Algorand is going to implement a big and significant update in its blockchain. Know here what it means for you.
Algorand, the world’s first open-source pure POS (proof of stake) blockchain, has announced its next big technical update. The update that will make Algorand blockchain-based decentralized applications (Dapps) run efficiently on various low-power devices like a smartphone as well as on other blockchains.
Dapps are digital applications that run on a specific blockchain or a peer-to-peer network (P2P) instead of a single server or computer.
There are several Dapps built on the Algorand blockchain and most of them work using their own smart contracts.
Until today, developers of Dapps in the Algorand blockchain had no option to automatically make a direct call to other developers. The only way a Dapp developer could call other developers was by manually storing the contract data in each smart contract’s local and global versions. To solve this time-consuming issue, Algorand has decided to implement an upgrade that will enable developers to call each other directly on the go, automatically.
This network update will enable simplifying the production and development cycle of various Algorand Dapps and can also result in the creation of more complex Dapps in lesser time. For example, suppose a person wants to build a marketplace for his non-fungible tokens (NFTs), and lists the NFTs for sale against only USDT and Algo crypto. Now due to exchange rate volatility between the pair, USDT-Algo, he may get less money than intended. He, however, has the option to use Dapp and check the rates offered there before choosing the one that is suitable for him. This process will now happen on the go and without any manual intervention.
A big change which Algorand announced is that it will upgrade their network to use ‘Falcon Keys’. Falcon Keys will enable users to access the Algorand blockchain from low power devices such as a smartphone or a smartwatch.
So, essentially, the Dapps development process will be more or less the same as building apps for a smartphone operating system if this update is successfully implemented.
Lastly, Algorand has announced a $20 million incentive program for rewarding developers who build Dapps using its tools and make it compatible with the Ethereum Virtual Machine (EVM).
“(Algorand) Developers are building versatile decentralised applications that have and will continue to disrupt a wide variety of industries,” said Paul Riegle, chief product officer at Algorand, in a blogpost published on their website.