Sep 08, 2022 11:15
Algorand (ALGO), a pure proof-of-stake (PoS) blockchain has tremendously improved its network performance and introduced more cross-chain functionality following a significant upgrade.
The press release sharing this latest Algorand news highlighted that the Layer1 network had introduced State Proofs to its mainnet protocol, a feature that helped bump network speed from 1,200 transactions per second (TPS) to 6,000.
Comparatively, this puts the PoS network’s TPS 2x higher than Visa’s 1,500 to 2,000 transactions per second. Algorand’s TPS is also way higher than Bitcoin and Ethereum, even as the latter readies for its transition from proof-of-work (PoW) via the Merge.
Unlocking Web3 applications
Apart from taking Algorand’s network transaction per second (TPS) to 5 times the previous level, the upgrade also enabled a trustless cross-chain communication environment for the ecosystem.
According to Algorand founder Silvio Micali, the release is another proof that “decentralisation does not need to come at the cost of performance or security.”
On the launch of cross-chain communication, he noted:
“Interoperability between blockchains is the future, and Algorand State Proofs are a critical security feature for communication between networks. We are extremely proud of this innovation and believe it will push the entire blockchain landscape forward.”
Also introduced with the latest upgrade are new tools the Algorand team says will streamline development, including around the capabilities of on-chain randomness for decentralised applications (dApps).
The upgrade basically improves the layer 1 blockchain and boosts its use across real-world Web3 projects, from DeFi, CBDCs and sports to music.
Algorand, which has not experienced any downtime since its launch, is also a major player in the NFTs space and payment solutions. The network’s scalability continues to see it attract a growing community of developers and users, and as Paul Riegle, the platform’s Chief Product Officer noted in a statement, this is yet another “major milestone on Algorand’s roadmap.”
Riegle added:
“From State Proofs, which are a game-changing blockchain interoperability security feature, to increased TPS, we are unlocking the tools required for Web3 applications to fulfil their vast potential.”
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