Algorand has a myriad of features available for users that are unique to Algorands Pure Prof of Stake consensus model. Due to the fact that many of their features are only found within through Algorands official site. This article will go over a small segment of the functions they offer. As well as go over their next webinar what its about and when you can tune in.
Algorand smart contracts (ASC1) removes barriers that are prevalent in transactions that require intermediaries to be executed in today's economy. While most transactions are based on traditional contractual agreements that often require a trusted third party. This process is often slow due to this method being outdated. Due to the inefficiency of this antiquated system many block chain devs use smart contracts to automatically execute transactions. However devs using smart contracts built on first gen block chain face issues that prevent their games or apps from gaining main stream adoption. These contracts are slow costly and dont scale for real world usage.
In-order for main stream adoption of block-chain apps/games to happen these barriers must be removed. Algorand’s smart contracts (ASC1) remove these barriers as a trusted seamless solution with proven performance that is not only faster but scalable and cost-effective as well. Contracts are integrated into Algorand’s Layer-1, inheriting the same powerful speed, scale, finality, and security as the Algorand platform itself they are cost effective and error-free.
ASC1s are written in a new coding language known as (TEAL) Transaction Execution Approval Language or (PyTEAL) a Python language binding. A design such as this allow ASC1s to automatically enforce custom rules and logic. Utilizing (TEAL) & it's Python derivative to define how assets can be transferred to a more complex application logic.
Algorand standard assets also known as (ASA) represent any type of asset on the Algorand block-chain. These can include fungible, non fungible, restricted fungible and restricted non fungible assets.
ASAs are fast & secure
low cost to execute due to Algorands low transaction fees
Simplistic asset insurance for devs
Universal cooperation with all assets issued on Algorand
Several different types of assets can have a token that corresponds to either real world or digital asset.
Examples of asset types
Fungible tokens- such as in game points, stable coins, loyalty points system credits, and cryptocurrencies.
Non Fungible tokens- like In game items, Real estate, Supply chain, types of Certifications, & Collectibles.
Restricted fungible tokens- such as Securities, Gov issued fiat, & types of Certifications.
Restricted non fungible tokens- including but not limited to Real estate with limitations, Owner registries, & Regulatory certifications.
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memeired to build applications on Algorand.
Link to webinar
This article has barely scratched the surface of Algorands services and tools available to both users of crypto and developers of DEFI apps and games. this link is for the Algorand community is a great source of information. there is even a grant program for potential devs that need funding. Video tutorials are also available that vary in requisite skill level making it a indispensable resource for those in the crypto community. An ambassador program is also available on their official website & their community has a news letter and is also join-able. I will continue to cover different aspects of Algorands build in future overviews.
Algorands developer ambassador program is active giving developers grants worth hundreds of thousands in grants for their contributions be that either applications upgrades bug patches or even written technical overviews of Algorands or its services which is the ambassador program I'm in.
This serving kind of as a psa for devs from Leo hive PublishOx that are unaware the admission for the ambassador is purely based on skill level and not on educational background. this October they gave out millions of ALGO to participating parties its not a competition its a submission based deadline either he 5 month window is done with concluding the season or all the grants have been claimed.
You just read my nonsense of a article here's your competition I like your odds. Many talented writers on Leo have tech skills that far exceed mine and this is what they are looking for writers to explain their services or products
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