Algorand Launches Protocol Upgrade
By Inkarias - 2019-11-22
The Algorand Foundation today announced the official launch of a protocol upgrade that significantly expands the already wide range of decentralized applications (Dapps) and processes that can be built on the Algorand platform in general. For the first time, enterprise-scale Dapps can be built on the world’s first pure proof of stake (PPoS) blockchain with high performance.
Algorand 2.0 unlocks the ability to develop scalable blockchain-native solutions for real-world use cases. Several innovative capabilities have been built directly into Layer-1, providing the key benefits of speed, scalability, and finality:
- Algorand Standard Asset (ASA): This feature makes it possible for the tokenization and issuance of any type of asset on the Algorand blockchain including fungible assets, non-fungible assets,restricted fungible assets and restricted non-fungible assets.
- Atomic Transfers: This feature offers a fast, low cost, and secure way to simultaneously transfer several assets among multiple parties.
- Algorand Smart Contracts (ASC1): These are stateless smart contracts that offer numerous possibilities for governed transactions via simplified scripting templates. They automatically enforce custom rules and logic, typically around how assets can be transferred,lowering cost and risk in the process. In addition, a scripting language called TEAL (Transaction Execution Approval Language) has been created to enable developers to build their own transaction rule structures and smart contracts. This is useful for everything from creating escrow accounts to crowdfunding to creating collateralized debt.
Steve Kokinos, CEO of Algorand Inc. said: “Building decentralized financial applications requires the right foundational technology and vision”.
Today, a high number of organizations in financial services, real estate, and enterprise technology have already been leveraging Algorand’s blockchain to solve today’s challenges. Algorand 2.0, coming less than six months after the launch of Algorand’s MainNet, provides needed features for the future DeFi ecosystem.For more information on the protocol upgrade mechanism, please visit the official site at https://algorand.foundation/