How Algorand’s fast, furious upgrade could render it untouchable
Algorand’s [ALGO] mission to leave other blockchain networks behind while processing decentralized and traditional transactions faster has reached another level.
In its latest release which a large part of its community considered impressive, Algorand announced that there has been a major upgrade to its mainnet.
The new update would allow ALGO to process 6,000 transactions per second. Before now, ALGO had one of the fastest networks for processing transactions out of the entire crypto projects. Its mainnet was responsible for processing over 1,000 transactions per second (tps).
1/ Major Protocol Upgrade: Now live on #Algorand MainNet, the release introduces State Proofs for trustless cross-chain communication and 5x faster performance ? https://t.co/nN6hw5MPxp pic.twitter.com/wH2tW2fi2O
— Algorand (@Algorand) September 7, 2022
Fast, furious, and…
Besides the speed, Algorand seemed to have solved the challenges of third-party interference. Rotem Hemo, a member of Algorand’s founding team, mentioned it in his Medium post.
According to him, the mainnet upgrade also included a State-of -Proof integration. With the State-of-Proof, the network’s users can make trustless cross-chain communication without involving a third party.
While the technology is relatively new, it seems like the solution to curbing the interference of centralized validators. Further to its complete decentralization goals, Hemo also mentioned an update related to Decentralized Application (DApp) developers as the upgrade came with an AM7 on-chain addition to ease developer access. Hemo said,
“AVM 7 provides the ability to create randomness oracles that will enable every smart contract to get fresh randomness from a secure source when needed.”
Riding the wave
Since the public revelation, the ALGO price seemed to have made some positive moves. As per CoinMarketCap, the coin was trading at $0.295 at press time, picking a 2.73% increase in the last 24 hours.
Meanwhile, its volume was on the downside as it decreased 9.04% to $78.30 million.
Considering the on-chain activity, ALGO’s development activity was surprisingly on a downtrend trend.
Normally, such a significant upgrade was supposed to reflect around the metric but it was not the case according to Santiment. However, its market cap was able to follow the same uptick as its price, rising to $2.06 billion.
Still, ALGO is down 91.58% from its All-Time High (ATH). With this mainnet upgrade, investors may reignite their hope of the coin hitting $3.56 again.