Hello to the growing Algorand community and to everyone interested in the powerful blockchain technology! We’re thrilled to share our second Biweekly update on Algorand!
We never cease to wonder at the progress the team have made in the recent days! It’s worth reminding those who may know little about the network’s unique technology that 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.
Last week the team launched their new Developer Portal! It has been redesigned and significantly improved! Now developers can learn to use and implement applications on the Algorand blockchain. There are 2 main sections for Tutorials, Solutions, and Articles, which are searchable and can be filtered to give quick and intuitive guides for common tasks. These additional features are just the beginning of many things to come to help developers start, debug, and deploy applications. The Algorand Foundation is rewarding those developers who actively help them to expand the content on this site! If you’re talented and sure you’re able to make a significant contribution, the team is looking for you!
In addition, the Algorand Foundation has launched two major programs: the 250M Algo Grants program and the Developer Ambassador Rewards program. The former aims to fund application development, tools and infrastructure, original research, education, and community engagement efforts. The latter was established to reward developers that are passionate about the Algorand community and want to help educate other developers by creating online content.
More exciting news! The Wall Street Blockchain Alliance (WSBA) is proud to announce that Algorand has recently joined the alliance as a corporate member. Algorand joins a number of other leading technology and financial organizations working collaboratively at the WSBA in order that financial markets can realize the full potential of blockchain capabilities.
Furthermore, the Algorand team are happy to technologically support the Italian Wonders project, a marketplace of digital objects that replicates the greatest Italian works of art into unique collector’s items. The initiative aims to support Italy’s cultural heritage, which has been severely tested by the Coronavirus crisis. The initiative aims to act as a bridge between works of art and the blockchain.
Last but not least! Eterna Capital and Borderless Capital launch venture studio for organizations building on Algorand! Eterna Borderless Venture Studio is an initiative led by Eterna Capital, Borderless Capital and Algorand with the objective to support projects looking to build applications on the Algorand platform. This initiative will drive long-term adoption and ensure the growth of the Algorand ecosystem.
In this Biweekly you’ll also find out about Algorand Atomic Transfers, Standard Assets and much more !
Stay tuned!
Development
Github metrics:
Developer activity (from Coinlab.io):
Check out the latest developer resources at developer.algorand.org
New Algorand Developer Portal
The Algorand team are thrilled to announce the launch of the new Algorand Developer Portal. This is a place where developers can find all the resources they need to turn their ideas into full-scale applications.
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.
Tutorials
Tutorials are step-by-step guides for specific code patterns on Algorand, like creating an account or transferring an asset. Visit the Tutorials Hub to browse the full library or filter on your preferred programming language, level, or time to complete.
Quick links:
Browse all JavaScript Tutorials
Solutions
Solutions bring to life real use cases on Algorand with code samples and explanations. If you are a developer looking to browse through some of the use cases that are possible on Algorand and get access to sample code to get you started, check out the Solutions Hub.
You can ubmit your own content to the Developer Website through our Content Submission form.
Articles
Articles are blog-like posts that highlight new feature releases, interesting op-eds, and other developer-related news and events.
Documentation
Algorand technical docs have not changed, but are now accessible via the new homepage and side navigation.
The 250M Algo Grants program and the Developer Ambassador Rewards program
The Algorand Foundation has launched two major programs, namely the 250M Algo Grants program and the Developer Ambassador Rewards program. These two programs are in addition to the existing Development Awards Program which is directed at completed projects that help to grow the Algorand ecosystem.
The 250M Algo multi-year Grants Program aims to fund application development, tools and infrastructure, original research, education, and community engagement efforts. These will empower innovation and development and support the growth of a vibrant, diverse and thriving Algorand ecosystem. More details on this exciting program are available on the Algorand Foundation site.
The Developer Ambassador Rewards program (DevAms) was established to reward developers that are passionate about the Algorand community and want to help educate other developers by creating online content. This program will reward developers for creating tutorials, solutions and video content. If you have an interest in this opportunity read over the program’s details.
It is even permissible to submit to the DevAms program, a Tutorial or Solution based on work that you submitted to the Developer Awards program.
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
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
Solutions
Decentralized Two-Factor Authentication With Algorand Standard Assets
Creating a Point-of-Sale Application with the Algorand Blockchain
Algorand blockchain technology can significantly reduce costs, settlement time, and fraud. With Algorand, transaction fees are less than $0.001/transaction, are settled immediately (~5 seconds), and are stored permanently on the blockchain. Algorand’s support for assets enables the use of local currencies for exchange. All of these factors will improve customer satisfaction.
In this solutions article, you can learn how to use Algorand’s blockchain to create an alternative payment solution for processing retail transactions. The solution demonstrates a point-of-sale application and a signing wallet. There is also the Transaction Gateway, a framework designed to help streamline application development using the Algorand blockchain.
