- Algorand introduced State Proofs into the mainnet of the crypto.
- The upgrade will increase the transaction speed on the Algorand Network.
Algorand underwent an upgrade that made its layer 1 protocol one of the fastest in crypto. The upgrades in the Algorand network were followed by Proof of stake, which will ultimately increase the capacity of the transaction on the mainnet of Algorand.
The upgrade process has increased the transaction capacity to 6,000 transactions per second. The blockchain of Algorand has added features of cross-chain communication and transaction speed improvement with the recent upgrade to their protocol.
The upgrade mainly introduced State Proofs into the mainnet of the crypto, which means the introduction of trustless communication between several blockchain protocols.
Currently, the transaction speed on the Algorand network is 1,200; after upgradation, the speed reached as high as 6,000 transactions per second.
Including these major changes, the upgrades also added some new tools for developers provisionally. This also includes on-chain randomness capabilities for a decentralized application operating on Algorand Network.
The On-chain randomness has been a major factor in Algorand PPOs consensus; in this consensus, the network validators are chosen randomly and not at the respective amount of staked Algorand tokens.
Silvio Micali, the founder of Algorand, informed users about the upgradation of the Algorand network in his tweet.
The successful upgradation of Algrorand introduced State Proofs to the network. It made trustless cross-chain communication possible by offering security to several blockchains without a third party’s interruption.
State Proof is a newly launched technology in which the market will solve the issue of reliance on blockchain networks on bridges and centralized validator networks.
The feature will stop the exploits and attacks commonplace with the bridge.
In his statement, Silvio Micali stated, “Algorand proves once again that decentralization does not need to come at the cost of performance or security. Interoperability between blockchains is the future, and Algorand State Proofs are a critical security feature for communication between networks.”
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.