Algorand Smart Contract Architecture
summary
Proposes moving heavy user-defined logic off-chain and running it speculatively relative to blockchain snapshots, with a prototype VM that issues effect transactions back to layer 1 and uses an on-chain predicate in TEAL to accept or reject outcomes; contract committees are VRF-selected, much smaller (~120 vs ~2000) and only require >50% honest members rather than two‑thirds; execution fees are prepaid and unused portions refunded; design is implemented as a prototype and formal semantics work is ongoing.
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chapters (15)
- 0:00Intro
- 1:34Smart Contracts
- 5:00Popularity causes congestion and high fees
- 5:46Not all contracts belong at Layer 1: The Long
- 10:39Algorand Layer-1 Transactions
- 13:45Complex user-defined computation off-chain, spec
- 18:21Speculation already happens in real life
- 20:48Speculation already happens in blockchains
- 24:16Example: Automated Market Maker
- 25:45On-chain Predicate: Final veto power
- 31:49From Non-speculative VM to Speculative VM
- 33:24Speculation Cache Needed in Storage
- 36:58A Distributed View of Speculation
- 44:39Algorand's Approach in Sum
- 45:50What kind of Language / VM do We Want?
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