Algorand Falcon Keys Quantum Cross-Chain Connectivity Upgrade 2022 | ALGO FutureFi Proof-Of-Stake Contract To Contract Direct Calls Release

Contract To Contract Direct Calls

Algorand’s smart contract architecture has greatly evolved, allowing developers to build robust and versatile dApps (decentralized applications). The most recent developments include the ability for smart contracts to call one another.

Up until now, smart contracts were only able to be accessed by users initiating an application call transaction

Algorand, the tech company providing a platform for blockchain-based applications, has reached a significant advance with its newest release of cross-chain connectivity. 

It is necessary to store information in the contract’s local or global state for another contract to look up and use as part of its execution logic when building complex dApps that use multiple contracts. Algorand has now introduced the ability to Call another Contract Directly.

The Algorand network is now capable of building complex dApps via contract-to-contract calls,

and platform users may take their first steps towards trustless cross-chain connectivity using quantum-secure signatures.

Algorand Contract To Contract Calls Example

The following example will help you understand the impact of this update.

Steve is developing a dApp that allows people to buy and sell NFTs. The users of his dApp can choose either $ALGO or $USDC for paying and receiving payments. 

If a buyer wishes to purchase Algo Gator #10 with $ALGO, and the seller wishes to be paid in $USDC, what happens? In Steve’s sales contract, a call is placed to Ben’s automated market maker (AMM) that exchanges his buyer’s $ALGO for some $USDC. In the end, both parties can get what they are looking for out of the deal. 

What makes this doable is that Steve’s contract can directly call Ben’s contract.

What is Algorand

With the FutureFi technology, Algorand provides a Proof-Of-Stake blockchain developed explicitly for financial services

Algorand’s technology reaches far beyond a public network. 

By providing a cluster of Layer-1 blockchains that offer security, scalability, complete transaction security, built-in privacy, and advanced smart contracts essential to FutureFi enabled worlds, Aglorand enables a cluster of high-performance Layer-1 blockchains.

As the first Pure Proof-of-Stake network, Algorand MainNet implemented blockchain technology based on Proof-of-Stake. Blockchain technology provided by the Algorand Foundation is accessible to anyone and any organization.

In keeping with its commitment to technical innovation and development, Aglorand emphasizes:

  • Interoperability
  • Private and Public Models
  • Performance and Scale
  • Layer-2 Smart Contracts

Algorand is currently handling an average of 500,000 transactions per day

More than 500 organizations have already adopted the Algorand platform to utilize layer-1 smart contracts and other features. 

Rather than suffer the performance limitations of first-generation blockchains, Aglorand aims to provide a public, permissionless, and decentralized network that scales well.

Algorand Protocol

Algorand has removed three vital technical barriers that hindered mainstream blockchain adoption for years: decentralization, scaling, and security

A fully decentralized network guaranteed by Algorand Consensus Mechanism can achieve full participation, security, and speed. 

Blocks are finalized within seconds in Algorand’s transaction network, providing a level of speed comparable to large payment networks. Moreover, Algorand is the first blockchain that allows transactions to be completed instantly

Algorand Adoption

The media widely hailed that El Salvador adopted Bitcoin as legal tender. Rarely is it mentioned that

El Salvador is building its blockchain infrastructure on top of the Algorand platform.

The Algorand, Proof-of-Stake (PoS) blockchain, developed by MIT professor Silvio Micali, has already been widely adopted by Latin America’s national infrastructure

It has also been used in a variety of capacities for Covid-19 responses, point-of-sale credit issuance systems, and smart contract financing systems.

Algorand looks ready to grow into a favored layer-one blockchain that could reach a massive scale and provide remarkable value to the community in the coming years. 

Algorand new virutal HQ Blokotpia Metaverse

Bloktopia Metaverse welcomes new First Floor TenantsAlgorand (ALGO)

It has been confirmed that Algorand will be included in the immersive Bloktopia Metaverse, and Algorand’s new HQ will be featured in the upcoming Bloktopia Alpha.

More About Algorand

A $20 million incentive scheme for coder tools and EVM compatibility has put Algorand at the forefront of blockchain connectivity, enabling developers to build much more complex decentralized apps.

A crucial part of this update is the compatibility of smart contracts with Contract-To-Contract Calls

There is now the ability to build complex dApps that interact seamlessly with other smart contracts-based dApps, enabling more features and functionality.

Algorand’s first step towards trustless cross-chain connectivity is the development of post-quantum secure Falcon Keys

Falcon Keys ultimately will be used to create State Proofs.

This blockchain architecture will allow Algorand to be securely accessed on smartwatches, mobile phones, various blockchains, and other low-power devices.

By adding these new capabilities, Algorand has expanded its existing robust technology, high performance, and developers tools. With Aglorand’s smart contracts, programmers of all skill levels can develop them in Python or Reach.

Algorand has been up and running without any downtime issues since its launch, becoming the platform of choice for companies adopting non-fungible tokens (NFTs) and blockchain-based DeFi contracts.

The Algorand platform is powered by a zero-carbon blockchain, fast, safe, and reliable, meaning it can handle apps with millions of users at once.

Algorand 2022 Onwards 

We can expect 2022 to be a pivotal year for the Algorand network and the broader crypto ecosystem, as cryptocurrencies such as crypto-based payment platforms, DeFi, and NFTs are adopted more widely.

You can learn more about Algorand here.

Bloktopia NewsDisclaimer: The information provided on this page does not constitute investment advice, financial advice, trading advice, or any other sort of advice and it should not be treated as such. This content is the opinion of a third party, and this site does not recommend that any specific cryptocurrency should be bought, sold, or held, or that any crypto investment should be made. The Crypto market is high-risk, with high-risk and unproven projects. Readers should do their own research and consult a professional financial advisor before making any investment decisions.

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