Posts about Algorand
EDIT #1: WE ARE LIVE!
EDIT #2: The AMA is now over! Thank you very much Gary, Anne, Bob and Paul for chatting with our community today. See you all soon!
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ALGO fam, welcome to our AMA - Ask me Anything - with the Algorand Inc tech team!
You can start posting your questions now and the Algorand team will respond all they can for one hour starting at 2pm EDT today.
https://i.redd.it/lva5aj5oiapa1.pngThis AMA will be held by:
u/algogmalouf, Gary Malouf - Head of Engineering at Algorand Inc
u/algoanne - Anne Kenyon, Director of Product Management at Algorand Inc
u/bbroderma - Bob Broderick, Principal Software Engineer at Algorand Inc
u/estantef - Head of Product Marketing at the Algorand Foundation, Host
u/cysec_ - Digital Community Champion at the Algorand Foundation, Host
u/HashMapsData2Value - Digital Community Champion at the Algorand Foundation, Host
Recently Algorand Inc released a protocol upgrade that included several great features that are currently in BetaNet.
BetaNet release: https://github.com/algorand/go-algorand/releases/tag/v3.15.0-beta
Simulate: https://medium.com/algorand/try-before-you-buy-on-algorand-5acd1b9617d1
Conduit: https://twitter.com/algoanne_/status/1638567790494859267
And why is Simulate awesome?
Well, it allows you to evaluate transactions without altering the state of the blockchain!
And what other cool stuff is out there on the 3.15 release?
TEAL MACROS!
According to Anne, macros help with repetitive code and simplify TEAL writing. Macros also help the readability and auditability of TEAL, even if you're using a high level language.
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The Algorand Inc tech team has been very kind to come for this AMA and answer your questions, but there are a few rules:
Be respectful. If your question is not respectful, you likely will not receive an answer.
Keep questions related to the tech. Implementation, areas of research, roadmap, curiosities, etc.
And at last, we all know this team is AMAZING, but check out their bios:
Gary has built and scaled engineering teams across a spectrum of companies (startups through public), with significant achievement in the large scale data / event processing space. He joins Algorand from Wayfair, where he led the teams responsible for their customer information platform (DMP), bootstrapped their ML platform org, and scaled the onsite Media / sponsored products platform; the latter growing 3x into a $100 million recurring revenue business over an 18 month span. Before Wayfair, Gary held several technical leadership roles including head of engineering at OfferLogic (acquired by Rokt) and chief architect for a digital media trading startup. Gary completed his Bachelor's of Science degree in Applied Mathematics at Marist College and a Master's of Science in Industrial Engineering at Northeastern University.
Trained at MIT as a computer scientist, Bob's analytical talent has led him to become an experienced investor with a track record of identifying opportunities in areas of outsized potential growth. He began his investment career on the floor of the American Stock Exchange and went on to develop quantitative research-driven pricing strategies at JPMorgan Chase, Soros Fund Management, and Bloomberg, where he managed a team of quantitative software engineers. Bob established Uji Capital LLC, a consumer-focused equity investment office with a specialty in cannabis and cannabis research philanthropy at preeminent institutions. Bob holds a Bachelor of Science and Master of Engineering in computer science from the Massachusetts Institute of Technology, and a Master of Arts in East Asian studies from Harvard University.
And now onto the best part.. SEND YOUR QUESTIONS!
We would like to share with the Algorand community a thread on the recent MyAlgo security incident and our thoughts to support the victims during this challenging time.
As key participants in the Algorand ecosystem, we feel truly sorry for all the victims of this unfortunate event and we understand the need for our ecosystem champions to step up and show support to the entire community at this moment.
First and foremost: If you have not already done so, now is the time to rekey or move the assets to a new Pera Algo Wallet or Defly wallet!
Some of our portfolio companies were significantly impacted by the loss incurred in this hack. As their VC partners, we are working to do our best to provide investment support to mitigate the impact, so that they can recover and continue to operate in the ecosystem.
