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r/algorand
75.7k members
The community controlled subreddit for the carbon-negative Algorand blockchain and cryptocurrency.
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r/AlgorandOfficial
69.6k members
Official community for Algorand - World’s first open source, permissionless, pure proof-of-stake blockchain protocol designed for the future of finance. Founded by Turing Award-winning cryptographer Silvio Micali. Algorand runs on a highly energy-efficient network and is carbon neutral.
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r/CryptoCurrency
5.4m members
The leading community for cryptocurrency news, discussion, and analysis.
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r/algorandcasino
1.8k members
Bringing classic casino gaming to the Algorand ecosystem! Stake your Chips to become the house or provide liquidity to our chip/algo pool on Tinyman and recieve an automatic faucet drop! Find out about our verified asset, Chips (asa id:388592191) Links to our website/socials in the sidebar and top menu!
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r/AlgoNFTMarketplace
12.7k members
This space is meant to discuss and learn about NFTs on Algorand! All deals are made at your own risk. No warranties or guarantees are made by Reddit or the moderators of this subreddit. Perform your own due diligence prior to making a trade. We recommend going through one of the marketplaces to help ensure a safe transaction. If you have a smooth transaction with someone PLEASE VOUCH FOR THEM in our Vouch Thread. Please have fun and be respectful!
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r/Algonauts
25.4k members
A hub for Algonauts to discuss, trade and collect NFTs and ASAs
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r/yieldly
13.1k members
Launched in June 2021, Yieldly is the first DeFi platform on the Algorand Blockchain. Website: https://yieldly.finance/ https://t.me/yieldly https://twitter.com/YieldlyFinance
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r/algorandASA
27.4k members
Welcome to r/algorandASA (Algorand Standard Assets). This sub is for the discussion and announcements of new ASA's. Many of these asset are purchasable via https://app.tinyman.org/
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r/AkitaInuASA
11.6k members
ALGO's best friend 💎🐶 Akita Inu (AKTA) - The Ultimate Community Coin on Algorand ASA ID# 523683256 Akita Kennel Club (AKC) - A stunning collection of 1,000 unique NFTs
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r/WeAlgoTogether
2.4k members
This village has been created on fundamental good values to build momentum; increasing awareness of Algorand. We will hodl together... Algorand price is unimportant, here the focus is on wholesome values, building a helpful ethical community; as we will be governors of the future... Algonauts unite!
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r/Tinyman
6.5k members
Tinyman is a next-generation Decentralized AMM protocol on the Algorand blockchain. https://app.tinyman.org
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r/ethtrader
2.2m members
Welcome to /r/EthTrader, a 100% community driven sub. Here you can discuss Ethereum news, memes, investing, trading, miscellaneous market-related subjects and other relevant technology.
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r/NFTsMarketplace
262k members
A place where you can buy, sell, promote, and learn more about NFTs! Share your work, tell your story, but most importantly, interact with others, it's the only way to find people that truly connect with your work.
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r/HEADLINECrypto
3.4k members
HEADLINE Crypto is a Texas-based blockchain project and token from the team behind AlgoPay, AlgoCloud, Vaults Protocol, FORUM, PIPELINE-UI, and Algo Astros.
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r/GreeneryCommunity
572 members
Welcome to the Greenery. We are a community of researchers and investors on a mission to establish an innovative marketing brand and help promote the Algorand Ecosystem. We conduct AMA with project owners, as well as interactive education sessions (Greenery Hour) daily on Telegram group Voice Chat.
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r/CryptoMarkets
