London, February 16th, 2022 - The Algorand Foundation today announces it has awarded software-development company Applied Blockchain a grant for the development of the London Bridge, a trustless Algorand/Ethereum bridge, that will allow the integration of Algorand with other blockchain networks, to enable seamless integration and bi-directional liquidity flows.
Algorand is a next generation blockchain that’s fast, scalable and with relatively low-cost transactions, which makes it increasingly attractive for decentralised application developers. Despite these advantages, other blockchain platforms like Ethereum, having been created a number of years earlier and having a headstart in the developer community, are currently home to a majority of DeFi and NFT liquidity. The London Bridge will tackle these liquidity challenges that the Algorand ecosystem faces.
Algorand will benefit from additional liquidity provided by a safe, low cost and secure bridging solution. The many applications being developed on Algorand, some of them by the Applied Blockchain team, will be able to seamlessly integrate with other chains, providing a more active ecosystem for DeFi, NFT’s and other applications.
The London Bridge will focus on security, cost and user experience. In the long term, the strategy is for all verification of the other chain to be performed within smart contracts. Both the Algorand Inc. and Applied Blockchain teams are working on this, with the Algorand Inc. having incorporated state proofs in the form of Compact Certificates into Algorand Consensus. The main goal is to efficiently, cost-effectively, fully and trustlessly validate the block headers and state of the other blockchain within their respective smart contract environments.
Adi Ben-Ari, Founder and CEO of Applied Blockchain, added: “We’ve seen the demand for a secure token bridging solution through the many applications that we’re building for our clients on Algorand. Liquidity and composability are key benefits of blockchain, and a secure and seamless bridge will increase these for all applications on Algorand. We are very excited to have been selected by Algorand to build this important piece of infrastructure, and we look forward to continuing to work closely with the Algorand team to design and build the most optimal bridging solution.”
"We believe cross-chain interoperability will unlock operational efficiency and enable permanent TVL transfer while passing significant lower cost and transaction speed benefits with no compromise of network reliability. This partnership with Applied Blockchain allows us to solidify core defi infrastructures, which will quickly turn Algorand into an effervescent ecosystem where DEFI can thrive". - Daniel Yang, Algorand Foundation
Founded in 2015, and head-quartered in London, England, Applied Blockchain is a leading blockchain development specialist. The company has designed, built, deployed and supports over a hundred blockchain solutions for clients including Shell (also an investor), Barclays, Vodafone, KLM, Toyota, the United Nations, Chainlink and others. Applications range from DeFi and NFT platforms, through to supply chain provenance, payment, identity and wallet solutions. The company has technical specializations in Algorand, and advanced privacy technologies such as zero knowledge proofs and hardware secure enclaves. For more information, visit https://www.appliedblockchain.com.