Algorand Protocol Upgrade

  • Posted on November 21st, 2019
  • in Blockchain
  • By Brandon Caruana

Algorand has announced the release of a protocol upgrade that introduces new features such as Algorand Standard Assets, Atomic Transfers, and Algorand Smart Contracts to the Algorand network. As these features are implemented at layer-1, they will inherent the highest level of security and efficiency of the Algorand consensus protocol and its native currency, the Algo.

Algorand is committed to transparency and working with the Algorand community. The vote will take place on-chain over a certain number of blocks. In continuing our effort to be an active member of the community, we have prepared a dashboard to provide the latest voting results of the protocol upgrade.

Algorand Standard Assets enable users to create fungible tokens on the Algorand network and have built-in flexibility to separate governing roles, such as the authority to manage the configurations of the asset, the authority to clawback assets, and the authority to quarantine account activity. Combining this functionality with Algorand’s existing multi-signature capabilities provides a commercial solution for institutional adoption. These attributes promote transparency and shared responsibility that enable global corporations to work directly with governments, regulators, and supervisory authorities.

Atomic Transfers and Algorand Smart Contracts enable the simultaneous execution of multiple transfers of Algos or any Algorand Standard Asset. Since these multi-party transfers are executed either all at the same time or none at all, each counterparty is ensured the utmost completeness and finality. Algorand Smart Contracts automatically enforce custom rules and logic, and as a result, provide a secure means to perform complex global commercial transactions on the Algorand network.

We are extremely excited for this protocol upgrade and look forward to introducing its powerful capabilities to the institutional community.
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Brandon Caruana
Brandon Caruana

Recognized for building bridges between technology and business divisions, Brandon forges successful working relationships with all levels of team members, encouraging communication and cooperation to effectively provide easy to use systems which improve efficiency and increase profitability.

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