1.1m members
Crypto Market Analysis & Discussion. Demand and price, technical analysis, fundamentals, Bitcoin, Ethereum, token, volume, oscillator, RSI, stochastic, trend, trends, sentiment, strategy, coin, coinmarketcap, coingecko, messari, altcoin, blockchain.
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r/CoinBase
220k members
Welcome to r/Coinbase!
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r/CryptoCurrencies
377k members
We're Crypto Reddit's Fiji water in a desert of censorship and agendas. Arguably Reddit's best source for uncensored cryptocurrency news, technicals, education, memes and so more!
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r/ExodusWallet
27.4k members
Welcome to r/ExodusWallet! This is the sub dedicated to the discussion of the Exodus cryptocurrency wallet. For official wallet support, please email support@exodus.com. - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - Remember: Exodus will NEVER ask you for your 12-word phrase, keys, or identifying information. Exodus will NEVER send you to another website to do any kind of updates except for our official website at www.exodus.com.
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r/kittencoin_ASA
13.6k members
KittenCoin ($KTNC ASA: 361671874) https://www.kittencoin-asa.net/
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r/algofi
3.8k members
DeFi that scales. Built on Algorand. YC S21. Earn interest, borrow, and trade your crypto.
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r/ledgerwallet
92.5k members
Discussions about Ledger's products. Visit us @ ledger.com
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r/Algogems
1.9k members
Algogems is a Community-driven & next-gen NFT platform offering a seamless NFT experience and FREE NFT minting! Algogems offers public and encrypted NFT services, including minting, buying, selling, and auctioning. Very low fees & fast interactions, on the Algorand blockchain. GEMS is the native token of the platform, used to govern the platform and rewards its most active users and content creators!
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r/cardano
698k members
Cardano is a decentralised public blockchain and cryptocurrency project and is fully open source. Cardano is developing a smart contract platform which seeks to deliver more advanced features than any protocol previously developed. It is the first blockchain platform to evolve out of a scientific philosophy and a research-first driven approach. The development team consists of a large global collective of expert engineers and researchers.
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r/algodads
914 members
Algorand memes & chill. The more relaxed community for those looking to discuss everything Algorand! Load up with a hot cup of coffee and enjoy the feed. Both Algodads and Algomoms are welcome in this space. Be sure to respect each other and have fun. Anything ALGO is welcomed.
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r/TacoToken
4.1k members
The official subreddit for TacoCoin token ASA: 329110405 https://www.dorastacos.com
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r/cosmicchamps
772 members
First real time 3D play to earn game on Algorand. NFTs launching soon.
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r/Crypto_Currency_News
175k members
News means money in the Crypto Currency world. When new coins, products or platforms are released using Bitcoin, Ethereum, Monero or any related altcoin Tokens, the price of affected products can potentially move on the news.
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r/PeraWallet
1.0k members
Official community for Pera Wallet: The best wallet on Algorand.
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r/CryptoHorde
6.2k members
NEW SUB AS OF JAN 31 2021 If you’re ready to share crypto ideas, act as a horde and make a boat load of money, this subreddit is for you. Large or small investors, we want you all. Let's learn from one another, trade together and have fun with like minded people. We are here for the massive gains 🚀 so buckle up! **disclaimer** No principle member of CryptoHorde is a licensed investment professional. The purpose of this group is purely informational and academic.
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Posted by5 days ago

