Building with Algorand 2.0, everything you need to know
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Algorand is a new blockchain built on a Permissionless, pure proof of stake, decentralized agreement protocol, where anyone can participate and requires minimal computational power. This protocol finalizes transactions very quickly and offers true decentralization. Algorand 2.0 is an exciting release with many new features including: • Algorand Standard Asset (ASA) • Atomic Transfers • Algorand Smart Contract Layer 1 (ASC1) This session will demonstrate how to: • Quickly get and up and running on Algorand • Use the new Algorand features - ASA, Atomic Transfers and ASC1. Algorand provides JavaScript, Java, Python and Go SDKs. Learn how to use SDKs and build blockchain solutions.
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Building with Algorand 2.0, everything you need to know
- 1. russ@algorand.com Russ Fustino Technical Evangelist Algorand RIT Blockchain Club Building with Algorand 2.0: Everything you need to know!
- 2. The documents and statements presented on (or directly accessible from) this presentation may contain forward-looking statements. These statements relate to future events or Algorand Network's future performance, financial or otherwise. Any statements that are not statements of historical fact (including without limitation statements to the effect that the Company or its management “believes”, “expects”, “anticipates”, “plans” (and similar expressions) should be considered forward looking statements. There are a number of important factors that could cause Algorand Network’s actual results and outcomes to differ materially from those indicated by the forward looking statements. The Algorand or any other party contained within disclaim any obligation to update any forward looking statement. Safe Harbor
- 4. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Blockchain is Not the Future – It’s The Present • Medical Field • Charities • Automotive • Telecom • Food industry 5 Source: Forkast.Insights China Blockchain Report 2019-2020 Blockchain’s usage is becoming ubiquitous across all sections of the economy
- 5. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Let’s build a Blockchain solution… but wait… • Transactions in 10 minutes? • Forks? • Vulnerability for DOS attacks? • Mining with high energy consumption? • SDKs? • Swagger files? • Developer Docs? 7
- 6. § Algorand Inc Overview § Algorand's Core Protocol § Algorand 2.0 § Algorand BetaNet, TestNet, MainNet § Local Nodes and Standup Instances § APIs, SDKs and Command Line tools § Algorand 2.0 Features § Demos
- 8. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Georgios Vlachos Head of Mathematics (MIT) Silvio Micali Founder Sean Ford COO (LogMeIn, Upromise, Monitor Group) Jing Chen Head of Theory Research &Chief Scientist (MIT) Yossi Gilad Head of Systems Research and CTO (MIT, The Hebrew University of Jerusalem) Naveed Ihsanullah Head of Engineering Research (Harvard University, Mozilla) Nickolai Zeldovich Head of Distributed Systems (MIT, Stanford University) Sergey Gorbunov Head of Cryptography (MIT, University of Waterloo) Steven Kokinos CEO (Fuze, Bladelogic) ECONOMIC & SCIENTIFIC ADVISORS Maurice Herlihy Vinod VaikuntanathanDarius Sit Jill Carlson Christian Catalini Joseph Naggar Constantinos DaskalakisShafi Goldwasser Joseph Bonneau Alessandro ChiesaNaval Ravikant ALGORAND INC. Research and Development MIT Professor, co-inventor of probabilistic encryption, Zero- Knowledge Proofs, Verifiable Random Functions, and many other protocols that are the foundations of modern cryptography. Awards & Recognition: Turing Award, Gödel Prize, RSA Prize Team–Technical Expertise and Proven Leadership ● ~15 Engineers ● ~12 Researchers ● Deep expertise in distributed systems, security, concurrency, theoretical and applied cryptography ● All Boston based
- 9. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand To Date… 11 SDKs for Java, Javascript, Python and more! Security, efficiency, network protection, scalability and high network performance with blocks well under 5 seconds. Developer-first mentality with a focus on simple blockchain building 2020 & Beyond: CONTINUED INNOVATION FEB,2019 NOV,2019 INDUSTRY AFFILIATIONS & ACCOLADES JAN,2018 JUNE,2019 5.4M+ BLOCKS 700+ NODES AND ORGANIZATIONS LAUNCHING ON ALGORAND Key areas of use are defi applications, initiatives that bridge the gap between traditional and defi space, and central bank digital currencies ALGORAND NETWORK LAUNCHES ALGORAND OPEN SOURCE DEVELOPER RESOURCES LAUNCHED SIGNIFICANT TECHNICAL UPGRADE ALGORAND FOUNDED Algorand 2.0 is released less than 6 months from network launch. Numerous use cases unlocked with new features all built directly into the high performing Layer-1 protocol.
