Algoexplorer Supports Algorand ASA
Overview
Now that Algorand 2.0 has been launched, we are glad to announce Algoexplorer’s support of the new revolutionary Algorand Standard Asset (ASA). From now on, the Algoexplorer UI and API will support ASA transactions and the related functionalities.
What’s different on Algorand ASA?
Compared to the rest of asset issuance technologies in the space, Algorand 2.0 has a novel approach to support asset representation. Unlike Ethereum where developers need to deploy a new Smart Contract for each token, Algorand added token support at the protocol level or layer 1. From this approach, developers create a token with a single set up transaction and the security is handled by Algorand blockchain. As a result, assets issued on the Algorand Blockchain benefit from the same level of security and ease of use as the Algo, Algorands native currency.
Instead of having to interact with the smart contract for every token transfer, like in Turing complete blockchains, ASA drastically simplifies token transactions by just requiring the destination address in the same way that an Algo transaction is made.
Overview of the new UI
The Algoexplorer now displays a new column showing the transaction type.
Supported Transaction types:
- Transfer ⇒ Ordinary Algo transfer
- ASA Transfer ⇒ Transfers an asset
- ASA Config ⇒ Creates or destroys an asset or changes its configurations
- ASA Freeze ⇒ Allows or inhibits asset transactions to/from the specified account
- Keyreg ⇒ Changes an account’s participation status
- Genesis Alloc ⇒ Pseudo transaction type for account balance allocated on genesis block
More details on Algorand Standard Assets here.
What’s next
In the short-term, Algoexplorer will show all ASA balanced on the account page, now users have ASA’s balances on the transactions only. Additionally, My Algo Algorand Wallet is implementing asset transfers soon.
Algoexplorer will release an Asset Directory where issuers can add information about their services and assets. This will serve the purpose of having Algoexplorer’s UI and enable issuers and dApps to brand their assets and enrich their transactions to improve the user experience within the Algoexplorer.
We are extremely excited about the asset activity that will arise in the borderless economy thanks to this novel technology.
