Doubling Algorand in half a year, how is the ecology now?

While DeFi was in full swing, one public chain was trading more than Ethereum in a single day.

It is at the same time that DeFi is clogging up Ethereum that we find some high-performance public chain projects quietly emerging. The number of Algorand transactions reached a record high of 2.49 million in a single day in early August, more than ethereum, according to RHYTHM BlockBeats on August 8.

Algorand was launched on June 19, 2019, and quickly captured the top headlines in the encryption market thanks to its Dutch auction model. Founder Silvio Micali is not only an MIT professor, a co-sponsor of zero-knowledge proof and VRF, but also won the Turing Award, also known as the Nobel Prize for Computer Science, for his outstanding contributions to the field of cryptography in 2013. And the Algorand created by it solves the impossible triangle of blockchain almost perfectly from the technical theory.

After more than one year's development, Algorand has grown in four aspects: asset issuance, development technical support, ecological organization and chain application. This is also related to the clear goal set by Algorand in its early days: to focus on fintech and innovation and to reshape the financial system.

The first anniversary of the launch of the main Algorand net has just been completed, and the whole year has seen Algorand advancing at its own pace. The first round of applications for the Algorand Asian Accelerator will close on August 16th. Officials received 143 applications from 39 countries around the world, including StakerDAO. After further communication with these applicants, projects and teams, Algorand will surely usher in richer ecology and comprehensive development.

In this article, I take you to review the Algorand to reshape the financial system. How is the ecological development now?

Cooperation in issuance of certificates

Although Uniswap has set off a wave of issuing COINS, this unique mode of issuing COINS is more like a carnival in a small circle, which is doomed to fail to meet the high requirements of financial projects, let alone become an effective way to bridge the gap between the traditional financial field and the encrypted market. For projects that need long-term development and great demand from users, it is more reasonable to find a reliable public chain as an asset distribution channel.

Currently, public chains targeting finance attract partners from traditional markets. Taking a general view of the market, Algorand has clear objectives at the initial stage of launch and has been officially recognized and cooperative by international organizations. Algorand can be said to be a platform with great potential.

As a public link in the new financial sector, Algorand has attracted most projects to launch their own tokens based on Algorand technology or on its own chain. As of press time, eight projects have issued assets on Algorand, including financial real estate, well-known financing platforms and even country-type digital currency.

Tether and Circle issue stability COINS on Algorand

Founded in October 2014, Tether was the first stable currency in existence in the cryptography market and remained the only stable currency on the market until March 2018. Tether's release of USDT on Algorand is a very important milestone, and USDT is also the first stable coin on Algorand.

Prior to integration with Algorand, Tether only worked with Ethereum, EOS, Liquid Network, Omni and Tron. At press time, there were 4 million USDT in circulation on Algorand and only 5.25 million USDT in circulation on EOS.

Subsequently, in 2020, the Algorand Foundation entered into a partnership with another stabilisation currency giant, Circle, whose second largest stabilisation currency USDC will also be released on the Algorand blockchain. As a compliance stability currency, USDC actually conforms to the Algorand's own vision in the financial field. The growth of mainstream financial applications is driving higher demand for high-throughput payments and financial optimisation blockchain infrastructure.

As the largest issuer of stabilising COINS in the cryptography market, Tether's entry also brings Algorand a step closer to the path of open finance. However, although USDT's circulation in Algorand is not high at present, it may do more in the future after Algorand ecological further prosperity.

Marshall Islands sovereign currency SOV

Central bank digital currency (DCEP/CBDC) has undoubtedly been a big hot spot since last year. Since China announced the launch of its central bank digital currency, countries have said they are exploring or researching their own digital currencies. For more information on the development of digital currencies in different countries, click on rhythm BlockBeats' previous article to see "Where are central Banks' Digital Currencies going?" .

On March 2, 2020, Algorand and SFB Technologies entered into a partnership to jointly build SOV, the sovereign currency of the Marshall Islands. This is the first central bank digital currency project to announce that the sovereign currency will be built based on the existing blockchain, and it is a representative cooperation of compliance with officially recognized technical capabilities.

Republic Note, an innovative profit-sharing token approved by SEC compliance, is issued on Algorand

Back to the cryptography market, decentralized financing platform Republic chose Algorand as its preferred underlying infrastructure of the blockchain in March this year. In July, Republic Note officially launched its innovative profit-sharing token based on Algorand platform. The token issue will be under Reg D for qualified investors and Reg A+ for non-qualified investors.

