BetaNet is an Algorand network where the newest protocol-level features will be available for public testing and feedback. This a great opportunity for our community to get involved early and help shape features before they go live in TestNet and MainNet. As its name suggests, BetaNet is meant to be a beta-like environment. Therefore, quality and features may not be final, and protocol upgrades and network restarts may be common.
BetaNet is necessary because our vision for TestNet is to have the protocol mirror MainNet at all times, although without Algos or other assets carrying real value. As such, developers can confidently view TestNet as a stable and public testing ground for their applications before deploying them to MainNet.
Algorand Network Diagram
Developers can also create Private Networks for any of the protocol versions available, and this is a recommended path in the early stages of application development on the Algorand network.
***BetaNet V2 Features***
Driving the launch of BetaNet is a significant addition of layer one features that we believe will enable a multitude of new use cases on the Algorand blockchain. They are:
- Algorand Standard Asset (ASA) - ASA provides a standardized, Layer-1 mechanism to represent any type of asset on the Algorand blockchain. ASAs can include fungible assets (such as currencies, stablecoins, utility tokens, etc), non-fungible assets (unique assets such as tickets, etc.), restricted fungible assets (such as securities), and restricted non-fungible assets (such as licenses, certifications). Asset issuers, or specified delegates, can optionally have the ability to freeze an account’s ability to transact with their asset and clawback their asset when required.
- Atomic Transfers - Atomic Transfers offer a Layer-1 secure way to simultaneously transfer a number of assets among a number of parties. Specifically, many transactions are grouped together and either all transactions are executed or none of them are. This feature can be used for use cases such as matching funding, debt settlement, decentralized exchanges, and complex trades.
- Algorand Smart Contract (ASC1) - ASC1s are Layer-1 smart contracts that automatically enforce custom rules and logic, typically around how assets (ASAs or Algos) can be transferred. They are complex economic relationships made up of basic transaction primitives written in a new language called Transaction Execution Approval Language (TEAL). Examples of ASC1s that can be written are escrow accounts, loan payments, limit and stop orders, subscription payments, and collateralized obligations.
Each of these features is stacked with capabilities and were designed to be seamlessly mixed and matched with each other to solve complex real-world problems with ease and simplicity. Stay tuned as we continue to roll out and improve documentation over the coming weeks.