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Algorand: Props In-Apps Transactions Moving To Algorand, New Version Of AlgoExplorer, Runtime Verification Inc Became The Latest Recipient Of An Algorand Foundation Grant

Biweekly update 18th July — 1st August

Hello, Algorand community! As always, we are here to provide you with all the recent updates that happened within the Algorand community and ecosystem over the past two weeks. So let’s recall some of the main points! The sixth proposal submitted by the Staker Operations team (Ops) based on STKR token holder feedback was approved. This proposal’s primary purpose is to formalize StakerDAO’s commitment to building on the Algorand network, initially through the creation of BLND on Algorand. StakerDAO will also add Blockdaemon as a validator for BLND’s underlying assets. New Version of AlgoExplorer was released, and now group transactions are supported, dispenser for Betanet/Testnet is integrated, and lots of fixes and small updates are deployed.
As Pablo Yabo wrote in his latest article, “an Algorand Smart Contract in Layer-1 is very powerful and useful to achieve very complex tasks.” Now you can read his walkthrough on how to create a simple exchange using an on-chain oracle as a price source. Also, learn how smart contracts can be used to securely implement advanced approval schemas in Ryan R. Fox’s latest article on the Algorand Developer Portal.
Furthermore, blockchain Italia announced the first case of approval of financial statements remotely using Algorand’s blockchain. The procedure was possible through the process of notarization on Algorand, guaranteeing full transparency, traceability & more.
A video was published featuring Alex Wearn, Co-Founder, and CEO of IDEX. He introduced the project, discusses how it all started, shared why they chose Algorand, and gave 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. Another video was posted with Hacker Noon’s best contributing writers discussing the need for new programming language by Blockstack and Algorand, how feasible it will be, what improvements and adjustments of Clarity to the existing ecosystem, and more.
Moreover, Runtime Verification has received an Algorand Foundation Grant to develop a formal semantic framework for Algorand’s advanced smart contracts using the K framework. Runtime Verification Inc applies formal methods to improve the safety, reliability, and correctness of computing systems for aerospace, automotive, and the blockchain. It creates and uses the best formal semantics and runtime verification techniques to help developers increase their trust in implementations and tools for their languages, protocols, and generally anything that computes.
For more news and information, please, check the update below! The Algorand community is extensively growing in social networks and chats. Stay safe, and stay tuned!

Development

Github metrics
Developer activity (from Coinlib.io)

Check out the latest developer resources at developer.algorand.org

This is the sixth proposal submitted by the Staker Operations team (Ops) based on STKR token holder feedback. The primary purpose of this proposal is to formalize StakerDAO’s commitment to build on the Algorand network, initially through the creation of BLND on Algorand. StakerDAO will also add Blockdaemon as a validator for BLND’s underlying assets.

Updates:

  1. Group Transactions are now supported
  2. Integrated dispenser for Betanet/Testnet
  3. CloseTo in the transaction table
  4. Lots of fixes and small updates that are there to enjoy them!

Securing money flow is a key design principle for Algorand Smart Contracts (ACS1). In this article they look at real-world use case for authorizing money flow within the typical corporate structure. Although the department/role structure may be hierarchical, the approval process can be designed as distributed, decentralized and secure. They use the CLI Tools to build and test an escrow contract account implementing hierarchical threshold approvals. You’ll learn how to use tealsign to add a signature to a LogicSig and use ed25519verify within your contract code.

At Rand Labs, they have been researching ways to insert pricing information on-chain from an Oracle to use it within TEAL code and to use it to create group transactions on My Algo Algorand Wallet. In this article, thet show the implementation of a simple exchange using an on-chain Oracle as the price source. The code used for this article is freely available in the following repository: algorand-exchange-price-oracle. It uses the AlgoExplorer Algorand API so it does not require any key or local node to run it, so just clone, install, and run asset-exchange.js with NodeJS.

At the end of 2019, Algorand released in record time the Algorand Smart Contract Layer1 (ASC1), a new paradigm shift for smart contracts. Rand Labs has been researching this technology and they incorporated it in Algo Explorer and added ways to interact with it using My Algo Algorand Wallet. The first part of this article goes through the understanding of ASC1. The second part addresses oracle data in ASC1 showing a way to insert signed data from the outside world with a small example.

AlgoNim is a cryptographic version of Nim that runs on Algorand Layer-1, directly on the Pure Proof of Stake consensus protocol, so nobody can cheat. The game implementation takes advantage of all the features introduced in the Algorand 2.0 protocol: Algorand Standard Assets (ASA), Atomic Transfers (AT) and Algorand Smart Contracts (ASC1) using Algorand Python SDK + PyTeal. PyTeal is a binding for TEAL, the stack-based language for ASC1.