The Algorand shillers have been relentless about the future of the project lately. I do not believe it has a future. This is the opposite of an Algorand shill post.

I do not hold ALGO. This is why. TLDR - just read the bold headlines.


Inflation - 27% increase

The Inflation of a coin is simply the rate at which it is currently increasing its supply every year. I.e. If a token has a 2% inflation rate, then one year from now, 2% more tokens are available to buy.

One year ago, Algorand had 5,460,295,593 coins in circulation. Today it has 6,927,212,643. This represents an increase of 27%. Factoring in the estimated staking rate of ~5%, it means the token loses more than 20% of its value every year.

(The coin has an inflation rate of 95% if I take the value from 54 weeks ago, going from 3.5bn tokens to 6.9bn in the past year.)


Daily Active Users - 97% drop

This is simply the number of addresses on the blockchain that perform at least one transaction on a particular day.

During the bear market, all projects lose users. Algorand has lost a lot of its daily active users, dropping from over 1,773,000 to just 60600. This represents a staggering 97% drop in active users. In the same time frame, Ethereum has dropped 14% (and that doesn't even include layer 2 protocols like Arbitrum).

This statistic is so bad, it is not even available on the explorer - they only list the total accounts. I had to get the real data from Messari.

Messari - Algorand Daily Active Addresses


MarketCap Rank - dropped 11 spots

This metric is market value size of the cryptocurrency relative to all other cryptocurrencies. One year ago, Algorand was ranked as the 18th largest crypto. Today it is 29th - a drop of 11 spots.


The CEO quit - he got bored

Obvious. But the CEO left the project to pursue other interests. Historically, any time a CEO leaves a project, it has rarely, if ever, held its value. See Loopring or Fantom...


Decentralisation - not too bad

The level of decentralisation for Algorand is unneccesarily convoluted. The easiest way to consider its level of decentralisation is two factors:

  • The Nakamoto Coefficient is estimated to be between 13 and 15, which puts it well behind its competitors. Avalanche 30, Solana at 31, Polkadot 82

  • The number of active validators is 370. Cardano at 3500, Ethereum 411,000


Scalability - copied another project's idea

Algorand 'solved' the scaling problem by copying what Bitcoin cash did - and somehow made it worse. They simply make bigger blocks, but they sacrificed efficiency. Bitcoin Cash creates 32MB blocks every 10 minutes - Algorand requires ~ 800 MB to accomplish the same task. Basically, it requires 25x more data to process transactions than a five year old crypto.


Finally, the shill posts...

Some users may be aware, but it is long believe that some projects employ paid shillers. Literally people that post information in a positive light consistently. It is my belief that Algorand is guilty of this. Please understand, that this is purely speculation and I have no evidence. I would be happy to point out specific users and link posts that I am adamant are paid advertising by Algorand. But out of respect to the subs rules, I will abstain - but if a Mod approves it, I have it ready to go.


EDIT:

Lots of people accusing me of not having the balls to respond to the comments.

I actually responded to several of them, but most of my comments got downvoted into oblivion, so I just gave up. If you want to debate, that’s cool, but apparently you only get toddler tantrums from ALGO shillers.

I tried responding to this comment, but my response got destroyed by the paid shillers, so I’ll put it here..

  • If you want to take the snapshot of the market cap position on the date in your comment, go ahead, but then you also have to take the token supply on that date too, so enjoy the 95% inflation rate that goes with it. *

If reading comments, I suggest sorting by controversial.

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Posted by3 days ago

I think we can all agree that tps numbers can be hard to compare between chains. Some chains can pin 10000s of native token transfers, but things get weird when you start to compare smart contracts.

I posted about this metric in the Algorand subreddit for determining throughput of different blockchains in the fairest way possible. That is using an AMM “uniswap-style” swap as the benchmark.

The authors of the medium article linked in my original post tested the smart contract throughput of some of the top smart contract platforms empirically, and they found that these chains to have the following AMM-swap tps limits:

  • Solana Mainnet Orca - 273 swaps

  • BSC pancakeswap - 195 swaps

  • Polygon quickswap - 95 swaps

  • Axax Trader Joe - 176 swaps

  • Celo Ubeswap - 50 swaps

  • Ethereum uniswap v2 - 18 swaps

Now Algorand can handle 1625 AMM swaps per second on Tinyman.

For reference that is:

  • 6.0x more than Solana

  • 8.3x more than Binance

  • 9.2x more than Avalanche

  • 17x more than Polygon

  • 32.5x more than Celo

  • 90.3x more than Ethereum

Algorand can now do more than all of these chains combined

Algorand's new upgrade reduced block times from ~4.5s to ~3.8s per block, and there has already been a block with 25k transactions in it on the mainnet which translates to approximately 6500 tps.

Thanks to the insight of /u/abeliabedelia, based on the opcode budget limit for each transaction, it was determined that a tinyman swap requires 4 transactions, which means that Algorand’ TPS divided by 4 is approximately equal to its ability for smart contracts per second. (6500/4) = 1625 swaps per second.

And a special thanks to /u/sdcvbhjz for actually empirically checking and confirming the transaction count to be 4 standard transactions for each tinyman swap.

Edit: added words

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Posted by10 days ago

1) Former PayPal and Ripple employees(Jim Nguyen and Nas Kavian) started Six Clovers Inc to try and compete with SWIFT legacy systems to transfer money. They will be using the Algorand blockchain to bring these banking systems into the future.

