Algorand announces the possibility to create tokens on top of the blockchain
By Inkarias - 2019-12-05
Algorand Standard Asset or ASA is a Layer-1 feature that enables the creation and representation of any asset, digitally and directly on the Algorand blockchain. The benefits of implementing these sorts of asset management features into the base layer protocol is for the enhanced security, compatibility and efficiency guarantees that are offered for any Layer-1 Algorand transaction. Algorand Standard Assets represents Algorand’s ability to digitize any asset and have both it and its ownership represented on chain. These assets can be fungible (such as currencies, stable coins and more) or non-fungible (game tickets, a house or more) so Algorand’s system allows a great diversity of possibilities regarding the creation of new assets. In that way, the different assets created on Algorand will benefit from a great interoperability across many solutions:
- A high-level of security: All new assets will enjoy the same security and safety as Algos, the native currency on Algorand blockchain.
- Inherent compatibility: The applications supporting any Algorand asset will also support all Algorand assets in the future, bringing a complete compatibility for assets.
- An intuitive and easy to use solution – Users can create their own asset with a single transaction to the network. The complete guide to create an asset can be found here: https://medium.com/algorand/opt-in-to-receive-an-algorand-asset-700b7bb9426.
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