Algorand founder Silvio Micali hints at upcoming upgrades during a speaking event.  Covered: Silvio Micali Promises Privacy, Faster Transactions The Future Of Algorand’s Network. Silvio Micali Promises Privacy, Faster Transactions Looking forward to a transaction privacy layer on #algorand. Thank you @jasonleecj and @nonfungibleab for passing this question to @silviomicali ! https://t.co/srrG1VE0C9 — Fred Estante […] The post Algorand Founder Silvio Micali Says ALGO Is About To Get Even Faster appeared first on CryptosRus.

Algorand Founder Silvio Micali Says ALGO Is About To Get Even Faster

Algorand founder Silvio Micali hints at upcoming upgrades during a speaking event. 

Covered:

  • Silvio Micali Promises Privacy, Faster Transactions
  • The Future Of Algorand’s Network.

Silvio Micali Promises Privacy, Faster Transactions

During his talk at Australian Blockchain Week, Silvio Micali spilled the tea on upcoming performance and privacy upgrades to Algorand.

The Algorand founder detailed his plans for privacy on the chain, and unsurprisingly the plan will be compliant. “We want a layer of privacy and it’s going to be first-class … that’s why we’ve developed it together with regulators,” Micali said. The smart contract protocol is known for being regulator friendly — which has led to some major partnerships like in El Salvador. 

Surprisingly, the MIT professor discussed an upcoming performance upgrade to the protocol, which already features 4.4 time-to-finality (TTF). The upgrade, Micali believes, will improve transaction speeds by a factor of 10.

“The reason we want to do this is, we see our blockchain, which is almost designed to be a transaction blockchain, is going to be adopted more and more,” Micali proclaimed. “So we want to be able to handle not only the traffic of today but the traffic of tomorrow…”

Recommended: El Salvador Banks Are Using Wrapped Bitcoin on Algorand To Transact

The Future Of Algorand’s Network

Although speed on the network is already impressive — a colleague of mine refers to transacting on the network as “satisfying” — ALGO doesn’t have to deal with a lot of congestion. Total TVL on Algorand, as of now, sits at 98 million USD. Compare that to Cardano, which is over 300 million, despite lacking tech and a late start compared to Algorand Dapps.

Nevertheless, Algorand is planning for a future where it will need upgrades to keep up with adoption on the network. It’s not wishful thinking, though.

ALGO has always had an impressive roster of partnerships. Still, in January the Micali-led project began luring developers from the Ethereum ecosystem to help them build a bridge to improve liquidity on the network. 

However, despite ALGO appearing poised to have its transaction speeds improve as liquidity rises, Micali doesn’t forecast his protocol to be the last one standing in a battle for blockchain supremacy.

“I really think the future is not going to be one chain that wins them all…,” Micali told the audience at Australian Blockchain Week. “And so we are going to have multiple chains, and Algorand is going to be one of them.”

Recommended: Musk Family Invests In Algorand

 

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