Algorand main-net performance has increased fivefold after the new upgrade. The upgrade increased Algorand’s protocol performance from 1,200 transactions per second (tps) to 6,000 tps. In other words, altcoin became one of the fastest altcoin projects in terms of performance. Here are the details…
Algorand made protocol performance 5x
Proof of Stake (PoS) network Algorand (ALGO) has increased its network’s main-net processing capacity to 6,000 transactions per second (tps). Previously, the network had a processing capacity of 1,200 tps. The upgrade has made the Layer 1 protocol one of the fastest in crypto. As a comparison, the leading crypto Bitcoin (BTC) has a transaction speed of only 5 tps. The leading altcoin Ethereum (ETH) has a transaction speed of only 10 tps. Also, according to experts, this is unlikely to increase after the highly anticipated Merge.
Algorand’s upgrade also added State Proofs to the network. Thus, it made reliable cross-chaib communication possible by securely connecting multiple Blockchains without the need for a third party. State Proof is a new technology in the market that will solve the dependency of Blockchain networks on bridges and central validator networks. It will help eliminate vulnerabilities and hacks that have become synonymous with bridges. Speaking about the development, Silvio Micali, founder of Algorand, said:
Algorand proves once again that decentralization doesn’t have to come at the expense of performance or security. Interoperability between blockchains will come. Also, Algorand State Proof is a critical security feature for communication between networks.
FIFA makes altcoin project official Blockchain partner
Meanwhile, the upgrade brings new tools to the Algorand ecosystem. Thus, it makes the network more suitable for decentralized applications in different industries. Algorand had already established its high-performance Layer-1 Blockchain status. Plus, its verifiable carbon negative status further helps its course. The network has experienced zero downtime since launch. For this reason, altcoin is quickly becoming the protocol of choice for many organizations looking to enter the crypto and blockchain space.
cryptocoin.comAs you follow, FIFA, the governing body of world football, has made Algorand the official Blockchain partner. It has recently announced that it will launch Non Fungible Tokens (NFT), powered by the Blockchain network. Paul Riegle, chief product officer of the blockchain network, said:
Algorand unlocks the tools Web3 applications need to realize their vast potential.
Meanwhile, ALGO has gained 5.30% in the last 24 hours, according to data from CoinMarketCap. The altcoin was trading at $0.30 at press time.
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