Hassan Maishera
The Algorand Foundation announced via a blog post on Wednesday that it has issued a grant to Milkomeda, a novel layer-2 protocol. Milkomeda will use the funds to develop its A1 Rollup for the Algorand ecosystem. This novel protocol introduces a user-friendly, EVM compatibility solution to the Algorand ecosystem and opens it up to the hundreds of thousands of developers writing in Solidity—the world's most popular smart contracting language, the team added.
The Algorand Foundation explained that the Milkomeda A1 Rollup is an EVM-based, layer 2 technology that functions through a novel data availability protocol and was developed specifically to bring EVM capabilities to the Algorand blockchain.
Algorand is an open-source, permissionless, Pure Proof-of-Stake (PPoS) blockchain protocol for “the next generation of financial products.” As such, Algorand ensures "full participation, protection and speed within a truly decentralized network." ALGO is trading at $0.3043 at press time, down by 4% in the last 24 hours.
