As every day goes by, Algorand seems to be churning out innovative features, and this is why it is standing the test of time. There are a lot of things up their sleeves and we are going to go through some of them. Algorand was created in 2017 by the Turing Award winner and MIT Professor, Silvio Micali. When it began, only eleven employees worked in the company. The creators wanted to offer users a borderless economy.
1. The Newly Designed Algorand Wallet
When Algorand decided to revamp its wallet, it went all out. There was an intense alteration made to the design of the wallet, thereby satisfying the needs of clients. The Algorand Wallet v4.0.0 is a lot better, as its features are out of this world and the appearance is breathtaking.
Some of the new features that this wallet has been:
• Transaction Notes
• TestNet Compatibility
• Improved UX, and so much more.
2. Algorand Foundation and Borderless Capital Launch Algorand Asia Accelerator, Powered by LongHash Ventures
In a bid to promote financial innovations and help startups, Algorand Foundation in collaboration with Borderless Capital created the Algorand Asia Accelerator. The Algorand Asia Accelerator is designed to ensure that innovative developments take the center stage in the Algorand ecosystem. Those that are selected will be given an initial USD$15,000 as seed funding. If the projects go on to succeed, they may be given a follow-up funding of USD$250,000. This is an awesome opportunity for creative startups.
3. Republic Note, a Next-Generation Profit Sharing Token, Will Launch on Algorand
Republic Note is an advanced token that is designed for profit sharing. Republic Note is a platform that is designed to pay investors when startups go public or is purchased. If investors invest in a startup, and it goes public, Republic Note will make payments to them via a stable coin. The payments made will be dependent on how much stake the investor had in the startup. Apart from that, the platform is designed to offer more benefits to investors such as waitlist priorities, investment vouchers and so on.
Republic Note has chosen Algorand to be its blockchain infrastructure layer. It will act as Republic Note’s proof-of-stake design, thereby making it easy for the Republic to take care of its clients.
4. Algorand Joins The Blockchain Game Alliance
Algorand is officially a sponsor and member of the Blockchain Game Alliance (BGA). It is no news that the world of gaming is a fast growing and lucrative industry. There are over two billion gamers in the world, and many of them love to spend on game related things.
Algorand was also chosen to store the official chess ratings. Around five million chess games are played daily online, and the ratings are stored on Algorand. The foremost rating was made when Sergey Karjakin, a chess master, and the founder of Algorand, Silvio Micali engaged in a chess match.
5. Announcing the Algorand Foundation 250 Million Grants Program
Algorand is always interested in improving its ecosystem, and that is why it created this program. Innovators can have access to the funds, as the program is designed to find infrastructure, research, education and much more.
6. Algorand Launched Its Algorand Smart Contracts (ASC1)
This was one of the first steps that Algorand took in its ecosystem. The Algorand Smart Contracts are tiny programs that have been created with an assembly-like language. Algorand used the TEAL or Transaction Execution Approval Language for its smart contract language.
The TEAL was designed to ensure that only the right transactions are approved.
For everyday transactions, Algorand makes use of Layer-1 smart contracts. For the customized transactions, Algorand makes use of Layer-2 off-chain contracts.
7. Algorand Launched Its Developer’s Platform
Algorand also offers a developer portal, where users can learn how to navigate through the system. It can be reached via https://developer.algorand.org/
To help those that are new to the system navigate effortlessly, Algorand created a developer portal. The portal is open for innovators that work to want on the block chain.
8. Future of Blockchain Competition
A hackathon was held recently with the aim of unveiling innovative blockchain technologies and uses. Hundreds of competitors participated during this hackathon, and the competitors were amongst the best in the game. The hackathon lasted for three months, and creative innovations came out of it. Many participants preferred to use Algorand as its blockchain infrastructure in their projects. This means that Algorand is trusted because of its scalability, security and decentralization.
Algorand is always interested in improving its ecosystem, and this can be seen in its numerous programs and activities. The truth is that if we are to discuss what Algorand has done and what it intends to do in the future, we would need to write a massive book.