BIG News for $ALGO
Today at Paris Block Week Algorand founder - Silvio Micali unveiled plans for a new type of blockchain, a “Fiat Chain”, geared towards institutional use cases and using only stablecoin currencies.
Not surprisingly, the new chain borrows from proven technology that Algorand is already known for: instant finality, scalability and security.
What does this mean for Algorand?
Algorand and the Fiat Chain will be closely integrated. They will form a new type of bond. It will be a Peer Chain, a new architecture in crypto. It’s not a Layer-2, it’s not a side chain, it’s not a traditional bridged chain.
The two chains operate independently but are linked together using a fully decentralized, state proof-based bridge - another Algorand innovation - that allows for permissionless bi-directional flow of assets, messages, and liquidity in the most secure way possible, without intermediaries.
Algorand and the Fiat Chain will share the same developer toolkit. Algorand dApps will work perfectly on the Fiat Chain and vice versa. Additionally, because of the “Peer Chain” bond, developers can build native cross-chain dApps with a great user experience and full chain abstraction.
In this “Peer Chain” constellation, Algorand will continue to adhere to the crypto ethos of decentralization, property rights and censorship resistance, with its native currency, the $ALGO, being the fuel that powers our global network, now closing in on 3B transactions
Today at Paris Block Week Algorand founder - Silvio Micali unveiled plans for a new type of blockchain, a “Fiat Chain”, geared towards institutional use cases and using only stablecoin currencies.
Not surprisingly, the new chain borrows from proven technology that Algorand is already known for: instant finality, scalability and security.
What does this mean for Algorand?
Algorand and the Fiat Chain will be closely integrated. They will form a new type of bond. It will be a Peer Chain, a new architecture in crypto. It’s not a Layer-2, it’s not a side chain, it’s not a traditional bridged chain.
The two chains operate independently but are linked together using a fully decentralized, state proof-based bridge - another Algorand innovation - that allows for permissionless bi-directional flow of assets, messages, and liquidity in the most secure way possible, without intermediaries.
Algorand and the Fiat Chain will share the same developer toolkit. Algorand dApps will work perfectly on the Fiat Chain and vice versa. Additionally, because of the “Peer Chain” bond, developers can build native cross-chain dApps with a great user experience and full chain abstraction.
In this “Peer Chain” constellation, Algorand will continue to adhere to the crypto ethos of decentralization, property rights and censorship resistance, with its native currency, the $ALGO, being the fuel that powers our global network, now closing in on 3B transactions
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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