The Road to Revival for Algorand: Building the Leading RWA Public Blockchain

Algorand, as a pure proof-of-stake Layer 1 blockchain protocol, aims to connect blockchain with the real world. Its founder, Silvio Micali, is a distinguished professor at MIT and a pioneer in cryptography who received the Turing Award for his contributions to verifiable random functions and zero-knowledge proofs. These technologies are now widely used in the cryptocurrency industry.

Despite Algorand's significant price increase during the last DeFi bull market, the development of its ecosystem has not met expectations. To address this, Algorand is making a comprehensive effort, focusing on technological innovation, marketing strategies, ecosystem building, and developer support, aiming to promote large-scale adoption of blockchain.

Technological upgrades drive adoption

AlgoKit 2.0 released, supporting Python language

Algorand has launched AlgoKit 2.0, a complete set of development tools and resources, including smart contract templates, debugging tools, and performance optimization tools. AlgoKit 2.0 introduces native Python language support, greatly lowering the development barrier. There are approximately 10 million Python developers worldwide, and this move has rapidly expanded Algorand's developer community.

Dynamic Round Time

In January 2024, dynamic rounds will officially take effect on the Algorand network, increasing block creation time by 20%. The TPS of the Algorand network has risen to 10,000 transactions per second, with an average block time of less than three seconds. This flexible mechanism adjusts block finality based on network congestion and other factors, enhancing network efficiency and scalability.

Consensus Incentive Upgrade

Algorand plans to make its first significant upgrade to the consensus mechanism in 2024, directly rewarding the nodes participating in the consensus. This will lead to an increase in the number of staked ALGO, enhancing the network's security and level of decentralization. Part of the consensus incentives will come from transaction fees, and the Algorand Foundation will also provide additional rewards in the short to medium term.

P2P gossip network

Algorand will shift from its current relay network structure to a P2P gossip network. In this model, data flows directly between consensus nodes, forming a decentralized spider web structure. This change will reduce reliance on relay nodes, making the network more resilient, stable, and secure.

Marketing and Ecosystem Building

New Chief Marketing Officer

The Algorand Foundation has appointed Marc Vanlerberghe as Chief Marketing Officer. Marc founded and built the Android brand and developer ecosystem at Google, bringing extensive executive marketing experience. He will lead Algorand's global marketing efforts to drive further development in the blockchain space.

Global Hackathon

Algorand has launched the "Game Changer" global hackathon aimed at attracting developers and entrepreneurs to build functional solutions and expand the Algorand ecosystem. Winning teams will have the opportunity to participate in incubation, acceleration programs, and gain funding opportunities.

Link to the real world

Algorand focuses on supporting ecological applications centered around RWA. The ecological project Lofty has made breakthroughs in the field of real estate tokenization, allowing users to invest in global properties with a low entry barrier and earn rental income. TravelX has realized the dynamic nature of airline inventory, enhancing revenue and customer experience. Agrotoken aids the development of physical agriculture through agricultural product tokenization. Exodus's stocks are tokenized on Algorand and have received SEC validation.

Build the first public chain for RWA

Algorand has comprehensively enhanced the underlying infrastructure of its protocol through technological upgrades, developer-friendly tools, improvements in consensus mechanisms, and optimizations in network structure. These enhancements lay a solid foundation for the development and prosperity of the ecosystem.

Algorand is ready to take on the ecological launch, whether it is emerging fields such as AI, RWA, DePIN, or traditional tracks like DeFi, GameFi, and SocialFi, all can be easily built on Algorand. Especially in the RWA sector, Algorand is at the forefront of the entire crypto market and is expected to become the first public chain for RWA.

With technological advancements and market maturity, RWA will play an increasingly important role in promoting the widespread application and innovation of Web3. Algorand's leading position in this field provides strong support for its future development.