On Thursday, the Algorand Foundation rolled out its newly-upgraded Blockchain dubbed Algorand 2.0. The release marks the network’s most significant expansion of its capabilities since the Blockchain first hit the market in June. Aside from having new DeFi (decentralized finance) features, the latest version also offers support for smart contracts.
Steve Kokinos, the CEO of Algorand, claims that the upgraded Blockchain would enable developers to build new projects with real-life use cases quickly. He also emphasized that the additional resources, as well as the latest innovative features, would encourage more people to adopt Blockchain technology.
Notably, this is the first time Algorand rolled out support for smart contracts. However, Kokinos clarified that it would be different from the pioneer types of smart contracts being offered by public Blockchains such as Ethereum. The difference springs out from the company’s Transaction Execution Approval Language (TEAL), the new in-house programming language which is non-Turing-complete.
It’s worth noting that the majority of existing programming languages today are Turing-complete. However, Kokinos emphasized that TEAL’s difference from the usual programming languages is not a bug. Instead, it is a feature that allows for safer writing and execution.
The CEO also admitted that TEAL’s potential functionality is limited. As written in Algorand’s developer page, ASC is not capable of supporting recursive logic. However, the company’s head of product development, Paul Riegle, stressed that Turing completeness is not needed to deliver the majority of real-life use cases. Furthermore, he noted that it would be easier to track errors on a smart contract code when its programming language does not support recursive logic.
Riegle also explained the TEAL’s limited functionality makes way for enhanced security and better performance. By providing ASC contract coders with a more straightforward channel, the risk of losing assets in the process has been effectively minimized.
Other upgrades include the addition of a standard asset issuance (ASA), a function that allows crypto assets stored on-chain to be digitized. There is also a new feature dubbed the Atomic Transfers, which allows users to perform batch transactions.