- 10. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level 12 Minimal Computation Required Open and inclusive allowing anyone to participate Extremely energy efficient Secure Blockchain Network Inherent protection against protocol and network attacks Operates at Enterprise Speed >1000 Transactions Per Second Blocks under 5 seconds Scales to billions of users Immediate Transaction Finality Mathematically guaranteed not to fork Each new block remains on the chain Best in class tools in Layer-1 Key features and functionality built directly into a high performing Layer-1 protocol Foundational Layer-1 Platform Benefits
- 11. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Layer-1 Building Blocks for Developers 13 Best in class tools built right into high performing Layer-1 Algorand Standard Asset (ASA) Standardized blockchain asset with customizable options. Atomic Transfers Secure and immediate settlement for multiparty transactions. Algorand Smart Contract in Layer-1 (ASC1) Fast, secure, and low cost stateless smart contracts. ● Hash Time Lock Contracts (HTLCs) ● Regulated disbursements ● Escrow accounts ● Lines of credit ● Collateralized debt ● High security account management ● Oracle based smart contracts ● and more... Algorand 2.0
- 12. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Use Cases on Algorand World's first 'micro asset' Enabling Financial Inclusion of Urban Working Poor in Southeast Asia 5G Spectrum Allocation on Blockchain Open and Efficient Solutions for Copyright Management on Blockchain Multiphase Integration Including Future Wallet and Algorand Standard Asset Support Building a Next-Generation Decentralized Exchange on Algorand Using Digital Securities for Issuing, Trading and Performing Corporate Actions Providing Customers with Faster & More Secure Clearing and Settlement Processes Plans for Hybrid IPO on Algorand’s Blockchain and the London Stock Exchange Providing Businesses with Improved Monitoring and Analysis of their Own Ecosystem Tokenizing Real Estate Assets on Algorand’s Platform Democratizing Computing Rendering Power Tether Announces Integration and Deployment on Algorand Enabling Analytics for Decentralized Applications on Algorand Providing Developers with Secure, Reliable Infrastructure & APIs for Algorand Building a Next-Generation Decentralized Exchange on Algorand Helping Data-Driven Enterprises Leverage Decades of Technology Investment Helping Enterprises Build on Algorand’s Platform Cartan partnering with blockchain platform Algorand Global Air Quality Monitoring Initiative Launches on Algorand Providing the Identity Layer for the Growing Algorand Ecosystem Supporting Programmable and Redeemable E-Money on the Algorand Protocol Building the infrastructure for the broad adoption of Algorand technology. https://www.algorand.com/use-cases
- 14. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand Pure Proof of Stake Simplified Smart Contracts Network-Wide Incentives Seamless Upgrades Scalable & Secure 𝐵! 𝐵" 𝐵# 𝐵$ 𝐵% … Effortless One-By-One Byzantine Agreement Forks? Proof of Work?
- 15. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level The Byzantine Generals Problem 17 Silvio Micali, Founder of Algorand and Turing award winner, figured out, you really don’t need everyone to participate, what you need is a representative sample.
- 16. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Pure Proof of Stake Consensus üPublic and permissionless üAll users can participate in consensus üBlocks are confirmed by voting üEvery token carries the same voting power üNo need to delegate or bond üMinimal compute required
- 17. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Key Idea 1) Sample a small committee at random from the set of all users 2) The committee agrees on a block of transactions. Every member verifies transactions and digitally signs it. 𝐵! 𝐵" 𝐵# 𝐵$ 𝐵% 3) The block is added to the chain 𝐵%𝐵&𝐵&
- 18. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand's Core Protocol Video Pure Proof of Stake – For more information watch this video: • https://www.youtube.com/watch?v=gACVKaNqxPs • Youtube.com/algorand 20
- 19. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Permissioned vs Permissionless Public vs Private Public Blockchain Permissionless Private Blockchain Permissioned Anyone can join the Blockchain network, this means they can read, write, or participate with a public blockchain. Public blockchains are decentralized and no one has control over the network and they are secure in that the data cannot be changed once validated on the blockchain. Permissioned networks place restrictions on who is allowed to participate in the network and in what transactions. 24
- 20. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Types of Blockchain apps 25 Public & Closed Public & Open • Voting • Voting records • Whistleblower • Currencies • Betting • Video Games Private & Closed Private & Open • Construction • National Defense • Law Enforcement • Military • Tax Returns • Supply Chain • Government financial records • Corporate earning statements
- 21. Algorand 2.0 Algorand Standard Assets ASA Atomic Transactions Algorand Smart Contracts Layer 1 - ASC1
- 22. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Layer-1 Building Blocks for Developers 27 Best in class tools built right into high performing Layer-1 Algorand Standard Asset (ASA) Standardized blockchain asset with customizable options. Atomic Transfers Secure and immediate settlement for multiparty transactions. Algorand Smart Contract in Layer-1 (ASC1) Fast, secure, and low cost stateless smart contracts. ● Hash Time Lock Contracts (HTLCs) ● Regulated disbursements ● Escrow accounts ● Lines of credit ● Collateralized debt ● High security account management ● Oracle based smart contracts ● and more... Algorand 2.0
