Algorand Foundation and Atomic Swap

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This year, Algorand Foundation launched a 250 Million ALGO multi-year Grants Program that will offer various funding opportunities for application development and use cases, development tools and infrastructure, research proposals, and education & community. Each category has its own contribution to empowering the Algorand ecosystem such as (1) granting projects with real applications to achieve mass adoption (2) supporting developments by making it accessible to developers on the Algorand blockchain (3) helping research showing innovation that presents benefactions to the success of Algorand and blockchain (4) sustaining educational initiatives that will give awareness to decentralized technologies and how they will reshape the current generation business and society as well as strengthening the Algorand community. This program of Algorand also aims to build and extend its mission for the borderless economy.

One of the four grant categories mentioned above is the application development that will help projects that primarily target real use cases or applications for the innovative adoption and the borderless economy of businesses.

The Latest Grantee and What Does It Do

A lot of developers have shown their interest in joining and participating in the program when it was first announced until now. This September, just a few days ago, the Algorand Foundation announces that JellySwap is one of the grantees of their program. JellySwap is a cross-chain atomic swap protocol that allows peer to peer trades across different blockchains where you can provide liquidity, earn profit from the trades, and exchange your assets. Through the atomic swap, it will let its users convert their bitcoin to altcoins and vice versa. This helps the blockchain ecosystem to improve, as well as its users without having the need of third parties or any centralized platforms in sending transactions. This will give owners more control of their assets without needing to others or platforms while reducing the risk of possibly losing their money because of centralization.

What makes their protocol unique is because of their simplicity, transparency, security, trustlessness, and cross-chain interoperability. JellySwap is also fast and secure, allows users to have full control of their assets, has an easy to use interface for smooth trading, and a rating system to ensure fairness and transparency. All you need to do is to connect your wallet, input the amount you want and click the swap button, then wait for Jelly to perform all the work.

The CEO of the Algorand Foundation is also showing a positive view about the recent funding of Algorand to JellySwap. “We are delighted to support JellySwap’s grant application” he also added that “Algo holders will now be able to take advantage of JellySwap’s innovative P2P approach to easily exchange tokens across platforms.”

In the future, JellySwap also aims to grow that will make anyone to easily participate in their protocol and to develop a network of liquidity providers that will directly interact with the takers. With the Grants Program of the Algorand Foundation, it will support JellySwap in their future plan and work on the trustless bridge between ALGO<>ETH and ALGO<>BTC>, and it should be available on mainnet on October.

More about Algorand

Algorand is the next-generation blockchain with its permissionless and pure proof of stake protocol. It also removes barriers that hinder the mainstream adoption of blockchain by providing a decentralized, scalable, and secure blockchain. With the hard-working team of Algorand, they are continuously developing and giving opportunities not only for them but also for different businesses and industries to achieve their mission.

As mentioned, the Algorand blockchain provides technical features of scalability, efficiency, finality, and programmability that allows Algorand to acquire real business use cases for utility creation, mass adoption, and groundbreaking innovations. But of course, this application development is not just limited to this type of project, they are also open for applications in other several industries that you can see here.

From the past months, the Algorand Foundation has been granting several projects for this program and more to come. Algorand is truly building the network's economy and continuously expanding its partners with various projects that allow them to fulfill and reach their goals.

Here's a link to know more about the 250 million ALGO Grants Program, and if you are interested in applying for the program:

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https://algorand.foundation/grants-program





Reference:
Rerence 1, Refence 2