“Alexa, ask Algorand for the latest round on MainNet?”
Voice assistants are everywhere these days adding a whole new dimension to applications for users to interact with. The Voice User Interface (VUI), analogous and complementary to the ubiquitous Graphical User Interface (GUI) which has dominated much of our online and mobile experiences to date, can provide an even more comprehensive and enriching experience for end users of any application. This includes, of course, blockchain-based applications.
As a former Alexa employee, who has seen the power of a well-designed voice experience and how that can enhance overall experiences for customers, building a prototype of an Alexa skill that interacts with the Algorand blockchain was a no-brainer and is the sample code that is provided here. It is the hope that this example demonstrates how simple it is to use the Algorand SDK within an Alexa skill and that, in turn, encourages others to create more magical voice-activated experiences that render blockchain-based applications more exciting and accessible to end users.
Articles
Introducing Sandbox: The quick way to get started on Algorand
Algorand Atomic Transfers
Atomic Transfers are irreducible batch transactions that allow groups of transactions to be submitted at one time. If any of the transactions fail, then all the transactions will fail. That is, an Atomic Transfer guarantees the simultaneous execution of multiple transfers of all kinds of assets. Detailed documentation about this feature is available on Algorand’s developer website here. If you are a database developer this is analogous to database transaction (it all works or none of it works).
Steps to Create Atomic Transfers
- Create unsigned transactions and save them to a file
- Combine these transactions in to one file
- Sign the grouped transactions with all the appropriate keys and submit them
Note that goal and the SDKs include wrappers for these steps.
Figure 2 — Diagram that shows the steps to create an Atomic Transfer.
Figure 2 above shows the flow of an Atomic Transfer. See implementations using the Go, Java, JavaScript and Python SDKs here. You will find examples for creating group transactions and sending them to the network in each of the available SDKs. For information on installing Go, Java, JavaScript and Python SDKs see here.
The example code at the above link is separated into snippets categorized by these core functions…
- Create the Transactions — This is like creating any kind of transaction in Algorand.
- Group the Transactions — This involves computing a groupID and assigning that id to each transaction.
- Sign the grouped transactions — Sign the grouped transactions with their respective private keys.
- Send the transactions to the network — Combine the transactions and send it to the network.
Atomic Transfers Use Cases
Atomic Transfers enables applications such as:
- Circular Trades — e.g. Alice pays Bob if and only if Bob pays Clare if and only if Clare pays Alice.
- Group Payments — e.g. Either everyone pays or no one does.
- Decentralized exchanges — e.g. Atomic multi-party transfers enable trades without trusted intermediaries .
- Internal units of accounting — e.g. Several companies can settle their accounts with each other with a single transaction.
- Payments — e.g. Payments can be made to multiple recipients.
Interactive Task
Get started with Atomic Transfers by clicking here. See the full task on our forums here.
Resources
Algorand Standard Assets
An Algorand Standard Asset, ASA for short, is a layer 1 feature that allows users to represent any asset on the Algorand blockchain, in turn benefiting from the same level of security and ease of use as the native Algo. Detailed documentation about this feature is available on Algorand’s developer website here.
In this article you’ll find out the most important concepts for developers who plan to work with ASAs. You’ll also find some examples of real-world assets that users can represent with this feature on the Algorand blockchain. There is an example scenario paired with an interactive task to get you started with this new feature on TestNet.
Pointproofs: Algorand Team Designs a New Commitment Scheme to Improve Blockchain Scalability
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
BlockDown’s Virtual 3D Experience & Panel Video
Algorand took part in BlockDown 2020, a new virtual event experience for blockchain! They’re offering the most cutting edge way to take part in roundtable discussions and panels in a virtual 3D environment.
Set in a virtual conference hall — participants were represented by customizable avatars and could walk around, chat with other participants, visit virtual booths and sit-in on the live broadcasted panels.
At the Algorand booth — participants could chat with the Algorand team members, watch Algorand’s explainer video, read an Algorand overview or learn about their Core Tech in a nutshell.
Pietro Grassano, Algorand’s Director of Business Solutions — Europe, joined Joanna Ossinger (Bloomberg), Peter Demeo (IBM) and Alex Batlin (Trustology). They shared unique insights and perspectives around industry adoption of blockchain technology.
The highlights of the discussion:
- How blockchain can help enterprises going forward.
- The importance of using solutions that are scalable, decentralized & secure.
- How Covid-19 is affecting the space and much more.
