On November 21st, the Algorand Foundation officially released Algorand's next-generation protocol upgrade. Algorand v2.0 provides standardized asset creation, atomic transfer and smart contracts directly in Layer 1, allowing developers to better leverage the scalability and security of the Algorand protocol. Enterprise-scale Dapp will be able to build on this PPoS (Pure proof-of-stake) blockchain without sacrificing performance.
After the upgrade, it became possible to develop real-world use cases for scalable blockchain local solutions. The three new features built directly in Layer 1 offer many benefits in terms of efficiency, scalability, and final validation:
● Algorand Standard Asset (ASA): This feature makes it possible to standardize and distribute any type of asset on the Algorand blockchain. These assets include homogenized assets such as currency, stable assets and utility tokens; non-homogeneous assets such as notes; restricted homogenized assets such as securities; and restricted non-homogeneous assets such as licenses and certificate. At the same time, ASA also has Role Based Asset Control (RBAC for day-to-day business, regulatory compliance and regulatory requirements for issuers and managers) and anti-spam protection (Asset spamprotection) to prevent possible taxation, legal Or an unknown asset of reputational risk, which is sent to the user without the user's explicit approval.
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Atomic Transfer: This feature provides a fast, low-cost, and secure way to transfer large amounts of assets between multiple parties simultaneously. In the traditional economy, this is done in a credible or legal framework, but it becomes more complex in the blockchain. Atomic transfer provides an elegant solution to support more practical cases, such as simplifying and accelerating debt solutions, efficiently matching funds, and more.
Can be used to simplify and accelerate debt settlement, effective matching of funds, decentralized exchanges in conjunction with Algorand Standard Assets (ASA) and Algorand Smart Contracts (ASC1), real-time settlement of complex multiparty/multiparty asset transactions, and multilateral trading.
Algorand Smart Contracts (ASC): With both application flexibility and ease of development, stateless smart contracts offer a variety of possibilities for governed transactions through simplified script templates. They automate custom rules and logic (usually around how assets are transferred) to reduce costs and risks in the process. In addition, Algorand created a scripting language called TEAL (Transaction Execution Approval Language) that enables developers to build their own trading rules structures and smart contracts. From creating a hosting account to crowdfunding to creating a debt-backed mortgage, all of this is useful.
Expected application examples include: Crosschain Atomic Transfers, Regulated Disbursements, Escrow accounts, HELOC, Decentralized exchanges, Reimbursement validation, Collateralized Delegated / high security account management and interface with oracle or other non-chain data provider Interface with oracles or otheroff-chain data providers.
Algorand CEO Steve Kokinos said:
“Building decentralized financial applications requires the right foundational technology and vision. At Algorand, we are committed to continuous innovation and technology development to solve real-world challenges. In this release, new features and simple developer resources Making new application cases and blockchains widely available."
Many organizations in the fields of financial services, real estate, and enterprise technology are already using Algorand's decentralized, malleable, and secure public-chain technologies to address the challenges facing today's real world. Algorand 2.0 was released less than six months after the Algorand network was released, providing DeFi applications with the features they needed .
Securities-based coin startup Securitize CTO Shay Finkelstein said:
“Distributing and managing compliant digital securities requires highly innovative technology. Algorand has innovated through this new set of features, bringing a wealth of opportunities to decentralized finance. Algorand's performance is combined with the new 2.0 version of the core protocol. , showing its huge potential for compliance, low-cost securities trading infrastructure, and will enable Securitize to provide customers with an efficient version of the compliance layer."
For more information on the protocol upgrade mechanism, please visit https://algorand.foundation/protocol-development.
Chinese information source: Future brother