Props in-apps transactions moving to Algorand
We are happy to announce that the migration of the Props Sidechain (PropsChain), from Hyperledger to Algorand, has successfully commenced. This represents a major milestone both for Props, which benefits from increased throughput and transparency, and for Algorand, which is effortlessly handling the 100X increase in transaction volume reaching daily peaks of +700,000 transactions. We continue to be impressed by the Algorand technology and how easily the public chain is able to manage this level of transactional activity.
Adi Sideman, CEO of Props PBC: “This volume of transactions and activity, with the level of finality and costs, would not be possible on other public blockchains”
PropsChain is responsible for recording the high volume micro transactions that occur when Apps issue Props to their users for valuable actions taken on their platforms. These rewards are initially given in the form of “Pending Props”, in order to reduce the number of transactions happening on Ethereum (where the main Props token continues to live), and gives Apps a chance to review activity for fraud.
PropsChain currently processes around 5 tx/s, which turned out to be difficult for our existing Hyperledger Sawtooth based technology to handle. By contrast, Algorand can handle upwards of 1,000 tx/s, leaving plenty of room for growth.
In order to implement this system on Algorand, each Props App uses an ASA (Algorand Standard Asset), to keep track of the Pending Props they are issuing to users. You can use any Algorand Block Explorer (e.g. AlgoExplorer) to see transaction data for the Props Apps that are live today (e.g. YouNow and Camfrog).We expect two additional Props Apps to launch in the days and weeks ahead.
Most users will not feel this change in any way. It’s a behind-the-scenes-upgrade, but an important one that will enable smooth network operation on fully public infrastructure (Algorand + Ethereum), and serve as a basis for many more exciting improvements to come.