Algorand Is Now Supporting Smart Contracts that Are Non-Turing-Complete

On Thursday, the Algorand Foundation has launched an update for its blockchain protocol.

Algorand has added features for decentralized finance (DeFi) and smart contracts to its Algorand 2.0. This is the largest expansion for the network, after its June 2019 launch. The company’s CEO Steve Kokinos said about the release:

“With this release, new features and simple developer resources enable new use cases and broader adoption of blockchain overall.”

Algorand Employees Were Talking about the Development for Months

The company’s employees have been sending hints about the new development for months. This is the first time Algorand is supporting smart contracts, which are contracts driven by code that tracks and executes the formal agreements’ terms over time. The ASC smart contracts from Algorand are different from the ones powered by other blockchains. This is due to the fact that Algorand has an in-house programming language that’s non-Turing-complete. The language is called Transaction Execution Approval Language or TEAL.

Algorand’s Technology is Quite Unique

Turing completeness is measuring how able a programming language is to simulate another language and to manipulate its instructions. While all programming languages are Turing-complete, Algorand’s isn’t. What makes TEAL different is a feature and not a bug, as it makes the contracts developed on it safer to execute and to write. However, it’s quite limited when it comes to functionality because it doesn’t support recursive logic.

On the other hand, this means increased security and a more direct path to make sure that ASC contract coders are not inadvertently losing assets. According to Hacker Noon, a smart contract can be more easily and rapidly checked for errors when it’s written in a programming language not based on recursive logic.

Additional Upgrades to Algorand 2.0

Algorand has also introduced a function for standard asset issuance (ASA), which brings more various tokenization features and is a powerful DeFi tool. On the foundation’s developer page, it’s being claimed that any asset can be stored on-chain and digitized with ASA. The company has also introduced the Atomic Transfers feature for batch transactions. This new tool allows users to perform the most complex token transfers, including account settlements and circular trades, with only one transaction.

It was mentioned that Algorand 2.0 doesn’t interfere with the company’s sharia compliance certification because its key features haven’t changed. The market cap of Algorand is $108 million, ranking the foundation on the 48th position in the largest blockchains list.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,191FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Ethereum Layer 2 Solution, SKALE Network, Launches Its Mainnet Phase One; Staking & Bounties Start in Early Q3

SKALE - an open-source scaling solution backed by Gemini exchange founders Winklevoss brothers for scaling the Ethereum network - has started to roll out...

Pundi X Integrates PayPal into Point-of-Sale Device, XPOS; Users Can Buy & Sell Crypto Seamlessly

Pundi X, a blockchain firm based in Singapore, has integrated its point-of-solution (PoS) device, XPOS, with PayPal, according to a medium post on June...

Crypto Mining GPU Manufacturer, NVidia Petitions Court to Toss Out $1 Billion Class Action

NVidia has petitioned the California court to dismiss the class action suit made by its investors. The lawsuit against the firm’s top brass alleges that...

Hacker Extort 116.4 Bitcoin from University of California San Francisco (UCSF)

The University of California San Francisco (UCSF) paid a ransom of $1.14 million in Bitcoin after a ransomware attack earlier this month, reported BBC...

Targeting Institutional Investors: SBI Holdings Is Buying a Minority Stake in B2C2 Exchange

A unit of Japanese financial conglomerate SBI Holdings, SBI Financial Services is buying a minority stake in London-based crypto market maker B2C2 for $30...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today