- 23. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand Standard Assets (ASA) • Algorand Standard Asset (ASA) technology makes it possible for the tokenization and issuance of any type of asset on the Algorand blockchain. • Uses of Assets as fungible tokens include: • Currency • Points in a loyalty program • Shares of an asset • Securities such as stocks, bonds, and derivatives • A token is fungible if any two units of that token are interchangeable. • Fungible tokens are the basis of many financial applications. • On other blockchains, these tokens are created using smart contracts (e.g., ERC-20). • Errors in contracts defining new currencies, and incompatibilities with existing apps, can and have resulted in significant losses. 28
- 24. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand Standard Assets (ASA) • Any user can create a new fungible token. • The potential supply of the new token is set at creation. • A token may be freezable. (A token that is not freezable can never be made freezable.) • The token creator is its initial token manager. • A token manager can • Increase the circulating supply of the token (up to the potential supply). • Freeze (and unfreeze) the tokens in a given account, if the token is freezable. • Remove tokens it owns from the circulating supply. • Destroy the token if no tokens are circulating. • Transfer token management to another user. • To receive a token, an account must allocate space to maintain a balance for that token. • Maintaining a balance for a token increases the account’s minimum balance. 29
- 25. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Tether Launches as first Stablecoin on Algorand’s next generation Blockchain Platform! 30 https://www.algorand.com/resources/news/tether-launches-as-the-first- stablecoin-on-algorands
- 26. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Atomic Transfers • Multiple transfers can be grouped together. • Either all transfers occur, or none of them do. • Transfers may involve multiple fungible tokens (including Algos). • Each transfer is signed separately by the originator of the transfer. • Eliminates the need for hashed time-locks for atomic swaps in other blockchains. • Avoids the delays inherent with hashed timed-locks. 31
- 27. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Some applications of Atomic Transfers • Atomic swap or bilateral exchange • Purchasing a digital asset with cryptocurrency, or trading digital assets. • Circular trades • For example, Alice pays Bob if and only if Bob pays Clare if and only if Clare pays Alice. • Group payments • Either everyone pays or no one does. • Payments to multiple recipients • Decentralized exchanges • Atomic multi-party transfers enable trades without trusted intermediaries. • Internal units of accounting • Several companies can settle their accounts with each other with a single transaction. • Advantageous for supply chains, where delays in payments introduces massive friction. 32
- 28. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand Smart Contracts Layer 1 (ASC1) • Algorand Smart Contracts are small programs written in an assembly-like language that can be used as a replacement for signatures within a transaction. • This language is named Transaction Execution Approval Langauge or TEAL. • TEAL programs have one primary function and that is to return true or false and are used to analyze and approve transactions. Standard transactions are signed with either a private key or multisig set of private keys. With the introduction of ASC1, they can now be signed with a TEAL program. This is called a logic signature. 33
- 29. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level ASC1 Usage scenarios Examples: • Escrow accounts • Loan payments • Limit and stop orders • Subscription payments • Collateralized obligations 34
- 30. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level TEAL code has two basic usage scenarios… • Contract account https://developer.algorand.org/docs/features/asc1/sd ks/#contract-account-sdk-usage • Delegated signature https://developer.algorand.org/docs/features/asc1/sd ks/#account-delegation-sdk-usage 35
- 31. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level PyTeal — Writing Algorand Smart Contracts in Python https://github.com/algorand/pyteal 36
- 32. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Teal – Transaction Execution Approval Language • Bytecode based stack language • Replaces signature in transaction • Similar to Bitcoin Script • Returns True or False • Support in the SDKs to run specific Templates • https://developer.algorand.org/docs/algorand- smart-contract-templates && arg 0 len … Push Pop
- 33. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Video on TEAL https://youtu.be/OWFRP9McBmk 38 • Youtube.com/algorand
- 35. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Worldwide BetaNet, TestNet and MainNet Networks 40
- 36. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand BetaNet is here!!! https://developer.algorand.org/docs/betanet 41
- 37. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Community Explorers AlgoExplorer and GoalSeeker TestNet and MainNet 42 https://algoexplorer.io https://goalseeker.purestake.io/algorand/
- 38. Local Nodes and Standup Instances
