docs: Update README.md and CONTRIBUTING.md

CONTRIBUTING.md

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+# AlgoKit ARC Library
+
+All implementations within the official Algorand Foundation repository (https://github.com/algorandfoundation/algokit-arc-library) need to be audited and implement a finalised ARC standard. Initial contributions will be from Algorand Foundation only, but for any enquiries about contribution please email [[email protected]](mailto:[email protected]).
+
+# Setup (AlgoKit ARC Library development)
+The following sections provide details on how the development environment for this library should be setup.
+
+## Initial setup
+
+1. Clone this repository: `git clone https://github.com/algorandfoundation/algokit-arc-library`
+2. Install pre-requisites:
+    - Install `Python` - [Link](https://www.python.org/downloads/): The minimum required version is `3.10`. It is also recommended to use `3.10` for development so dependencies on higher versions are not introduced, and to avoid debugging issues with `3.11`(see https://github.com/fabioz/PyDev.Debugger/issues/234 and https://github.com/microsoft/debugpy/issues/939)
+     - Install `Poetry` - [Link](https://python-poetry.org/docs/#installation): The minimum required version is `1.2`.
+     - If you're not using PyCharm, then run `poetry install` in the root directory (this should set up `.venv` and install all Python dependencies - PyCharm will do this for you on startup)
+3. Install pre-commit hooks (optional but recommended):
+
+   [pre-commit](https://pre-commit.com/) is configured in this repository, so once `poetry install` has been run,
+   execute `pre-commit install` inside the virtual-env, and git will ensure formatting, linting, and static typing (via `mypy`)
+   is correct when you perform a commit.
+4. If you update to the latest source code and there are new dependencies you will need to run `poetry install` again
+
+## Libraries and Tools
+
+AlgoKit uses Python as a main language and many Python libraries and tools. This section lists all of them with a tiny brief.
+
+### Runtime dependencies
+- [Beaker](https://algorand-devrel.github.io/beaker/html/index.html): Python framework for building Smart Contracts on Algorand using PyTeal.
+
+### Development dependencies
+- [Poetry](https://python-poetry.org/): Python packaging and dependency management.
+- [Python Semantic Release](https://python-semantic-release.readthedocs.io/en/latest/): Automatic release versioning based on commits
+- [Black](https://github.com/psf/black): A Python code formatter.
+- [Ruff](https://github.com/charliermarsh/ruff): A python linter
+- [pip-audit](https://pypi.org/project/pip-audit/): A tool for scanning dependencies for known vulnerabilities
+
+## Project Structure
+Each ARC implementation in `src` should have a corresponding document in `docs/arcs/[name].md` where name is the name of the class in lowercase.
+
+The documentation should contain the following links:
+* The ARC specification implemented e.g. `[ARC-9999](https://arc.algorand.foundation/ARCs/arc-9999)`
+* An Audit report for the implementation e.g. `[Audit](https://link/to/audit.pdf)`
+
+There is a simple [test](tests/test_repo_conventions.py) that is used to quickly check that contributions meet these requirements.
+
+## Commits
+
+We are using the [Conventional Commits](https://www.conventionalcommits.org/en/v1.0.0/#summary) standard for commit messages. This allows us to automatically generate release notes and version numbers. We do this via [Python Semantic Release](https://python-semantic-release.readthedocs.io/en/latest/) and [GitHub actions](.github/workflows/cd.yaml).

README.md

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-# algokit-arc-library
+# AlgoKit ARC Library
+
+This library provides Audited implementations of [Finalized ARC standards](https://arc.algorand.foundation/)
+
+# Install
+
+  > **Note**
+  > AlgoKit ARC requires Python 3.10+
+
+
+Install using pip
+
+`pip install algokit-arc`