocket Network’s Next-Generation Decentralized Infrastructure
Algorand, the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol, announced Pocket Network, a decentralized infrastructure platform for the development of peer-to-peer applications, will now be natively supported on the Algorand network. Through the AlgoSDK, Algorand will be the first blockchain to natively point to Pocket’s API protocol, which connects developers to a decentralized relay network of node operators and infrastructure providers, thereby lowering the barrier to blockchain application development.
The result is unparalleled uptime, redundancy, and resiliency to applications, while saving developers time and money. With Pocket’s crypto-economics and built-in redundancy, developers can expect up to a 10x reduction in costs compared to centralized alternatives. As an incentive to use the testnet, Pocket will provide a POKT token grant to those application developers who start to relay data to Pocket’s network of nodes now, which can be used to further subsidize already low infrastructure costs come mainnet.
“Integrating with Algorand gives developers the tools to leverage two protocols, and when combined will provide developers unparalleled privacy and stability for their decentralized applications. The more developers access Algorand through Pocket, the more incentive there is for Algorand nodes to be running across the world, increasing censorship resistance, and providing a strong supply-side market for layer-2 solutions built on Algorand,” said Michael O’Rourke, CEO / Co-Founder, Pocket Network. “We’ll be minting POKT on a one to one basis as an Algorand Standard Asset (ASA) through the Algorand<>Pocket Token Bridge, which means more interoperability and ultimately more utility for both communities.”
Beyond the existing offering, Pocket will begin development of a token bridge between Algorand and Pocket. This bridge will work through a system of minting and burning, that is completely decentralized thanks to Pocket’s architecture. The Algorand<>Pocket Token Bridge will provide extra accessibility to the POKT token, allowing Algorand developers to use their newly created ASA-POKT tokens in their applications. People will also be able to trade ASA-POKT on Algorand supported exchanges and send it on Algorand supported wallets.
Also read in the article “Algorand supports platform designed to make life cheaper, easier for DApp developers”.
- Algorand & ISDA: Efficiency and Market Opportunity through Asset Tokenization and Programmatic Money
Last year, Algorand and the International Swaps and Derivatives Association (ISDA) began to explore new ways to use the Algorand blockchain to enhance the implementation of the ISDA Common Domain Model (CDM). Since then, Algorand has developed several new features such as Algorand Standard Assets (ASAs) and Layer-1 TEAL smart contracts (ASC1s) which will significantly help ISDA CDM users create innovative applications of the CDM on the Algorand blockchain. In this post, they not only talk about some of the exciting use cases they’re envisioning will be fostered by this work, but also discuss the operational efficiency and the new market opportunities for financial institutions that can be created by leveraging Algorand’s capabilities for asset tokenization and programmatic money.
Bloq team announced the early results of the grant-funded work with the Algorand Foundation. Awarded in April, this grant has enabled them to add an important, exciting protocol to their platform and thus continue building toward the multi-blockchain, multi-network vision. Check the article above for more!
Since the Algorand Foundation launched its Development Awards Program last year, many developers around the world have been eager to participate. On July 7th,, My Algo Ltd. has received a development award. My Algo is an Algorand web wallet with a non-custodial and secure mechanism. It helps users interact directly with the Algorand blockchain while handling their own private keys by either storing them securely and encrypted in their local browser or by using a Ledger hardware wallet. Used and loved by many in the community, My Algo supports multiple wallets, ASAs such as USDt, and all three Algorand networks with several exciting features to come.
Social media metrics
- Medium official page
The graph above illustrates changes in the number of Algorand Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.