Algorand is dominating the February crypto news cycle. The latest news from the smart contract protocol revolves around developing an actually secure Ethereum bridge.
Covered:
- Algorand Foundation Announces Grant
- Technical Details
Algorand Foundation Announces Grant
We today announce our SupaGrant award to @AppBlockchain for the development of the London Bridge, a trustless Algorand/Ethereum bridge, that will allow the integration of @Algorand with other blockchain networks, to enable seamless integration and bi-directional liquidity flows. pic.twitter.com/93oBGhY174
— Algorand Foundation (@AlgoFoundation) February 16, 2022
The Algorand Foundation announced today that it is awarding its “SupaGrant” to Applied Blockchain to develop the London Bridge, a bridge that will connect the Ethereum and Algorand blockchains. The Algorand Foundation claims the bridge will feature ‘seamless integration” between the competing smart contract protocols.
“This partnership with Applied Blockchain allows us to solidify core defi infrastructures, which will quickly turn Algorand into an effervescent ecosystem where DEFI can thrive”, said Daniel Yang of the Algorand Foundation.
The reason for the bridge, according to the release, is to tackle the liquidity issues facing the Algorand network. Citing Ethereum’s head start, the foundation believes that the integration will provide, “a more active ecosystem for DeFi, NFT’s and other applications.”
Applied Blockchain is a blockchain development company, based out of London, England. So far it has developed blockchain solutions for some of the biggest brands in the world like Shell, Toyota, Barclays, and the United Nations.
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Technical Details
The release is scant on details with regard to the technical details of how the non-EVM Algorand bridge will work exactly. It did say that, “In the long term, the strategy is for all verification of the other chain to be performed within smart contracts.”
Not to mention, the Algorand Foundation said both Algorand and Applied Blockchain have, “incorporated state proofs in the form of Compact Certificates into Algorand Consensus.”
Incorporating state proofs is said to improve upon the security issues of Ethereum bridges. Fellow CryptosRus writer Nick Rush said, “State-proofs improve on that concept ten-fold. Bridges are the most vulnerable protocol in crypto.”
Algorand is also working with C3 Protocol on a similar but different solution.
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