Main features of this platform:
Smart contracts on layer-1, ie very safe, fast and at the same time cheap access to the concept of smart contracts. I write more about it here.
Algorand Standard property, that is, the ability to generate tokens that are built based on the Algorand protocol, embedded in layer-1, and benefit from the security and speed of this layer. More on that here.
Atomic transmissions, that is, an integral, atomic approach to transactions. The ability to transfer ownership of many assets, tokens, in a way that can be transferred or none of them at once. I have written about what these functions are and what possibilities open up, among others in this article.
TEAL language, a programming language that the Algorand team designed and developed made it the native language for their platform. Language is incomplete in Turing’s understanding and this is his strength. Why? here I make a number of arguments. Algorand is also working with the Blockstack team in another language (Clarity) to debut on both platforms in 2021, providing a secure environment for creating predictable smart contracts.
Algorand Co-Chains, i.e. private chains based on the Algorand protocol that can simultaneously communicate with other private chains as well as with the public Algorand chain. it is interoperability within the Algoranda ecosystem. Attention! that's not all, we will soon be interoperable with platforms that have a different consensus protocol, such as Ethereum. Algorand is working on his approach to bridging networks based on a different consensus (similar to Polkadot or Cosmos).
In mid-2020, Algorand further expanded the platform with:
Re-entry, ie functionality that allows users to replace the private key without the need to change the public address. Changing the key provides more flexibility in the use of keys and opens the door to cases such as mass migration of users from other platforms. Thanks to ReKeying, large centralized platforms can migrate their users' accounts to the Algorand network, automatically create accounts on their behalf, and then give them the opportunity to take full control of such an account (by replacing the private key)
State smart contracts. a kind of smart contracts with global memory. So far, ASC1 or Algorand Smart Contracts on the first layer have provided the benefits related to safety, speed and mega-low costs that layer-1 offers to Algorand (they are built into this layer). However, these are smart contracts with limited functionality. In August 2020, Algorand expanded smart contracts with the ability to store a global state, which may also be available from other smart contracts. This may sound rather mysterious (the next movie will tell you best), but in general it greatly expands the possibilities of what can be built based on the Algorand platform, which is important = the possibilities of what can be built in a decentralized way. In the previous version of the protocol, for example, it would not have been possible to make a decentralized exchange or a UniSwap liquidity fund, or even a voting system. Such a voting system requires that voting results be stored in an unmanipulated, transparent and indisputable manner - ie ON MEDICINE. Now it is possible and easily accessible.
In general, such functional abundance is attracting more and more cases of using the Algorand network.
On the other hand, more and more Algorand-based applications make the need to change TPS parameters (speed) and transaction finalization time inevitable.
So let’s talk briefly about how Algorand wants to achieve this jump in the rock.
TPS is currently = 1k, TPS in 2021 = 46k
billing is currently = 4.5sec, finalized 2021 = 2.5sec