Through seamless interaction between the Algorand Python SDK and PyTeal, AlgoNim automatically writes and initializes a dedicated set of stateless TEAL ASC1s and ASAs for each match. The whole match set-up takes a few seconds and costs about 0.008 ALGOS in transaction fees. AlgoNim accounts require a minimum balance for initialization and opt-in, so the Dealer needs 0.8 ALGO that can be refunded by slightly enhancing the TEAL ASC1s making them more cost-efficient. Considering that a new ASA + ASC1 architecture is generated for each match, this time/cost performance is quite impressive compared to other blockchains.

AlgoNim is played entirely from the command-line interface. Find other AlgoNim players: https://t.me/algonim

Social encounters

In this webinar, the guests, including Algorand’s Director of Business Solutions David B. Markley, share their views on stable coin evolution and market trends and the role of stable coins in crypto mass adoption!

Utsav Jaiswal hosts Diwaker Gupta, Head of Engineering at Blockstack, Aaron Blankstein, Engineer at Blockstack, Maurice Herlihy, Engineer and Advisor at Algorand and Alberto Cuesta Canada, Lead Blockchain Instructor at BeyondSkills and a Hacker Noon contributor to talk everything about Clarity, a new smart contracting language. Hacker Noon’s best contributing writers discuss the need of new programming language by Blockstack and Algorand, how feasible it will be, what improvements and adjustments of Clarity to the existing ecosystem and more.

Alex Wearn, Co-Founder, and CEO of IDEX introduces IDEX, discusses 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.

The assembly of Blockchain Italia, meeting by videoconference, approved the balance sheet, after which the president of the assembly created the digital copy of the document and generated his unique fingerprint (hash) thanks to Dedit.

The platform then carried out a transaction on the Algorand blockchain at the same time to give a certain date and proof of unchangeability of the digital document itself, so as to make it possible to verify its authenticity after the event. Now this transaction is publicly available on the platform, together with the list of signatories. In this way the shareholders, and other possible interested parties, can verify independently that the document presented by the meeting has not been modified after the event, and is exactly identical to the one in their possession.

Steven is a veteran Web entrepreneur with multiple hundred million dollar startup exits, his first back in 1999. Now he is CEO of Algorand where he is commercialising the innovations of Silvio Micali, one of the godfathers of Modern Cryptography and Turing Award winner. They talk about how to decide and execute a ‘go to market’ strategy for a generalisable layer 1 protocol and the potential of DeFi, Security Tokens and CBDCs (Central Bank Digital Currencies).

Upcoming events

Finance

Mainnet stats (information from https://algoexplorer.io)

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.

Algorand’s Forthcoming Technology, by Silvio Micali

Partnerships and team members

Runtime Verification has received an Algorand Foundation Grant, to develop a formal semantic framework for Algorand’s advanced smart contracts using the K framework. Runtime Verification Inc applies formal methods to improve the safety, reliability, and correctness of computing systems for aerospace, automotive, and the blockchain. It creates and uses the best formal semantics and runtime verification techniques, to help developers increase their trust in implementations and tools for their languages, protocols, and generally anything that computes.

The Props Sidechain (PropsChain), from Hyperledger to Algorand, has successfully commenced. This represents a major milestone both for Props, which benefits from increased throughput and transparency, and for Algorand, which is effortlessly handling the 100X increase in transaction volume reaching daily peaks of +700,000 transactions. PropsChain is responsible for recording the high volume micro transactions that occur when Apps issue Props to their users for valuable actions taken on their platforms. These rewards are initially given in the form of “Pending Props”, in order to reduce the number of transactions happening on Ethereum (where the main Props token continues to live), and gives Apps a chance to review activity for fraud.

Other

Social media metrics

Social media dynamics
Social media dynamics
Social media activity
  1. Twitter
  2. Telegram
  3. Facebook
  4. Reddit

See also:

  1. YouTube
  2. Medium official page
  3. WeChat
  4. LinkedIn
  5. Algorand.com
  6. Algorand.foundation
  7. community.algorand.org
  8. developer.algorand.org
  9. forums.algorand.org

The graph above illustrates changes in the number of Algorand Reddit subscribers and Twitter followers. The information is taken from Coingecko.com.

This report is not financial advice.

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Medium. Twitter. Telegram. Reddit.

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