July 29th, 2020 - Since the Algorand Foundation launched its Grant Program this year, many developers and innovators around the world have been eager to participate. After thorough review and selection, we are delighted to announce that Runtime Verification has received an Algorand Foundation Grant, to develop a formal semantic framework for Algorand’s advanced smart contracts using the K framework.
Runtime Verification Inc applies formal methods to improve the safety, reliability, and correctness of computing systems for aerospace, automotive, and the blockchain. It creates and uses the best formal semantics and runtime verification techniques, to help developers increase their trust in implementations and tools for their languages, protocols, and generally anything that computes.
The framework will facilitate a formal semantic approach to smart contract development, implementation, testing, and verification, laying the foundation for developing correct-by-construction smart contract tools. These tools will empower smart contract developers to build secure and reliable applications over the Algorand platform, and set the stage for further advancements to the architecture in the future.
“We are honored to receive this generous grant from the Algorand Foundation. We strongly believe that the formal foundations laid out through this grant will play a prominent role in developing Algorand’s smart contract environment and supporting the larger community of blockchain developers and end-users. Finally, we look forward to working with an incredibly strong group of researchers who we had the esteemed pleasure of partnering with on a previous engagement.” said Patrick MacKay, COO Runtime Verification.
“We are delighted to support Runtime Verification’s grant application,” said Sean Lee, CEO of the Algorand Foundation. “We believe that creating a formal framework for Algorand Smart Contracts (ASC1s) will enable the creation of innovative, secure, and reliable DAPPs and DeFi solutions on the Algorand blockchain”.
Algorand Foundation is proud to support this project with funding through the Algorand Foundation Grant program. For more information on Runtime Verification specifically, please visit https://runtimeverification.com/. If you are interested in submitting a project for support from the Algorand Foundation Grant program, please apply here.