“Fueling cross-border transactions with regulated stablecoins to represent fiat on-chain has never been done before,” said Borderless Capital CEO David Garcia. “[The network] is going to unleash a wave of mass blockchain adoption across banks, merchants, and payment providers as they see the need to embrace the digital future.”

link: https://cointelegraph.com/news/former-paypal-employees-launch-decentralized-cross-border-payment-network-on-algorand


2) Dizme. Digital Identification can be for everyone thanks to the low cost, scalable, green blockchain. The Linux Foundation is creating ID solutions for all on Algorand. The heart of the problem is that we have no standard way to verify digital credentials. Currently, our identities are owned and controlled by other parties, some of whom we aren’t even aware of. But today something is changing:

  • the World Wide Web Consortium (W3C) is defining the Verifiable Credentials standard, a format describing digitally signed credentials for digital identities;

  • the Blockchain’s technology hugely simplifies creation of decentralized services for registration and discovery of public keys required to verify digital signatures.

  • Starting from these enablers, the Trust over IP Foundation is defining a complete architecture for Internet-scale digital trust that combines both cryptographic trust at the machine layer and human trust at the business, legal, and social layers.

By moving to cryptographically-verifiable digital credentials, we can finally start proving our identity, attributes, or relationships without intermediaries.

link: https://www.dizme.io/


3) Defense Departments around the world can use VeriTX which is leveraging Algorand to track the supply chains of fighter-jets, and other air/space products. VeriTX was founded to provide secure digital supply chain solutions by ensuring data integrity and provenance; process integrity; and performance integrity in a logistics under attack framework for DoD and commercial customers.

link: https://www.veritx.com/


4) Italia Olivicola, the largest organization of olive and olive oil producers in Italy, in cooperation with Euranet, is working to develop and implement an innovative supply chain solution utilizing the open, public Algorand blockchain. This model was developed employing Euranet’s ChoralChain platform and can be applied to the whole olive oil production chain to ensure the highest quality standards and make product information regarding their origin, processing, and preservation accessible and transparent.

link: https://www.algorand.com/resources/ecosystem-announcements/italia-olivicola-leverages-algorand-to-improve-supply-chain-transparency-and-efficiency


5) Società Italiana degli Autori ed Editori (SIAE), the Italian major copyright collecting agency founded in 1882, and Algorand, a leading blockchain platform accelerating the convergence of decentralized and traditional finance, announce the first major milestone of a project to create a blockchain-based open platform that allows transparent and efficient management of authors' rights.

The two organizations have been working together since 2019 and copyrights for the first time are represented as digital assets. The history of SIAE began 139 years ago and today, with Algorand, the organization embraces a future empowered by technology to continue its mission of protecting creativity for its users.

link: https://www.prnewswire.com/news-releases/siae-italys-largest-collective-management-organisation-represents-authors-rights-as-digital-assets-managed-on-the-algorand-blockchain-301254571.html


6) Argentina and Brasil are leveraging Algorand to help farmers tokenize their crops thanks to Agrotoken. Visa's first all on-chain transaction recently happened... and it was the Algorand blockchain. Agrotoken via their Visa card is the safest and most practical way to transport your beans around the world. How it works: A Visa card, funded with your agrotokens. Use your tokenized production directly from your card. Shop at more than 80 million merchants worldwide. Control all your expenses and those of your collaborators. 50 thousand dollars limit to buy anything from a tractor to a coffee.

link: https://agrotoken.io/en/tarjeta-agrotoken


7) FlexID is a digital identity platform that aims to avail its decentralized digital identity network in emerging markets. In doing so, the firm hopes to help over 1 billion people that lack formal identification. Notably, this is FlexID’s first funding deal.

Founded by Zimbabwean serial technology entrepreneur Victor Mapunga, FlexID seeks to alleviate financial exclusion. Mapunga created the platform out of frustrations with the banking system, excluding individuals without identity documents.

