The Algorand Foundation has released an upgrade to its protocol to include more tools for decentralized applications (DApps) and develop scalable blockchain-native solutions for real-world use cases.
Algorand Updates Protocol Enabling Block Creation Time of 4 Seconds https://t.co/ZPMnpcuovN The Algorand Foundation releases a protocol upgrade to include more tools for Dapps https://t.co/dUtxFPgeyq News pic.twitter.com/xs6CoEniz9 — CryptoPost (@crypto_PST) November 23, 2019
On November 21, it has been announced by the company in a press release that Algorand 2.0 added new capabilities directly into Layer-1, thus improving speed, scalability, and finality. The new features include such as Algorand Standard Asset (ASA), atomic transfers and Algorand Smart Contracts (ASC).
However, the platform claims to be the first to allow enterprise-scale DApps to be built on a pure proof-of-stake (PPoS) blockchain without sacrificing performance.
It specifies that ASA enables the tokenization and issuance of any type of asset on the Algorand blockchain, including fungible, non-fungible and restricted fungible and non-fungible assets.
Likewise, atomic transfers enable simultaneous transfers of a number of assets among multiple parties in a trusted or legal framework. ASC serves for governed transactions through simplified scripting templates.
Steve Kokinos, the CEO of Algorand Inc., stated:
“Building decentralized financial applications requires the right foundational technology and vision.” Steve Kokinos
“At Algorand, we’re committed to continuous innovation and the development of technology that solves real-world challenges. With this release, new features and simple developer resources enable new use cases and broader adoption of blockchain overall.” Steve Kokinos
Algorand 2.0, coming less than six months after the launch of Algorand’s MainNet, provides needed features for the DeFi movement.
The press release explains:
“They [ASC] automatically enforce custom rules and logic, typically around how assets can be transferred — lowering cost and risk in the process.”
Similarly, the Algorand Foundation told:
“The Algorand protocol has been independently verified not to fork, has been delivering over 1000 transactions/second since launch, less than 6 months ago and has proven block creation times of just over 4 secs.”
As it has been previously reported, Algorand released its public testnet to gather feedback on its product in mid-April.
However, the firm seeks to build an app development platform for enterprises. The project had previously garnered $66 million in funding, releasing the testnet to a limited group of participants prior to the public rollout.
Likewise, Shay Finkelstein, the CTO at Securitize, the trusted global solution for digital securities, said:
“Issuing and managing compliant digital securities requires highly innovative technology. Algorand is delivering that innovation with this new set of features that brings an impressive amount of opportunity to decentralized finance. Algorand’s performance combined with the new 2.0 release of their core protocol shows great potential for compliant, cost-effective securities trading infrastructure and will enable Securitize to provide an efficient version of our compliance layer for our customers.” Shay Finkelstein
Thus, today (November 23), the CertiK Foundation, an organization that develops security infrastructure for blockchains, revealed that it will introduce the open beta of its CertiK Chain next week. CertiK Chain is designed to enable smart contracts to check for evidence of security audits of other smart contracts before engaging in a transaction.