Altcoin Algorand (ALGO) network
Bitcoin and altcoins

Altcoin : Algorand (ALGO) to upgrade its network and increase performance

Algorand has announced a major upgrade to its core network in its latest version. The new upgrade would allow ALGO to process 6,000 transactions per second.

Algorand is an open source blockchain infrastructure, which aims to create an open, borderless economy where anyone can participate. The platform is also committed to solving the “blockchain trilemma.”

The Algorand blockchain is decentralized, which eliminates all forms of intermediaries. In order to validate blocks, the platform relies on a committee of randomly selected and confidential users. Its nodes operate on entities located all over the world.

Algorand could increase its transactions per second (TPS) capabilities

The blockchain Algorand (ALGO) using the Proof-of-Stake consensus has recently decided to update its network. The upgrade could bring it several benefits, but perhaps some drawbacks as well.

Previously, ALGO had one of the fastest networks for transaction processing across all crypto projects. Its core network was responsible for processing over 1,000 transactions per second (tps).

Only Solana [SOL]Ripple [XRP], and CELO tastes had fast networks that matched. However, the latest update to the main network may mean that ALGO would have far outpaced these projects.

Algorand (ALGO) could increase its transactions per second (TPS) capabilities with the upgrade it recently launched. Its TPS, which is currently 1,200, could thus reach 6,000. The developers expect the upgrade to improve the security of communications between networks.

To do this, the blockchain will launch stateful proofs that actually form an interoperability standard. This standard will allow the blockchain to connect to other networks seamlessly and without security risk.

All Proof-of-Stake blockchains can make use of proof of state to ensure smoother inter-chain communication and transactions. On the other hand, TPS will have some impact on users and protocols.

Rotem Hemo, a member of the founding team of Algorand, mentioned this in his Medium article.

According to him, the core network upgrade also included state-of-proof integration. With state-of-proof, network users can establish trustless inter-channel communication without involving a third party.

“AVM 7 provides the ability to create random oracles that will allow each smart contract to obtain a new random character from a secure source when needed.”

Paul Reigle, product manager of the Algorand blockchain, also said:

Decentralization doesn’t have to come at the expense of performance or security.” And with proof of state, the Algorand blockchain will be able to reduce the risk of getting hacked.

Recognizing the importance of security, Algorand (ALGO) decided to launch stateful proofs on its network to improve its performance. According to blockchain founder Silvio Micali, stateful proofs are a “critical security feature for communication between networks.”

Leave a Reply

Your email address will not be published.

back to top