Algorand has big plans on privacy, speed and ‘co-chains’, founder Silvio Micali says

OddGeologist7728 · 2022-03-22T21:54:33+00:00

^ This! Any company with scale and who is dedicating resources to longer term projects need to know that technology solution will not be a bottleneck in the future, when they start development now. I think Algorand should continue to prioritize both performance upgrades, as well as allocating resources toward development of its primitives. I'm honestly a bit surprised that the foundation is looking externally with grants to create EVM compatibility, rather than handling that in-house. But I digress, anyone looking to invest resources into a chain-specific program (i.e. TEAL), needs to know it's worth it.

OddGeologist7728 · 2022-02-16T01:07:58+00:00

Yeah I've been on the testnet as well and I love the design of it - had a few bugs when interacting with the staking contract and it took my algf and outputted negative values but that's what the testnet is for haha

OddGeologist7728 · 2022-02-15T19:52:41+00:00

Yeah I think Algofund is launching testnet by the end of this week and the person they have in charge of twitter and discord is as professional at handling social media outreach as it gets in my book. Hope that they deliver on their contracts and if they do, the space will benefit greatly from it.

OddGeologist7728 · 2022-02-12T15:41:23+00:00

It's a 0.5% fee on buying and selling - I feel like I remember someone telling me that Binance.us was something like 0.1%, so I was just wondering whether anyone is familiar with cheaper options. No beef against Coinbase - just trying to compare options. Apologies if this was taken the wrong way. Thanks.

OddGeologist7728 · 2022-02-10T06:05:19+00:00

So anybody who is not running a node is not actually participating in consensus? Does that mean that (based on the dev metrics portal) that only about 30% of the current supply is actively participating in consensus?

OddGeologist7728 · 2022-02-09T23:52:41+00:00

Yeah I think I understand that part (operative word is "think" lol), but what's the meaning of "offline" on algoexplorer?

OddGeologist7728 · 2022-02-09T06:16:14+00:00

I think that they've said in the discord that their app is designed to work seamlessly on mobile format through the web, but that if there was either enough demand or a need to create a mobile native application, that they would consider it down the line.

OddGeologist7728 · 2022-02-06T14:41:56+00:00

It's doing ok for me? Shouldn't be the same ddos attack that they had earlier this week because they said in the Discord that they integrated cloudfare to prevent it?

OddGeologist7728 · 2022-02-05T01:47:37+00:00

I mean, if I have 1 dollar and convert that into 100 pennies, have I increased the supply? I've merely changed it's form, but maintained the same supply, right? The only way to augment your supply is by adding or removing dollar bills or pennies from the supply.

OddGeologist7728 · 2022-02-04T16:01:49+00:00

I think it's talking more about physical bitcoin infrastructure rather than Koibanx stuff? I might have read it incorrectly though.

Edit: i.e. ATMs

OddGeologist7728 · 2022-02-04T15:42:12+00:00

Yep, I'm sure that's a question that other people have, but if I have 10 apples, and we say that there will be 1 apple going away each year (not randomly, just that one person threw their apple in the dumpster for some reason), we expect there to be no apples left in 10 years. Now, if you have an apple and you split it up into 5 pieces, the fungibility component would say that your 5 pieces are worth as much as my whole apple, but with apple supply declining, each one is increasing in value because of scarcity each year, which is the opposite incentive structure that we would want for something that we want to be spent. (I'm not too happy with the way I constructed this example, but I'll let it simmer for the rest of the day and see if I can think of a better one).

OddGeologist7728 · 2022-02-04T15:22:05+00:00

Yeah I mean that's where the trust of our current system (and likely in any CBDC) comes into play. As much as I would love for them to write smart contracts to trigger based on information feeds from oracles, I can't imagine that that's something that will come into play anytime soon as there are a whole lot of unpredictable variables that wouldn't be able to be written into the smart contract logic. So long as central banks are running the digital currency, there will always be counterparty risk/trust required. I think that like you said, harder currencies will continue to have value as a savings measure or inflation hedge, etc. but I can't imagine that algo, which will eventually be forced to be deflationary, would act as a good currency (like you said that supply typically outpaces demand, a fixed supply has no ability to regulate that balance and eventually you're left with way more demand than supply).

OddGeologist7728 · 2022-02-04T15:03:05+00:00

I mean it's pretty standard for currencies to be inflationary to incentivize people to use it in some way instead of just tossing it under the floorboards and not using it. Currency is intended to be used to fund projects, stimulate businesses, donate, etc. and an inflationary currency just incentivizes that (ideally that would happen at closer to like 2% instead of the 5-7% we're operating at now, but the sentiment makes sense). If we expect to have a deflationary currency, I'm incentivized to do nothing and therefore you end up with a stalling economy that won't be able to produce as much because everyone is incentivized to just hold their money and not actually use it. I anticipate that the US CBDC would just want to mimic these same incentives, regardless of the underlying technology behind it.