According to Mapunga,

“Identity is foundational to modern-day commerce. Without an ID, one cannot participate in the economy even at the most basic levels such as access to basic telco services, mobile money and banking.”

link: https://cryptoslate.com/algorand-funds-flexid-to-offer-africas-unbanked-self-sovereign-ids/


8) Panama and Bermuda are using MAPay, a global healthcare technology firm with a focus on decentralized payment networks. It will introduce its own stablecoin on Algorand to improve the efficiency of the healthcare system, starting in Bermuda. With key healthcare partnerships in the US and beyond, MAPay will use Algorand’s blockchain as the backbone for its forthcoming advancements in the healthcare sector. 

Traditional healthcare payment systems are slow, cumbersome, and riddled with unnecessary expenses. By leveraging an advanced blockchain, MAPay is creating efficiency across key players in the system including insurance companies, government health providers, and banks by eliminating intermediaries that have hindered the settlement process and driven up expenses for all involved parties. In addition to providing an open, public infrastructure, Algorand’s technology is a high performing Layer-1 that enables immediate transaction finality, security required in the healthcare space, and advanced smart contracts that expand future potential. 

Through this collaboration,  MAPay will provide Bermuda with a country-wide deployment plan to lower transaction costs of healthcare encounters through the MAPay network, which will run on Algorand.  MAPay will also implement a patient-driven data exchange aimed at providing medical interoperability, population health management, and better overall outcomes. 

link: https://www.mapaycorp.com/


9) Italy has developed a hybrid approach to Central Bank Digital Currency(CBDC). Read the full report here for how they will leverage the Algorand blockchain in new forms of money.

"TIPS-Algorand Just In Time Locking", takes advantage of the features offered by a specific DLT platform, Algorand. In particular, it leverages a native feature of the chosen DLT that simplifies DvP transactions guaranteeing atomicity; as such, this approach needs the two systems to be directly connected to interact with each other."

link: https://www.bancaditalia.it/pubblicazioni/mercati-infrastrutture-e-sistemi-di-pagamento/approfondimenti/2022-026/index.html?com.dotmarketing.htmlpage.language=1&dotcache=refresh


10) Colombia is using, VitalPass, which is the first digital passport created to track Covid-19 vaccination through advanced blockchain technology from Algorand to guarantee security, traceability, and transparency during the vaccination process across Latin America.

link: https://www.prnewswire.com/news-releases/vitalpass-the-first-blockchain-based-system-to-track-covid-19-vaccination-launches-in-colombia-with-plans-to-expand-to-several-countries-in-latin-america-301294000.html


11) The country of El Salvador fired a salvo into the fiat currency space, making it known that it would adopt bitcoin as legal tender while also delving deeper into the blockchain ecosystem.

In addition to bitcoin's adoption, the country is looking into building out its own blockchain infrastructure with the help of Algorand. The company offers its own blockchain platform that utilizes smart contracts, which is similar in digital architecture to Ethereum.

Similarly, it offers an open source infrastructure so users can tailor their own decentralized financial system to their needs. This is where El Salvador is looking to use Algorand's digital architecture, which offers scalability given its operation in the Layer-1 blockchain, to create a state-supported BTC wallet.

A Cointelegraph article noted that the Algorand based wallet "is designed to enable individuals and businesses to send payments in Bitcoin or dollars from anywhere in the world. The wallet is available on Android and iOS, allowing users to automatically convert Bitcoin transactions into dollars or keep their Bitcoin holdings and later withdraw them in cash from 200 Bitcoin ATMs installed across the country."

link: https://www.nasdaq.com/articles/as-el-salvador-delves-deeper-into-blockchain-give-algorand-a-closer-look-2021-11-02


12) Afghanistan's First E-Payment Solution called HesabPay is being built on Algorand. What is Hesab Pay? HesabPay is Afghanistan' first E-payment solution that lets you transfer funds within seconds, using your smart phone. HesabPay's advanced features for businesses and individuals also include e-taxation, payroll, bill payment, top-up recharge and more.

link: https://hesab.af/home


13) The Philippines is creating a wallet on Algorand that is fully insured by the central bank. Mobile banking meets crypto! Fully integrated with thousands of businesses, withdraw cash at ATMs all over the country.