Other recent virtual events The Apgorand team participated in:
Use Cases Panel (featuring PureStake, Attestiv & Bleumi)
The Algorand Use Cases LIVE Event features three 10-minute demo’s / use cases focusing on the practical implementation of DLT and Algorand’s blockchain. https://www.algorand.com/use-cases
Presenters:
Algorand Tools: Derek Yoo, CEO at Purestake — Algorand API Service, GoalSeeker Block Explorer. https://www.purestake.com/
Insurtech: Nicos Vekarides, CEO at Attestiv — Guided workflows and authenticated media. https://attestiv.com/
Fintech: Thomas Arul, CEO at Bleumi — Non-custodial, digital currency payments. https://bleumi.com/
David Markley’s Central Bank Digital Currency (CBDC) presentation at the Global Blockchain Business Council (GBBC) Virtual Members Forum
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)
Algo Dynamics
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
Wall Street Blockchain Alliance Welcomes Algorand as New Corporate Member
The Wall Street Blockchain Alliance (WSBA) is proud to announce that Algorand has recently joined the alliance as a corporate member.
Algorand joins a number of other leading technology and financial organizations working collaboratively at the WSBA in order that financial markets can realize the full potential of blockchain capabilities.
According to W. Sean Ford, COO of Algorand, with recent accelerated adoption across open finance, traditional finance, and central bank digital currency initiatives, Algorand is well positioned to bring a fresh perspective to alliance members.
About the Wall Street Blockchain Alliance
The Wall Street Blockchain Alliance (WSBA) is an industry leading non-profit trade association, with a mission to advocate, guide and promote comprehensive adoption of blockchain technology and cryptoassets across global markets.
For information about the WSBA, including membership, visit www.wsba.co
Italian Wonders: Algorand brings art on the blockchain
A marketplace of digital objects that replicates the greatest Italian works of art into unique collector’s items: it is Italian Wonders, an initiative supported by Algorand.
The initiative aims to support Italy’s cultural heritage, which has been severely tested by the Coronavirus crisis that has led to the closure of museums and sites of cultural interest, and the cancellation of transport services to and from the Bel Paese.
Italian Wonders a project by BlockchainItalia, Federazione Lavoratori Pubblici e Funzioni Pubbliche (FLP) and Italia4Blockchain with the technological support of Algorand, which contributed to the creation of digital tokens based on the Ethereum and Algorand blockchains. On the Italian Wonders website, it is possible to buy these works of art in the digital stamp version for a modest contribution.
The initiative aims to act as a bridge between works of art and the blockchain.
Pietro Grassano, Business Solutions Director — Europe of Algorand, adds:
“We are happy to technologically support the Italian Wonders project. Algorand’s mission is to create an inclusive system that can help build a decentralized and frictionless economy on the blockchain. In this delicate phase, trying to help Italy rediscover its most authentic and profound DNA seems useful and necessary”.
Eterna Capital and Borderless Capital launch venture studio for organizations building on Algorand
Eterna Borderless Venture Studio is an initiative led by Eterna Capital, Borderless Capital and Algorand with the objective to support projects looking to build applications on the Algorand platform. This initiative will drive long-term adoption and ensure the growth of the Algorand ecosystem.
Eterna Borderless Venture Studio initiative has been built around a global collaboration between North America and Europe.
It is the first venture studio for developers and entrepreneurs building on Algorand. The venture studio will support, guide and encourage passionate founders to build promising decentralized applications on the Algorand platform. The venture studio will also support existing projects to help them transition to the Algorand platform and benefit from its ecosystem.
Eterna Borderless Venture Studio will process applications on a rolling basis and ensure hands-on support for three months. Eterna Capital and Borderless Capital will invest up to $100k per project participating in the Eterna Borderless Venture Studio program with the prospect to conduct larger growth stage follow-on rounds for successful projects.
Eterna Borderless Venture studio will mostly focus on the European region. This initiative is the first step towards creating a global network of venture studios aimed at supporting the Algorand borderless economy.
Seven blockchain projects have pledged to join the venture studio from launch:
- MAX Markets: An international trading group launching their own digital assets exchange.
- Monerium: Issuer of a regulated e-money on blockchains so businesses can build digital financial services using the fiat currency and the decentralized infrastructure of their choice.
- Orion Protocol: A DeFi platform building B2B and B2C solutions on the most advanced liquidity aggregator in market.
- PlanetWatch: A global network of air quality sensors and environmentally-conscious people who use a decentralized platform to incentivize and gamify environmental monitoring.
- SingularityNET: The world’s decentralized AI network where anyone can create, share, and monetize AI services at scale.
- Stasis: A crypto-enabler platform that aggregates solutions from licensed financial intermediates to provide an institutional-grade link between decentralized finance world and the off-chain market.
- Stonize: A platform making securitization accessible and transparent via a fully digital and legally binding process based on decentralized technologies and eIDAS compliant digital identities.
Algorand team
the Algorand team consists of internationally recognized researchers, mathematicians, cryptographers, and economists along with proven business leaders from global technology companies.
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.
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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