Last week, Algorand announced a significant update to the Algorand Virtual Machine or AVM that runs smart contracts to make them simpler and more powerful and reinforce the building of new decentralized applications or dApps.
Going live in June 2019, Algorand is the Pure Proof-of-Stake (PPoS) Layer-1 protocol that, with its developments, keeps the base infrastructure fast, scalable, low-cost, decentralized, and secure. It is forkless, precisely to overcome the pragmatism of blockchains moving to their Layer-2 or multi-chain versions.
Folks Finance chooses the AVM joining Algorand ecosystem, building a decentralized money market protocol aiming to provide secure, profitable and low-cost, financial services to all types of users.Algorand and smart contracts
In the decentralized, disintermediated, and automated world of Blockchain and smart contracts, Algorand Virtual Machine plays a key role for dApps and DeFi.
Algorand’s smart contracts are trustless, executed on-chain, and safe from manipulation and error. They are written in a language called Transaction Execution Approval Language (TEAL) as well as in Python using the PyTeal library, a Python language binding.
The AVM interprets TEAL programs with a set of operation codes (opcodes) used to implement the logic of smart contracts and smart signatures.
Infrastructure improvements over time allow developers and dApps like Folks Finance to access more sophisticated and powerful functionalities without encountering delays due to network congestion, fee increases, or network vulnerabilities.The advantages of Algorand over existing Virtual Machines
Today, in order to develop a dApp for DeFi such as Folks Finance, it is necessary to consider the features of the Blockchain adopted and its Virtual Machine.
To begin with, we analyze the consensus protocol on which the technology is based. Algorand was born as a permissionless Pure Proof-of-Stake (PPoS), sustain...