Choose Algorand reason is not hard to understand, Republic of Note is a profit sharing tokens, so there will be a small high-frequency trading, throughput and transaction costs for block chain have higher requirements, Algorand chain of its financial and property to satisfy these requirements will be a cinch, thus become the best choice for this new asset classes.

The number of companies that have issued assets in partnership with Algorand is far higher. Since 2019, Algorand collaboration involving asset issuance has also included:

On December 12, 2019, the International Blockchain Currency Reserve (IBMR) and Algorand jointly launched a microfinance platform. Launch a dedicated digital asset called the Asian Reserve Currency coin (ARCC). In 2020, ARCC will be issued on Algorand block chain as ASA (Algorand standard asset).Realio, a P2P real estate trading platform, has issued tokens on the Algorand chain. RST as a compliance token, based on the Regulation D Regulation 506 (C) and Regulation S exemption regulations, has been sold privately worldwide since 16 March;Meld Gold, an Australian technology company, will issue Gold digital assets based on its Algorand platform.

In fact, it is not hard to see that the assets issued through Algorand have a relatively obvious characteristic: compliance. If you want to develop and build decentralized financial applications in the current world dominated by centralized financial markets, compliance is a prerequisite for the survival of current projects. Another major advantage of compliance is that, once the traditional market is combined with the encryption market in the future, these inherently compliant and experienced high-performance public chains will become the first choice for many companies.

Chain on the application

Landing is one of the ultimate goals of every blockchain project, Algorand is no exception. From environmental monitoring to outbreak information tracking, Algorand has been tried in practical use cases. The move of Props for the private chain platform will bring record volume to Algorand.

Private chain platform Props are moving to Algorand with record volumes

In April 2020, private chain platform Props announced the upgrade to Algorand, Props are consumer credentials that comply with the Regulation A+ exemption, with over 3 million users and now over 4.5 million.

The streaming industry has been thrust into the spotlight again this year in the ongoing debate over TikTok. The competition for streaming media is also fierce. There are programs like Livepeer and imTube, and recently, EMOGI, which calls itself "Douyk" in North America, has joined the ranks of decentralized streaming media. One of the important advantages is Props being in compliance, having received APPROVAL from the SECURITIES and Exchange Commission (SEC) in July 2019, and having removed the biggest hurdle to a public offering of scrip.

Props are Props for the development of the network by giving out financial equity to reward their APP participants. The token for Props is defined as a foundational currency intended specifically to reward users, content creators, developers, and other network participants. This is similar to the privacy protection browser Brave. The current primary application scenario for Props is to unlock the advanced functionality and to gain the right to discount certain products within the ecosystem.

On the financial front, Mr. Props are well positioned to secure $21 million in token funding from investors including prominent Union Square Ventures, Comcast, the Rockefeller family's Venrock, and Chris Dixon, head of Silicon Valley venture capital giant Andreessen Horowitz's cryptocurrency investment fund A16Z.

Due to the large number of streaming media users, high transaction frequency and the majority of small transactions, it is necessary to find a more suitable chain to meet their needs along with the development of the project. PropsChain has a processing speed of about 5 tx/s prior to migration, which is difficult to handle with its previous technology based on Hyperledger Sawtooth. Algorand, by contrast, can handle speeds up to 1,000 Tx/s, leaving plenty of room for growth.

The movement of Props also generated a huge amount of traffic to the Algorand ecosystem, with record daily transfers made online in July and a previous record of 2,482,249 transactions, exceeding the number of transactions made in Ethereum.

The development tools

Developers are a special and important group in the industry. After the concept of cross-chain is introduced, the compatibility of different types of common chains has become one of the standard or tasks of new chains. In order to be compatible with other projects and traditional industry technologies, project parties and teams often work on tools and development tutorials. Algorand is also rich in ecological development.

Algorand and Blockstack have teamed up to develop an intelligent contract programming language

The programming language project has been named Clarity and will eventually allow developers to write smart contracts using the project. Clarity allows developers to write in both blockchains (such as NBSP; Algorand and Blockstack) run smart contracts without the need for third-party interoperability protocols like Polkadot.

Clarity supports programmatic control over digital assets. While not all decentralized applications require smart contracts, Clarity unlocks a variety of interesting features for decentralized applications. Such as access control (such as post-payment access); Non-homogeneous tokens and homogeneous tokens; Business model templates (such as subscriptions); Application-specific blockchains and decentralized autonomous organizations.

