Algorand is a low-latency platform for decentralized applications based on a Pure-Proof-of-Stake (PPoS) consensus. It is overseen by Boston-based Algorand, Inc.
ALGO Nodes have already been integrated into many DeFis, NFT marketplaces and other dApps, but have you ever wondered which solutions does Algorand offer for them?
Algorand design was proposed and developed by MIT professor Silvio Micali.Algorand’s toolkit boasts two basic types of instruments required by decentralized economy, i.e. Layer-1 Algorand Smart Contracts (ASC-1) and Algorand Standard Assets (ASA).
Algorand’s smart contracts are written on the novel Transaction Execution Approval Language (TEAL) as well as PyTeal, a Python language interface. In 2021, Algorand smart contracts achieved 1,000 transactions per second speed with up to 5 sec in transactional latency. Execution of one operation with Algorand’s smart contracts is charged with a negligible 0.001 ALGO fee (ca 1000 transactions at $1). Algorand’s toolkit includes stateless and stateful (advanced) smart contracts.
Algorand’s native assets are customized tokens issued directly on Layer1: unlike ERC-20 tokens on Ethereum, they are issued just like ALGO tokens. ASA tokens are issued within Role Based Asset Control (RBAC): flexible asset control options are available for issuers and managers.
This design allows ASA to be integrated in a variety of value transfer and governance scenarios. ASA issuance module is spam-resistant; it allows Alogrand-based tokens to be involved in sensitive and sophisticated instruments.