Earlier this year AIKON was one of the first recipients of Algorand Foundation’s 250M Algorand Grants Program that would help AIKON bring its suite of blockchain developer tools and services to the Algorand blockchain. Together, this partnership will seek to help companies and enterprises adopt blockchain solutions at scale.
AIKON is proud to announce the official launch of the Algorand blockchain integration for our core service, ORE ID and our open source developer library, ChainJS. Together these two solutions complete the first step towards driving enterprise adoption of the Algorand blockchain.
Benefits of building on Algorand
First, let’s look into why one would choose to build on Algorand. Algorand is the world’s first pure proof-of-stake blockchain protocol with the security, scalability, and decentralization needed for today’s financial institutions. Pure proof of stake means there is no central authority and no possibility of collusion, exactly what you would want behind the next generation of fintech solutions.
From a performance perspective, the Algorand chain is capable of up to 1,000 transactions per second with a latency of less than 5 seconds, on par with today’s major global payments systems. With outstanding transaction throughput, block & transaction finality and super flexible asset tokenization, the Algorand blockchain will enable existing financial businesses to embrace the world of decentralized and frictionless finance.
The major protocol upgrades in Algorand 2.0 brought along several important Layer-1 features to help facilitate enterprise scalability without sacrificing performance or security. These features include:
- ASA (Algorand Standard Asset) – Providing flexibility & security with managing assets, such as in-game points, identity tokens, NFTs, securities, and ownership registries.
- Atomic Transfers – Secure and simultaneous transfer of a number of assets amongst a number of parties.
- ASC1 (Algorand Smart Contracts) – automatically enforced rules and logic for transactions, much like you would expect with Ethereum smart contracts.
You can read more in-depth about these different Layer-1 features here.
Algorand already has a number of amazing projects building on and expanding the use cases for the Algorand ecosystem. These use cases include digital securities, stable coins, exchanges, identity, supply chain & logistics, monitoring and developer tools. For a more comprehensive list of companies and solutions, you can check out the use cases page on the Algorand site.
Where AIKON comes into play
Algorand has a great mobile wallet that is available for anyone to use and create an account today. What ORE ID brings to the table is that simple sign on experience that allows users to onboard with their preferred social account with a couple clicks.
ORE ID Enterprise
ORE ID Enterprise expands upon that by allowing a truly seamless web experience, exactly like a modern web 2.0 experience today, where the user may not even need to know or understand that they are on the blockchain. This is great for companies that already have a product with existing customers and want to leverage some of the benefits of the blockchain without alienating their customer base.
This is exactly why Republic has come to us as a blockchain onboarding solution for their private investment platform and profit-sharing token, Republic Note, but more on them later.
The other aspect that is much less talked about but required for mainstream viability for both Dapps and enterprise adoption of blockchain solutions is managing chain resources, staking and transaction fees. Let’s face it, not everyone is going to understand how to, nor even want to, manage their staking or respective account resources, or pay transaction fees that are necessary to interact with the blockchain. While the truly self-sovereign nature of blockchain is exciting for many reasons, in the current climate where managing a crypto wallet and your private keys is far from ubiquitous, there is a simpler solution out there. We hope what we are working on with ORE ID enterprise is a step in the right direction.
This also applies to businesses that don’t want to create a special role just to manage the backend chain infrastructure for their business just to use the blockchain. ORE ID Enterprise offers FIAT invoicing and includes managing ALGO token resource staking and transaction fees on behalf of businesses allowing them to focus on the most important aspect of their app or business, their customers.
Another feature that AIKON has developed to launch with our Algorand integration is the ability to create multisig wallets. This is an important feature for Algorand that allows companies to configure their user’s accounts with other signing parties and allow a level of protection and ease of use for user’s accounts, specifically it opens up the possibility to reset account keys reducing the burden of forcing a user to understand how to securely store their private key and password.
Multisig wallets are also critical for enterprises that need to establish secure internal protocols to access company accounts with protections. If you’ve been following the crypto space you may have heard similar stories about the founder of an app or crypto exchange passing away and taking with him the only password or private keys with them, leaving the remaining employees of the company to scramble and figure out what to do to access the funds that have been potentially lost in the ether. Multisig wallets in this scenario decrease the likelihood of a crippling catastrophe by spreading out the access securely amongst multiple parties and prevents a single malicious actor from having complete access to a company’s funds.
The other initiative we’ve been working on here at AIKON is our open source blockchain development library, ChainJS, that we are continuing to develop with more chains being added.
With so many different blockchains out there, it’s unfortunate that one of the repercussions is that the crypto user base is divided. Developers already have a difficult time choosing the right blockchain for their needs and user base is a big part of that equation as they balance chain performance, scalability and user experience. ChainJS alleviates that problem and allows developers to quickly launch on multiple different blockchains from the get go. This is also ideal for developers who already have a Dapp and are looking to port their dapp to another chain in order to grow.
Bring on the fintech
Algorand’s focus on security and performance make it the ideal platform for the next generation of fintech solutions. We couldn’t be more thrilled to partner with such an amazing team at the Algorand Foundation and we hope our collaboration ushers in the next phase of blockchain solutions to solve real world problems today.
Announcing our partnership with Republic
Our very first customer launching on Algorand is Republic, the private investment platform that allows both accredited and non-accredited participants to invest in exciting startups and private equities. Republic has partnered with Algorand to launch their profit-sharing token, Republic Note, a first-of-its-kind digital security that pays out to investors when startups and private equities that raise with Republic get acquired or go public.
ORE ID will become a critical part of making the Republic Note a reality with our user onboarding and identity management solutions. Republic will be utilizing ORE ID to create multisig accounts that will allow them to distribute dividends for Republic Note tokens, without sacrificing user experience. Sign up for their platform here and start investing in startups today! https://republic.co/.
Look forward to more news about Republic in the near future. We can’t wait to see what’s next for Algorand and AIKON, as this is only just the beginning!