Nov 19, 2020
Today, most transactions are based on traditional contractual agreements composed of paperwork, that often need trusted third parties to validate the fulfillment of terms outlined in the agreement. This method is outdated, slow, and, most importantly, not cost-effective.
This is why developers using blockchain are using smart contracts to automatically execute transactions using basic lines of code stored on the blockchain when agreement conditions are met.
However, developers using smart contracts built on first-generation blockchains are facing challenges that are preventing their applications from gaining mainstream adoption. These smart contracts are slow to propagate, costly, and do not scale for real-world use-cases. These impediments have to be removed for viable mainstream adoption.
Algorand’s smart contracts (ASC1) remove these barriers as a trusted, seamless solution with proven performance that is not only faster, scalable and cost-effective, but also functionally advanced to enable sophisticated and complex applications.
Algorand’s smart contracts are written in the Transaction Execution Approval Language (TEAL), which is an assembly-like language that is interpreted by each Algorand node. TEAL programs can be written by hand or by using the Python language with the PyTEAL compiler.
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