Cryptocurrencies

Algorand (ALGO) takes the turn of Decentralized Finance (DeFi) – Cryptocurrencies

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Even readers of The Coin Tribune who are not developers, have understood the method of managing a crypto or blockchain project: we launch with a somewhat raw version and then improve as we go. Algorand (ALGO) has decided to reveal their before / after with 3 updates taking the project to another stage, ready to take on a new DeFi.

Algorand: updates from DeFi?

The last update made on Algorand (ALGO) seems to indicate an interest of the project in the DeFi ecosystem. The head of product development atAlgorand, Paul Riegle, indicated that the three main features of this update are the addition of smart contracts at the base layer of the network, the fast catchup and the rekeying.

Riegle pointed out that the integration of contracts at level 1 significantly improves processing time and network speed: the founder ofAlgorand, Silvio micali, explained in a post that the integration of these contracts was a complex technical task and was generally carried out at level 2.

The fast catchup feature allows developers to build their decentralized applications without having to wait for the entire blockchain to synchronize: they can download the blockchain from a specific block and then proceed to download the full node.

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Algorand: the key to succession problems

According to Riegle, rekeying is the most interesting feature of the 3 since it offers many fields of application: thanks to it, it is possible to keep a unique public key while modifying the authorized keys for private expenditure.

This feature is particularly useful in the management and custody of digital assets but, can also find its use in everyday life: a family that has a wallet ALGO can create several private keys with a determined expenditure level for each of its members.

The protocol can also be applied in the settlement of estates to automate the management of inheritances, once oracles are integrated into Algorand.

A year ago, we announced an Algorand as the new nugget to watch. More recently, ALGO made its debut on Coinbase, suggesting a pump. The project improves its image with these 3 new updates full of promise. The future will tell if ALGO really has the intention and the potential to meet the challenge of making a place for itself in DeFi. Finally, if you are interested in Algo staking from the perspective of setting up passive income, this dedicated chapter of the Mining Tribune will hold your attention.

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