Algorand has been around for a while, but that has not stopped it from churning out innovative decentralized solutions on its blockchain. It has partnered with organizations from different parts of the world to make sure that the ecosystem grows and is the home of innovative decentralized financial apps.
One aspect that the Algorand Foundation recently upgraded to ensure that frictionless finance becomes a thing is the launching of the comprehensive smart contract capabilities. These smart contracts will ensure that decentralized apps and innovative solutions are easily created on the blockchain. It’s to ensure that the dApps on the chain can easily scale billions of users and transactions within the ecosystem, while taking infinitesimal fees.
The new smart contract capabilities on Algorand will solve the issues that are common on the Ethereum network. It is not news that the Ethereum blockchain is suffering from scalability issues and has become slow. This has, in turn, led to an increase in transaction fees on the platform.
Algorand blockchain is different from the typical blockchain out there, as it was created from the beginning to the end with the aim of hosting advanced decentralized applications. These dApps need scalability, speed, security, as well as finality to function effectively. The aforementioned should be achieved without sacrificing cost-effectiveness. This is something that Algorand blockchain offers.
An aspect of the new upgrade is the incorporation of the stateful smart contract. This functionality was incorporated in the layer-1 infrastructure, and it will work hand-in-hand with other capabilities that existed before it like the stateless smart contracts, Atomic Transfers, as well as the Algorand Standard Assets (ASA1s).
The truth lies in the fact that if transaction speed is slow, scalability issues exist, and the transaction fees are astronomical, the drive to blockchain adoption may not come as swift as it is expected to. This is why Algorand introduced its new upgrades. It handles all those issues that are discussed above, and makes it easier for the developers of decentralized apps and decentralized finance products to create out of this world innovations, while making the dream of possessing a borderless economy coming to fruition.
According to the founder of Algorand, Silvio Micali, it’s wrong that the influx of new centralized apps is affected by the issues that are facing the first-generation blockchains. This will reduce their effectiveness, and the coming of Algorand solves that.
The founder went on to state that, “Algorand’s protocol serves as a solid foundation to power truly frictionless applications, and our approach to smart contracts makes them high-performing and functionally advanced enough to rival today’s existing financial services.”
With what we are seeing on ground and the protections that have been made, it seems like the blockchain industry will become a mainstay of financial systems. A myriad of traditional financial organizations is looking for ways to get in bed with the blockchain. The Algorand’s Pure Proof-of-Stake consensus protocol creation was made to ensure that transaction speed was out of this world, while offering the needed transaction finality. When you combine the ethereal features that Algorand has with how ridiculously low the transaction fees, you have no choice but to be amazed. The transaction fees are about .001 Algo.
Algorand is fast becoming the go-to platform for those developers that want to create decentralized apps that can be adopted mainstream.
Algorand’s Smart Contracts
The Algorand smart contracts will bring about the influx of innovative DeFi applications. These apps will be focused in solving the issues in different aspects of the traditional financial world like the credit place, marketplace, lending place, voting infrastructures, decentralized exchanges, cross-chain atomic transfers and so much more.
Many of the aforementioned have jumped on board the Algorand chain like Attestiv, Marshall Islands, Republic Note, and so on.
The Upgraded Algorand Wallets
Like earlier mentioned, Algorand is all about churning out new innovations to better its ecosystem. This is why it moved upon its previous crypto wallet and crested one that is highly flexible and screams of state of the art user-friendly features. This will ensure that the usage process is a lot easier for users.
The Algorand wallet is that official interface that allows every user to interact with the chain without them needing to possess complex blockchain skills and developer tools.
The Algorand wallet can work on both Android and iOS platforms. The new feature that were added to the wallet to make the experience a worthwhile one are:
• It shows every notification, both new and old ones in the new Notification Center tab. Users can go there view their notifications.
• To improve the security of the wallet, it has limited how many times that a PIN can be entered on the lock screen. This will prevent your wallet from being accessed by intruders.
• It offers users a better means of sorting, filtering, as well as exporting the transaction history of every asset to the to CSV.
• The best part of everything is that it now incorporates the Rekeying capability.