Algorand Network Upgrade Expands Smart Contract Functionality with Contract-to-Contract Calls, Releases Post-Quantum Secure Keys for Trustless Cross-Chain Interoperability

In on going delivery of advanced blockchain technology, release demonstrates technical momentum that matches accelerating adoption of Algorand

BOSTON, March 2, 2022 /CNW/ -- Algorand, the technology company powering the platform for next-generation blockchain-based applications, today announced another major technical release that empowers sophisticated apps and marks a major milestone for cross chain interoperability. Developers are now able to build complex apps for the Algorand ecosystem with smart contract-to-contract calling and network participants can take their first step towards trustless cross-chain interoperability with quantum-secure keys for the upcoming State Proof technology. These network upgrades come on the heels of a $20 million incentive program from the Algorand Foundation focused on developer tooling and EVM compatibility, putting Algorand at the forefront of blockchain interoperability and post-quantum security while providing features for even more advanced decentralized applications. 

"The power and composability of Algorand's smart contract platform has transformed in recent months. Developers are building versatile decentralized applications that have and will continue to disrupt a wide variety of industries," said Paul Riegle, Chief Product Officer at Algorand. "With this latest upgrade, Algorand continues its leadership position when it comes to ongoing delivery of highly sophisticated blockchain technology. We have received overwhelmingly positive feedback from developers during the beta testing and are excited to roll out these enhancements to the broader blockchain developer ecosystem." 

Core components of this release include: 

Smart contract compatibility with contract to contract calls. This allows complex dApps to be built that can efficiently and trustlessly interact with other smart contract based dApps to extend functionality and usability. Additional details and background on this tech can be found here. 

Post-quantum secure Falcon Keys, Algorand's first major milestone on its path towards trustless cross-chain interoperability. These keys will, in the near future, be used to generate State Proofs, a new blockchain infrastructure that will allow Algorand to be trustlessly accessed in low-power environments like mobile phones, smart watches, and on other blockchains. For more background on State Proofs, please see an overview here. 

These features add to Algorand's already advanced tech, high performance and robust developer resources. Smart contracts on Algorand can be written in Python or Reach, making it accessible for developers of all skillsets. 

Algorand has experienced zero downtime since launch, helping it become the blockchain of choice for hundreds of organizations launching DeFi protocols, NFTs, payment solutions, regulated digital assets, and more. The network supports applications that can scale to billions of participants, all on a high-speed, carbon-negative, secure and stable blockchain. 

To learn more about Algorand and its latest smart contract upgrades, please visit https://developer.algorand.org/. 

About Algorand
Algorand is transforming economic models and economies of all kinds. Founded by Turing Award–winning cryptographer Silvio Micali, Algorand's high–performing Layer-1 blockchain is unparalleled for bringing fast, frictionless, and inclusive technologies to everyone. Algorand is reshaping every industry–from TradFi and DeFi to new creator economies and beyond. With an extraordinary commitment to interoperability and consistent delivery, our sustainable technology powers more participation, transparency, and efficiency for all. As the technology of choice for 2000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and exchange of value. For more information, visit www.algorand.com.

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SOURCE Algorand