This is a bi-monthly update (May / April) on one of the most promising projects in space – Algorand. Algorand is the only open-source, unlicensed, and purely unbranched blockchain and is ideal for the creation of new generation financial products. The protocol uses unique cryptographic sorting and a very efficient Byzantine agreement.
In this bi-monthly update, the focus will be on the following areas:
- Launch of Co-Chain Architecture
- Algorand Developer Grants
- Mule Framework
- IReport-Covid application
- Launch of Algorand Wallet
- Partnership with Meld
- Algorand and Marshall Islands
# 1 Algorand Co-Chains
As already mentioned, Algorand is a public blockchain without permission. However, this chain is not ideal for company use because they need to monitor who can access the stored data carefully for reasons of compliance and privacy. On the other hand, privately permitted blockchain can provide the necessary access control needed by the company, but they risk isolating their users.
By making interoperable private and public chains, organizations can isolate and control sensitive data on a private blockchain, while still securely interacting with the world through interoperable public blockchain.
This is the reason why the developers created the Algorand chains – a special version of the Algorand blockchain. It enjoys transaction finality, layer-1 smart contracts, adjustable decentralization, and still benefits from continuous innovation in the main Algorand chain.
Co-chain has the following features:
- Independent of the public chain.
- Can be operated with the main Algorand public chain.
- Transaction with other co-chains safely and easily.
- Provides fine grained control.
- Transactions are protected from outsiders.
- Choose the validator yourself.
- Runs Algorand’s own consensus algorithm.
- Automatically inherits all enhancements and enhancements that will be added to the protocol without Algorand’s permission.
# 2 Developer Grant Algorand
The Algorand Foundation announced an ALGO 250 million (around $ 43 million) grant program on April 14 to encourage development of its blockchain. The funds will be allocated to eligible developers in four main categories:
- Innovative research.
- Development tool for Algorand blockchain.
- Use cases for decentralized applications.
- Educational and community initiatives.
The grant program aims to achieve Algorand’s vision to create an unlimited economy. The distribution of 250 million ALGO tokens will depend on the quality and quantity of project deliveries. The Foundation hopes that this program will help foster innovation and learning.
Fangfang Chen, Head of Operations at the Algorand Foundation, said:
“We believe that a public blockchain, without permission, is pure proof of shares with an open-source approach is the basis for realizing an unlimited economic vision. As part of its vision to activate a broad and active blockchain development community, the Algorand Foundation is committed to supporting these communities as they look for opportunities for innovation in the Algorand blockchain ecosystem. “
Algorand also announced the first three grantees:
- Blog: Provider of multi-blockchain infrastructure that provides Algorand APIs and nodes.
- PureStake AlgoSigner: An open-source browser plug-in that allows developers to integrate ALGO payments into their applications without jeopardizing the user’s private key.
- Reach: Platforms that reduce barriers to entry to dApp development
At present, the Algorand Foundation will conduct an initial evaluation of the project; however, in the future, they plan to introduce an open grant program. In an open grant system, the community will be able to decide which projects must receive grants through voting.
# 3 Mules Framework
Algorand created a framework called “Mule,” which generalizes the concept of an automation unit. Mule’s properties are as follows:
- Automation is separated from the project repository: Users can define automated tasks as python scripts in one central location without the need for scripts in the application repository.
- Automation can be consumed comfortably: This framework provides a simple way for you to manage their execution through an intuitive, declarative format.
- Automation is consistently run by users and their CICD processes: Mule provides “cli” which can consume legitimate mule mule file and perform deterministic automated tasks.
# 4 IReport Covid
The IReport-Covid application is an open global database against COVID-19. This application allows the public to fill out surveys and responses will be posted publicly on the Algorand blockchain to guarantee free and permanent access to anyone. The team will use the reported data to publish aggregate statistics from the reported data. Communities can use this collected data to create various applications.
The main features of IReport-Covid are as follows:
- Anonymous self reporting: Although there are many sources of information related to Covid-19, data that comes directly from individuals in the community is very limited.
- Decentralized and open data: Provide universally available real-time data sources.
- Permanent and indestructible storage: Data is stored in its original form and cannot be damaged due to cryptography attached to the blockchain.
# 5 Algorand Wallet
Algorand Wallet is an official Algorand cellphone wallet that allows users to hold, transact, and request any Algos or ARC-01 assets. In Wallet, you can access your various accounts together with their respective public keys and privacy. The Nano X Ledger can be used to store your Algorand Wallet’s private key, ensuring that they never touch your cellphone. Transactions can be easily signed with Bluetooth Nano X capabilities.
# 6 Meld
Meld partnered with Algorand and the Australian gold industry to mark the gold and its supply chain. This will help users to:
- Find buyers and sellers quickly.
- Trade instantly.
- Trace the origin of their gold.
As per Meld, Algorand “is best suited for connecting all components of the gold market: bringing suppliers, dealers and buyers directly to where they want to trade their assets.” Algorand will host a new stable to track the supply chain between users and partner members.
Michael Cotton, director of Meld Gold, told Decrypt:
“The core of the Meld ecosystem is a network of partners. Unlike other solutions, Meld developed industrial solutions that connect the entire supply chain, creating efficiencies such as reduced costs, increased transaction speed and greater liquidity. “
# 7 Algorand and Marshall Islands
SFB Technologies will partner with the Algorand blockchain to provide infrastructure for the SOV – Marshall Islands CBDC. CBDC or Central Bank Digital Currency is a digital form of banknotes that will be produced by the country’s central bank and can be used as a legal payment tool. The Marshall Islands Government will oversee the SOV and its supply will grow at a fixed interest rate of 4% every year to keep inflation under control. The SOV will enable the Marshall Islands to operate efficiently in the global economy by circulating with the US dollar. SFB Technologies chose Algorand because of its speed, scalability, and safety.
As you can see, Algorand has spent quite a few busy months. The developer community is very happy with the concept of a co-chain because it opens a new avenue for Algorand. As Algorand continues to grow, we can only expect them to make more significant partnerships in the near future
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