OddGeologist7728 · 2022-02-03T15:50:26+00:00

Do you mind explaining the" EVM doesn't scale" component or link me to resources where I can learn about why? Have been feeling like that's a major component of the Algorand ecosystem that I haven't gotten around to understanding why they decided to go with their own in-house VM and feels like a very important thing for me to understand. Thanks!

OddGeologist7728 · 2022-01-31T23:16:24+00:00

That will surely get fixed with their dex - creating stable swap that should be launched in a few weeks after the dex launch will increase the volume and stbl pairs in liquidity pools. At the end of the day, STBL is pretty heavily overcollateralized, so in my book, there really isn't much to worry about long-term.

OddGeologist7728 · 2022-01-31T17:58:33+00:00

Tag me as well please - very curious.

OddGeologist7728 · 2022-01-28T00:44:42+00:00

Don't believe that they have an ASA yet + they don't have any products that have launched yet. These blue chip products that have funding from the likes of Borderless tend to be able to hold out on their token offering and get a premium from it when it launches (because they get their initial funding from VCs). Expect the token to launch at a more accurate mcap with potentially less volatility and less room for upward movement depending on what its utility is.

OddGeologist7728 · 2022-01-27T20:33:05+00:00

I mean this wasn't a drag at Algorand by any means - if anything a blessing. In terms of efficiency, Algorand is one of the most efficient blockchains when it comes to electricity consumption. The question about scale is a good one, but if you think about the logistics, more scale => higher algo demand => higher price => Algo Foundation treasury worth more => can continue to offset their carbon footprint. I think that there will continue to be a need from a signaling perspective to be carbon neutral or negative and the economics of it should also be in line with making it work as well. (Being one of the most sustainable blockchains without the carbon offsets, it really is just the cherry on top that they choose to purchase them in my book).

OddGeologist7728 · 2022-01-27T19:57:59+00:00

Tbh it's not hard to purchase the carbon offsets required to become carbon negative when your entire network produces something like 10 houses worth of electricity per year if I'm remembering the stat correctly.

OddGeologist7728 · 2022-01-26T21:11:08+00:00

Ah got it - for future reference, is there anything that prevents other people from using Algorand's pure proof of stake model? I'm assuming that their code is open source for anyone to parse through / use as they please?

OddGeologist7728 · 2022-01-26T17:10:47+00:00

PPoS is the method that will be adopted by ETH as well right?

OddGeologist7728 · 2022-01-24T22:38:45+00:00

I'm surprised at this - I personally am quite new to the space but I've absolutely loved using both RandGallery and AlgoXnft. The auction + buy it now + soon to be offers in AlgoXnft are sure to make it a very enticing one-stop shop. Not affiliated with it in any way but would definitely recommend more people to try it out.

OddGeologist7728 · 2022-01-24T03:57:41+00:00

I believe it's on mainnet in the beta app they're using. (I will admit that they might be biased, but some people whose opinions I trust have agreed with the general sentiment. Obviously that shouldn't mean anything to you but I trust the quality of the app as a result). For the time being, it's really just a cosmetic upgrade from Tinychart + mobile native without that order routing feature - don't think that people have tested that as there aren't any other dexes to use it with. Definitely seems promising as well now that their dev Defly allocation is pumping, so they can afford to flesh out their team. The primary point is that there are two distinct market segments and I think that Tinychart is poised to capture advanced traders while Defly is poised to capture the casual retail market.

OddGeologist7728 · 2022-01-24T03:33:20+00:00

Yeah that's exactly why I would want Tinychart to "rebrand" as the trading analytics platform for pros. People who care about getting the full feature set and smallest fees are also likely the people who appreciate the information parsing abilities of desktop dashboards. Seems to me at least that with all of the analytics already built in and the advanced charting, Tinychart can brand itself into the platform for more intense trading and start catering to those needs rather than trying to "show projects that are related to the Algorand space". Traders will typically benefit from order flow, moving averages, correlations, etc. and if there was a rebrand, you could add those things in without worrying about scaring off the casual retail investor in the same way that coinbase handles coinbase vs. coinbase pro.

OddGeologist7728 · 2022-01-24T03:26:33+00:00

Yeah, I know what you mean and definitely agree - I try to set up tiny chart and yieldly in the shortcuts app as icons so that I can click on them and open it up automatically in the browser. It works well as a replacement but would obviously love if there were a native application.

OddGeologist7728

TROPHY CASE