- 39. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Nodes. https://developer.algorand.org/docs/build-apps/setup/ • Create and run your own • Mac • Ubuntu • Other Linux Distros (Example - Raspberry Pi) • Can take several hours to sync > 10 hours • Purestake API service • Indexed, Archived • Can access from SDK code on platforms that do not have nodes (Windows) • Sandbox • Docker • Not for production • Snapshot start from current node • No sync time 44
- 40. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level PureStake 46 • PureStake offers API as service • Instant Access to BetaNet, TestNet & MainNet – no Sync times • No node installment required • Is configured with Archival and Indexer capabilities • Highly Available 24x7x365 • Used by adding a header that is provided when you sign up • Sign Up Here for Free Access: https://developer.purestake.io/ • API Samples: https://github.com/PureStake/api-examples
- 41. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand API-as-a-Service Free Unlimited Testnet Requests per day 5,000 Mainnet Requests per day 5 Mainnet / Testnet Queries per second Support: Community Chat $49/Month • Unlimited Testnet Requests per day • 100,000 Mainnet Requests per day • 5 Mainnet / Testnet Queries per second • Support: Community Chat & Direct Support via Web and Email Enterprise $249/Month • Unlimited Testnet Requests per day • 500,000 Mainnet Requests per day • 10 Mainnet / Testnet Queries per second • Support: Community Chat & Direct Support via Web and Email with 24 hour response time • SLA – 99.95% Guaranteed Uptime Custom Custom • Unlimited Testnet Requests per day • Custom packages for Requests per day / per second • Support: Custom chat, email and phone options including 24x7 response support • SLA – Custom based on requirements Basic Pro https://github.com/PureStake/api-examples Sign up at: https://www.purestake.com/algorand-api
- 42. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Sandbox – The quickest way to get going Docker Instance https://github.com/algorand/sandbox 48 https://medium.com/algorand/introducing-sandbox-the-quick-way-to-get-started-on-algorand-8082c2d18854
- 43. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level DevRel Repository https://github.com/algorand-devrel 50 • Hackathon • AlgorandDeveloperTasks react-workshop • Paytx • JavaOfflineSign • Raspberry-pi-rfid-setup • js-webapp • Chessexample
- 44. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand Devrel on Medium https://medium.com/algorand/developers 51 Articles published every Tuesday • Build your own coin • PyTeal — Writing Algorand Smart Contracts in Python • How to Generate Algorand Accounts and Transactions using React • Sandbox • 2019 Wrap-up • Smart contracts • Atomic transfers • Algorand Assets with React • Standard Assets • Pay Transactions • Hack the North Sample Code • Algorand Blockchain Basics
- 45. Developers, Developers, Developers!!!! Reward program, APIs, SDKs and Command Line
- 46. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Algorand Foundation announces first Development Awards The Foundation is interested in development areas such as • applications • utilities • monitoring • tooling • deployment • libraries / SDKs • any other areas of innovation around the Algorand blockchain Applications will be judged on creativity, utility and code conciseness. https://algorand.foundation/developer-incentive-awards-program 54
- 47. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Developer Rewards program The Foundation divides awards into four categories based on complexity and usefulness to the community: • Extra small - 5K-20K Algo award. • Small - 20K-50K Algo award. • Medium - 50K-100K Algo award. • Large - 100K-250K Algo award. This represents the maximum award a project will receive from the Foundation. 55
- 48. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level developer.algorand.org 56
- 49. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level 57
- 50. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level SDK Functionality 58 kmd Wrapper algod Wrapper Stand-alone functions Create accounts Account Mnemonic Create Transaction kmd algod Sign Transaction Multisig Accounts Key Management on Node or Handled in SDK Client
- 51. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level New community C# SDK now available! https://github.com/RileyGe/dotnet-algorand-sdk 59
- 52. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level How do you download the swagger files? There are two swagger definition json files, one for Algod and one for KMD For Alogd use this: http://localhost:8080/swagger.json curl http://$(cat ~/node/data/algod.net)/swagger.json > swagger.json For kmd use this: http://localhost:7833/swagger.json curl http://$(cat ~/node/data/kmd-v0.5/kmd.net)/swagger.json > swaggerkmd.json 60
- 53. Developer Site – Getting started Core Blockchain Functions Transactions Algorand Standard Assets Atomic Transfers Smart Contracts 61 Demos
- 54. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level ASA Demo • Step 1: Create Accounts • Step 2: Create a New Asset • Step 3: Configure Asset Manager • Step 4: Opt-in to Receive Asset • Step 5: Transfer an Asset • Step 6: Freeze an Asset • Step 7: Revoke an Asset • Step 8: Destroy an Asset 62
- 55. Resources
- 56. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Developer.algroand.org 64
- 57. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Workshop https://github.com/algorand-devrel/hackathon 65
- 58. Summary §Algorand Inc Overview §Algorand's Core Protocol §Algorand 2.0 §Algorand BetaNet, TestNet, MainNet §Local Nodes and Standup Instances §APIs, SDKs and Command Line tools §Algorand 2.0 Features §Demos
- 59. • Click to edit Master text styles • Second level • Third level • Fourth level • Fifth level Sign up Today! 82
- 60. Questions?