Does Algorand 2.0 Prove an Appealing Option for Developers?

Published on by Cointele | Published on

Algorand officially unveiled a suite of new features to its pure-proof-of-stake network at the end of November, dubbed Algorand 2.0.

Algorand started off with a bang through its $60 million initial coin offering, which led into its vaunted technology upgrade - Algorand 2.0.

Designed for building decentralized finance products, enterprise-scale DApps, and business-ready blockchain solutions, Algorand 2.0 presents a compelling option for developers focused on adoption beyond the ultimately limited world of crypto.

High-profile partnerships launching with Algorand upgradesWith the launch of 2.0, Algorand is growing the technical capabilities of its protocol on pace with its list of formidable partners.

Saving the best for last, Algorand finished 2019 with major projects underway, such as World Chess' launch of a hybrid initial public offering, Fondazione Bordoni working with Algorand for the Italian government, the International Blockchain Monetary Reserve launching a microfinance platform for Southeast Asia on Algorand, a Sharia-compliant certification from Dubai, and $60 million in real estate tokenized on the Algorand blockchain by AssetBlock.

"The signing of the agreement between the FUB and the Algorand Foundation, signed at the Milan meeting of the European Blockchain Partnership of which Italy is co-president, once again confirms the international role assumed by our country on the subject and the attention of the MiSE towards emerging technologies such as the Blockchain also through the promotion of technical-scientific synergies on the subject."

Algorand 2.0 is appealing to developers Network effects in crypto networks are paramount, especially in terms of developer adoption.

Algorand expanded the concept of atomic transfers to include a much faster execution, reduced fees, and most importantly - multi-party transfer of ASA assets using Atomic Transfers.

Smart contracts are crafted with custom rules and logic, and can facilitate complex economic interactions using ASA, atomic transfers, and a transaction primitives language written by Algorand, specifically Transaction Execution Approval Language, or TEAL, which is a bytecode-based stack language used for validating and executing transactions within Algorand.

Algorand 2.0 is a compelling start to serving the mainstream world and should, at the very least, pique the interest of developers in the decentralized finance sector looking to extend Ethereum's pioneering of the blossoming open finance movement.