This is one of the biggest challenges we’ve faced in the Algorand ecosystem and it will require a coordinated effort to make sure that we can, together, bring light to these dark times and move forward towards our future with the least possible negative impact.
As a member of the Algorand Foundation Governance Advisory Committee, we would like to propose the creation of a 50M $ALGO Recovery Fund, anchored with the treasury of the Algorand Foundation and open to contributions from third parties including other ecosystem investors.
In light of unprecedented community urgency, we suggest it should be included as a 3rd measure to be voted on before the end of the current governance period of Q1 2023.
If the community votes in favor and approves the creation of the Recovery Fund, Borderless will contribute 2.5M ALGO on top of the amount that the governance community deems appropriate to be used from the Algorand Foundation treasury.
Due to the total losses and in an effort to make all the victims whole, we propose that the current Algorand blockchain ALGO fees that are now going to the Algorand Foundation treasury wallets should be allocated to this Recovery Fund until the community is fully restituted.
As it relates to the intricacies of restitution through the Recovery Fund, we are extremely eager to help the Algorand Foundation, along with other major ecosystem participants to quickly develop a process and work alongside third parties to have an orderly distribution of funds.
We hope this initiative will be supported by the broader community of Algorand users, builders, node runners, investors and all other participants, and together we will come out of this incident stronger than ever!
Source: https://twitter.com/borderless_cap/status/1633911425822236676
Last week on February 20th it was reported that over 13 million ALGOs were stolen from different users, it appears that all of these users were using a My Algorand browser based wallet. MyAlgo tweeted this morning recommending that all users move assets off any Mnemonic wallet stored on MyAlgo site.
If you have a hardware wallet linked to MyAlgo your crypto should be fine since your seed phrase was never on their website.
It also appears that Pera wallets are not affected buy hardware wallet would be best.
John Woods the CTO of the Algorand foundation made a statement that the hack was not a problem with Algorand itself.
Multiple users have lost millions of ALGOs in this hack
Gard protocol a DeFi platform on Algorand was also affected by the recent hack, no users funds were taken but it appears a portion of their operating funds were.
Things to do
move your funds to a hardware wallet if possible.
move your funds to hot wallet that isn't My Algorand wallet
you could also rekey your current wallet (advanced) https://developer.algorand.org/docs/get-details/accounts/rekey/
First sorry for those affected by this hack.
I have seen a lot of tweets and posts that seem to put blame on Algorand, when in reality it is myAlgo's fault. MyAlgo wallet is not Algorand. It seems like it is a bit of a forgotten project by the people behind it, which may have affected its maintenance and security.
But as a community, we have to stay strong. I really feel we start to have something going on right now. And things look bright. Don't let guys like the OPULOUS CEO destroy all this, cause he feels threatened by Napster and Limewire.
Algorand is on the right path, just hire a CFO for its growth project. Researchwise it is kicking ass, imagine in the next 3-4 years, we could be the first blockchain running full-scale decentralized multiparty computation (MPC) on Algorand, as well as having fully Homomorphic encryption (FHE). See the the paper by the Algorand researchers for an example:
https://eprint.iacr.org/2021/210.pdf
A public blockchain will never get adopted until it reconciles two conflicting forces: its public nature with privacy. This is because companies will never put their sensitive data on a public blockchain without some privacy feature. Healthcare, insurance, land registry, degree certificates data will never be on a public blockchain unless these two forces, public and privacy, are reconciled. And considering the team behind Algorand (Micali, Halevi, Tal Rabin, Hugo Krawczyk, Pekert, and its advisors) are top of their field.
I believe Algorand will be the first to reconcile these two forces.
Hi,
I'm sure you've all heard about the exploit on algorand by now. However MyAlgoWallet claims that there's a risk your seed phrase has been compromised if you've ever authenticated with them. If you have I suggest you rekey your account right now to prevent your funds from getting stolen.
Here is the official pera wallet link:
For defly users:
https://docs.defly.app/app/rekey-an-account
Follow their step-by-step instructions, and be aware that re-keying an account requires complete awareness and understanding of what is going on with your account, performing this operation incorrectly may cause permanent damage to your account and funds.