Algorand Upgrade Will Allow For Easy Creation Of Dapps

The new Algorand upgrade will allow for easy creation of Dapps and allow them to run in low-power environments such as mobile phones and smartwatches so let’s read furhter into today’s latest blockcahin news.

The Algorand blockchain released a technical upgrade designed to support cross-chain interoperability and allow developers for easy creation of dapps based on the network. The Algorand upgrade introduces smart contracts to contract to call that allows applications to trustlessly interact with other smart contracts products. Calling refers to the smart contract function that returns the hash of the transaction which will be mined into the blockchain and such functions can be executed by anyone.

1/ #Algorand continues to deliver the technology required to power applications & solutions of the future with the latest protocol release hitting MainNet today 👉 https://t.co/9uGfzCO7qI pic.twitter.com/7mE08SLwZn

— Algorand (@Algorand) March 2, 2022

The smart contracts on Algorand could be called out by the developer manually storing data in the local state of the contract which is quite a hard process. The upgrade annoucned on Thursday allows a contract to call another one automatically and directly. The development came after a $20 million incentive program from the Algorand Foundation that is focused on the developer tooling and compatibility with the Ethereum Virtual Machine which is a virtual computer that is accessible anywhere in the world that has participating ethereum nodes. The company’s chief product officer Paul Riegle noted:

“The power and composability of Algorand’s smart contract platform have transformed in recent months. Developers are building versatile decentralized applications that have and will continue to disrupt a wide variety of industries.”

The core feature of the upgrade is the introduction of Falcon Keys which will come in the near future and be used to generate State Proofs as a new blockchain infrastructure allowing Algorand to be accessed in low power environments such as mobile phones and other blockchains.

As recently reported, The Algorand-based trading platform talked about the latest attack which started on January 1^st. The “unauthorized users” managed to breach the protocol’s pools after compromising an unknown vulnerability on the smart contracts. According to the official blog post, the attack resulted in a drain of ASAs in the first few hours. This induced massive volatility and Tinyman revealed that the hack activated their wallet addresses and deposited the seed fund for the breach. In order to execute the attack, the perpetrators targeted the pools and started to swap a portion of their funds, and minted the Pool tokens.