The most distinctive aspect of the language design is that Clarity is broadcast on the blockchain, is not compiled, and is decibleable (non-Turing complete). Instead of trying to keep down the cost of trying to keep down the cost of something deep inside the body, or trying to keep down the cost of something deep, or trying to keep down the cost of something deep, or trying to keep down the cost of something deep, or trying to keep down the cost of something deep, or trying to keep down the cost of something deep, or trying to keep down the cost of something deep, or trying to keep down the cost of something deep, or trying to keep down the cost of something deep, or trying to keep down the cost of something deep, like a circular logic bomb, ether.

On August 27th Algorand launched AlgoSigner, a add-on to the Google browser, which has launched in the Chrome online store. AlgoSigner's launch will greatly simplify users' transaction operations and interactions with DApp. And for applications like Monerium, which authorizes electronic money for Algorand, AlgoSigner allows individuals to send and sign electronic money transactions without having to close Chrome.

In addition to its collaboration with Blockstack, a compliance project, Algorand has many other efforts in developing tools. Examples include cooperation with blockchain application development platform Reach, and the team winning the Algorand Development Plan Competition Jambb Inc. Created the development tool AssetSmith; Meanwhile, the cooperation with Flipside Crypto, an AI algorithm development service provider, can better help Dapp developers to establish and promote new projects. On the ecosystem identity layer technology, Algorand works with The Shyft Network and ORE ID of AIKON to push developers and users to promote and use Algorand.

Organization and cooperative ecology

Algorand maintains a high frequency of ecological cooperation with a wide range of partners. It tries to improve its technology adoption by integrating with many traditional institutions or organizations in the field. According to the projects disclosed so far, there have been six ecological Algorand collaborations.

Recently Algorand joined the BGA, the blockchain gaming association, and other members include Talsys and MakerDAO. By joining the alliance, Algorand hopes to bring some benefits to the gaming industry. These include the creation of non-homogeneous tokens (NFT) and new monetisation models. Algorand hopes to increase the speed of the network, reduce transaction costs, expand market opportunities for players and publishers, and "community ownership of the entire game ecosystem".

The establishment of a partnership between Algorand and World Chess will make Algorand the first official blockchain partner in the FIDE Grand Prix series. Leading organizations are working together to promote mainstream adoption and adoption in two fast-growing areas of collaboration: blockchain and chess. World Chess is the first cooperative project after the Launch of the Algorand main web. The two sides argue that there is a lot of overlap between early blockchain adopters, computer science and chess enthusiasts, so this is a win-win option.

Seamless integration between traditional domains and the cryptography market is possible

Looking at the market in 2020, DeFi has both ignited market enthusiasm and exposed the shortcomings of the technology. As an old public chain, Ethereum has been unable to meet the needs of its rich ecological development and is undergoing transformation. In the current fire of liquid mining, most users say ethereum's slow confirmations and high Gas charges have added to investment costs. However, the transformation of Ethereum to PoS does not happen overnight, and there are many uncertainties in the transformation process, so the new projects springing up will directly focus on the new public chain, which is undoubtedly a great opportunity for Ethereum's competitors to overtake on the curve.

Algorand ecological development till now, have access to many traditional areas and industry focus of the specialized institutions, more than 1000 transactions per second, real-time transaction summative, low transaction costs, has Algorand is regarded as not only the advantages of decentralized financial application platform of choice, also be those who seek to traditional financial world and decentralized financial connection of the user's choice. Therefore, we can also see that in the current Algorand ecological use cases, the institution is more inclined to issue assets on Algorand.

In 2020, several new husband chains, including Polkadot, Near Protocol, Avalanche Protocol and Dfinity, will start the main network one by one, and the competition among the public chains will continue to intensify. However, the first-mover Algorand has completed the launch of the main network in 2019 and has been upgraded to Algorand 2.0 NBSP by the end of 2019. . One of the key feature upgrades, Atomic Transfer, provides a fast, low-cost, and secure way to simultaneously Transfer a large number of assets between multiple parties. In a traditional economy, this is done within a credible or legal framework. This year, Algorand launched the unconventional Statteal contract, which can be deployed in Layer 1 and Layer 2. On August 25, Algorand released its original key update feature, which allows users to change the private key without changing the address, greatly improving security and operational efficiency. From this series of actions, we can see that Algorand is ready for the explosion of encryption technology, and opportunities will also favor the well-prepared teams and projects.

In the future, we also hope to see more enterprises in the traditional financial field join hands in Algorand to realize the seamless integration of the encryption field and the traditional industry.

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