link: https://www.aid.technology/valise


13) Nigeria is launching a major crypto initiative, IP Exchange Marketplace and Wallet, on Algorand in Partnership with Developing Africa Group and Koibanx. This is one of the largest crypto projects in the entire world. It's the country's official platform for its population of over 200 million to be able to upload any form IP rights and trade, sell or exchange them abroad, while collecting the royalties and proceeds of these operations on their wallets.

link: https://www.prnewswire.com/news-releases/nigeria-to-launch-major-crypto-initiative-ip-exchange-marketplace-and-wallet-on-algorand-in-partnership-with-developing-africa-group-and-koibanx-301553306.html


14) FIFA+ Collect is launching their NFT marketplace on Algorand. FIFA+ Collect is the home of dynamic digital collectibles featuring the most iconic moments in the nearly 10-decade history of FIFA. Enjoy the beautiful game and feed your fandom in a way never seen or experienced before. Reveal. Collect. Compete. Enjoy.

FIFA+ Collect is powered by Algorand, the official blockchain platform of FIFA and the technology of choice for over 2,000 global organisations, governments and digital-native decentralised finance applications. It is a low-cost, carbon neutral blockchain accessible via multiple currencies and payment methods.

link: https://www.fifa.com/about-fifa/commercial/media-releases/fifa-to-launch-fifa-collect

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Posted by3 days ago

I posted about this metric for determining throughput of different blockchains in the fairest way possible. That is using an AMM “uniswap-style” swap as the benchmark.

According the medium article linked in my original post, they found that the top chains had the following AMM-swap tps limits:

  • Solana Mainnet Orca - 273 swaps

  • BSC pancakeswap - 195 swaps

  • Polygon quickswap - 95 swaps

  • Axax Trader Joe - 176 swaps

  • Celo Ubeswap - 50 swaps

  • Ethereum uniswap v2 - 18 swaps

Now Algorand can handle 1520 ~1625 AMM swaps per second (assuming 3.8s per block and 25k tx)

For reference that is:

  • 6.0x more than Solana

  • 8.3x more than Binance

  • 9.2x more than Avalanche

  • 17x more than Polygon

  • 32.5x more than Celo

  • 90.3x more than Ethereum

Algorand can now do more than all of these chains combined.

Thanks to the insight of /u/abeliabedelia, based on the opcode budget limit for each transaction, it was determined that a tinyman swap requires 4 transactions, which means that Algorand’ TPS divided by 4 is approximately equal to its ability for smart contracts per second. (6082/4) = 1520 (6500/4) = 1625 swaps per second.

Edit: also thanks to /u/sdcvbhjz for actually empirically checking the transaction count to be 4 standard transactions for each tinyman swap

Edit: Updated the numbers for consistency with other recent posts (average of 3.8s per block via d13_co and a block with 25k txn has already gone through on the mainnet*). It also has >6x more throughput with these numbers. I will fix the title for posting to the cryptocurrency subreddit.*

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Posted by21 days ago

Instead of going over usual r_CC fluff like governance and marketing/sports partnerships, let's talk about tech.

v3.9 Update:

Algorand is preparing for their v3.9.x update. This is a major update that introduces State Proofs, shorter finality, larger blocks, and AVM v7.

There was a post by an Algorand Foundation Community Manager for a Mainnet target release date of Sept 8th on Twitter (which I've seen). Obviously target dates is still just targets, so I'd treat it with a grain of salt.

State Proofs are the most exciting part of the updates but also the hardest to understand, so I'll leave that discussion for last.

The Updates
Slightly shorter deterministic finality: ~4.3 to 3.9s
  • Algorand is already among the fastest-finality deterministic blockchains, so decreasing it to 3.9s is just icing on the cake.

  • (Avalanche, Fantom, and NEAR are the only big decentralized ones I can think of that are faster. Others like Solana are probabilistic.)

