Algorand Foundation Announces Grant to LoginID


The Algorand Foundation announced today, support for a grant awarded to LoginID, a FIDO-certified authentication provider. The grant will allow LoginID to research building a technical path towards enabling its suite of APIs and SDKS for the Algorand ecosystem.  For Algorand developers and enterprises this means utilizing FIDO-certified authentication for a one touch execution of a smart contract, which will not require plugins or downloads to complete.  Integration of FIDO also provides the benefit of ‘Transaction Confirmation’, a digital signature and receipt binding the individual’s biometric to the transaction.

At the heart of the Algorand blockchain is a unique and powerful protocol known as Pure Proof-of-Stake, created by MIT’s Silvio Micali. Using this protocol, the Algorand blockchain is a unique combination of high performance, scale, security, guaranteed transaction finality and all built on a carbon negative, sustainable platform. The Algorand network has now grown to over 13 million accounts and is supporting over 1 million transactions a day, with zero downtime since launch. The Algorand Foundation is committed to building the most robust and innovative ecosystem around this amazing, public blockchain and bringing one-touch smart contract execution will be a powerful addition to the toolkit of Algorand developers.

The Algorand Foundation is delighted to welcome LoginID to the ecosystem of the Algorand network. Providing FIDO certified, one touch smart contract execution to Algorand developers and enterprises will enable  any customer to execute a smart contract by using the biometrics on their device, without any downloads or plugins needed.  Given there are over 4B devices globally that support FIDO today, this is a significant step in making Algorand available to all.”  said Sean Lee, CEO Algorand Foundation.

“Algorand has really started to accelerate, helping businesses in the DeFi and commerce space, areas where we have expertise and can add a lot of value.  LoginID will help lower friction, and make blockchain technology easier to interact when developers integrate our solution. We have recently seen attacks on standard forms of authentication such as SMS.  Our solution will help give Algorand developers the tools to create the most frictionless, secure interactions for their customers” says Jim Brown, CRO and Co-founder of LoginID.

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