Algorand standard assets are built into the Layer-1 architecture of the Algorand blockchain. These inbuilt assets enjoy the compatible, secure, speedy and easy to use features that are built into the Algorand system naturally.
Many issues have emerged as a result of the digitalisation of assets on the blockchain space. Users are known to have limited access to markets that are both digital and global. The administration attached to certain assets are dysfunctional lacking efficiency in terms of reporting and compliance.
Another of these problems include the time taken during the settlement of assets. Developers in the blockchain space have had to deal with delayed settlement and the inability to transfer assets at any time that they wish. All of these issues including asset controls that are not enforced are the problems that Algorand standard assets solve.
Considering the place that Algorand takes in the blockchain space as a fast rising cryptocurrency, it proffers solutions to age long problems concerning assets. One of the major ways that Algorand does this is by using a Role Based Asset Control (RBAC).
The Asset control system allows those in charge of businesses to have access to flexible asset control that is optional to them. Algorand standard Assets include a quarantining of accounts for the sake of investigation. It also transfers an asset by force on the ground of strong legal and regulatory allegations.
Also, the Role Based Asset Control (RBAC) includes a restriction policy that allows certain addresses to receive approval within specific assets. It allows for the documentation of off chain assets to be included into the on chain asset definition. This documentation is made possible by the Layer-1 Algorand smart contract architecture.
In addition, Algorand includes protections for its users, the system is protected from spam that may include their tax and their legal stance as regards their assets. These risks are eradicated by the features of Algorand Standard Assets that make it compulsory for users to opt-in before new assets can be accepted.
Continue reading to find out the remarkable qualities and features of ASAs that make it into every blockchain lover’s dream.
Types Of Algorand Standard Assets
There are four asset types in the Algorand system that allows you to manage a wide range of assets on their blockchain system. They make provision for most types of asset that you desire.
- Fungible Tokens: These tokens include interchangeable assets that are swap for another of its type. Fungible tokens include cryptocurrencies, stable coins, in game points, loyalty points and system credits.
- Non-Fungible Tokens: Non-fungible tokens are tokens that attract their own value based on their uniqueness. They include identity, supply chains, collectables, in game items, certifications, real estate.
- Restricted Fungible Tokens: These are interchangeable assets that are restricted by certain laws and regulatory policies. They include certifications, securities, and gov’t issued flats.
- Non-Restricted Fungible Tokens: Non-restricted fungible tokens on the Algorand standard asset platform include ownership registries, real estate and regulatory certifications.
Qualities Of Algorand Standard Assets
This cryptocurrency has peculiar features that distinguishes it from others. These qualities are effectiveness and efficiency boosters especially for both enterprises and developers.
- Speedy And Secure System
The speed and security of the Algorand blockchain system is guaranteed because it is built into the Algorand Layer-1 smart contract architecture. Algorand standard assets take on the excellent features of the Algorand Layer-1 and reproduce it as regards the assets. This makes the assets highly secure and quick in function.
- Low Cost
Algorand puts your purse into consideration by allowing you to pay as little as 0.1 Algos which is equivalent to 100,000 microAlgos. This blockchain company is committed to offering you top notch services with little transaction fees on your path. Algorand runs a low cost fee for its standard assets.
- Assets Are Easily Issued
For developers and enterprises, getting the issuance of Algorand Standard Assets (ASA) is a simple and easy process. Apart from that, Algorand also gives its users the liberty to issue assets to a 3rd party. This enhances speedy confirmation of transactions including other varieties of options within the blockchain space. Although Tether was the first stable coin to take advantage of this feature, Algorand takes theirs to a higher pedestal.
- Cross Border Transactions Without Intermediaries
Algorand standard assets eradicate the need for intermediaries in settling cross border transactions. By using this system, you can save time, money and fully enjoy the benefits of Algorand Layer-1 on the assets. These benefits include a highly transparent, secure and trustworthy system. You can make your cross border transactions with confidence by using Algorand.
- Access To A High Number Of Assets
With just one Algorand account you can create as high as 1000 assets. However, if any transaction would violate this principle by the issuance of more assets than an account can take, the transaction would be unsuccessful. Algorand allows you to have enough space to explore all kinds of assets including restricted, non-restricted, fungible and non-fungible assets.
- Tokenization Of Assets
Algorand allows the tokenization of assets on its blockchain platform. You are given the option to customize Algorand standard assets. To crown it all, there is an interoperability of the tokens that are on Algorand. Also, Algorand has been supported by DS Protocol in order to improve the transactionary activities on the platform.
Functions Of Algorand Standard Assets
- Asset Creation
- Modification of assets
- Receiving assets
- Asset Transfer
- Freezing of assets
- Revoking assets
- Asset destruction
- Retrieving asset information
Algorand Standard Assets (ASAs) are structured in a way that allows users to manage assets on their blockchain platform other than ALGO. In line with the integration of Algorand on Ledger, you can easily manage Algorand Standard Assets (ASAs) on Ledger Live. By linking your Algorand account to Ledger Live, you can easily add, send, view, hide, receive and support ASAs with your mobile phone.
Algorand puts in place features and qualities into their assets that makes it easy and simple for anyone to manage. All these features in just one blockchain system is overwhelming to fully fathom, however, Algorand provides all of it in a flash.