Larger Blocks: Increases max block size from 1MB to 5MB
  • This will increase max throughput (including "Layer 1" smart contracts) to ~6K TPS

  • This is more for future-proofing since Algorand rarely sees above 100 TPS of real activity. (Peak activity was ~350 TPS in Dec 2021, but nowadays, 10-30 TPS is the most common.)

  • There is a future plan to increase throughput even further with Block Pipelining by ~5x, which is something that Cardano is also exploring, and similar to how Solana functions natively. But it'll probably not be needed for a very long time given lack of activity/demand. Block Pipelining works by allowing the network to begin working on the next blocks (e.g. 4 blocks) concurrently before the current block is finalized. As long as those blocks don't have errors or conflicting transactions, they will all be included. Current stats show that only 1% of blocks fail to stage successfully, so block pipelining should work 95% of the time.

Algorand Virtual Machine (AVM) v7
  • Nothing important for end users, so don't ask me for details since I'm not an AVM expert.

  • Support for randomness oracles (but not on-chain)

  • Unfunded accounts (no ALGO) can issues transactions (of other tokens) as long as fees are covered by others in the transaction group

State Proofs:

From a tech perspective, State Proofs (SP) are the most exciting part of this update. In their most basic form, these are a small certificates that prove that a sufficient (i.e. supermajority) total stake of Algorand has attested to some value (e.g. the state of the Algorand blockchain). SPs are SNARK-friendly, meaning that they can use SNARKs (e.g. what Ethereum's L2 zk-SNARKs use) to provide high compression. This allows them to be verifiable even ouside of Algorand on other blockchain's smart contracts, which important for fee-expensive blockchains like Ethereum.

State Proofs have 2 main goals:

  1. Interoperability: Provide more-secure interoperability between Algorand and other blockchains, DLTs, and clients.

  2. Increased Security: Provide more post-quantum resistance

Interoperability

State Proofs allow for light clients, easier node onboarding/catch-up, and cross-chain compatibility.

X-Chain Interoperability

SPs help resolve the issue of relying on untrusted off-chain oracles for cross-blockchain information and communications. Over the past years, so many bridges have been exploited due to bad oracles. Solutions such as Algorand's upcoming State Proofs, Ethereum's future Verkle Trees/thin clients, Polkadot's XCM, and Cosmos Hub's IBC are all meant to provide secure cross-chain communications to alleviate trust issues with off-chain information. (Though note that XCM and IBC only work within their respective ecosystems or with directly-compatible blockchains.)

For example, a smart contract on Ethereum could use a State Proof verifier that provides ongoing proofs of 100s (e.g. 256) of blocks of Algorand. Using compressed SNARKified SPs, smart contracts can cheaply verify the current state of Algorand, its transactions, accounts balances, etc. that a supermajority of Algorand stakes have attested to. It no longer has to rely on off-chain oracles for this information. As long as that smart contract implemented the State Proof verifier code correctly, an outsider would be able to use this in turn to trustlesslyverify transactions and states on Algorand.

There are still limitations. The biggest one is that Algorand's SPs only allow for trustless viewing the state of Algorand, which is only half of equation. Later on, Ethereum would also have to have its thin client solution from Verkle trees in order for Algorand to quickly verify the state of Ethereum on the other side. SPs also cannot be used to bridge transactions between chains or used for instant direct communications. They can be used to help bridges become more trustless, but not completely replace bridges.

New clients and Light clients

State Proofs also allow clients to quickly onboard or catch up to the current state of Algorand. Instead of having to verify the entire chain from the genesis block, which takes days to sync from scratch, they can simply verify clusters of 100s of blocks at a time using SPs of those clusters. Bridges can also use SPs to quickly check the state of Algorand without running full nodes.

Security

For security, quantum computers could break ECDSA/EdDSA protocols used to generate digital signatures and most current ZK proofs. This would allow attackers to find the private key used to generate those signatures. US Gov's NIST has been working on Post-Quantum protocols since 2016, and Algorand's FALCON protocol was one of the 4 finalists out of 82 original submissions. Attackers could look at prior transactions and their private keys. State Proofs use FALCON (in deterministic mode) and are thus post-quantum secure.

If you want more details on State Proofs, you can watch MIT's 23-minute video on it.

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