Algorand: How ‘Fast & Furious’ Upgrade May Make ALGO Untouchable

Algorand’s mission to outshine other blockchain platforms in quicker traditional and decentralized transaction processing has hit another level. In its recent report, which most individuals perceived attractive, Algorand revealed that its mainnet saw a massive upgrade.

The new upgrade would see ALGO processing 6,000 tps (transactions per second). Before this, Algorand boasted the fastest platform for conducting transactions within the broad cryptocurrency market. Its mainnet could process more than 1,000 tps.

Only platforms such as Ripple, CELO, and Solana matched ALGO’s swiftness. Nevertheless, the recent mainnet upgrade might see Algorand outshining these rivals by a massive margin.

First, Furious, Then

Besides heightened speed, Algorand appeared to have alleviated the issues of 3rd-party interference. Algorand’s founding team member Rotem Hemo commented on his recent Medium post.

He stated that the mainnet update included an SoP (state-of-proof) integration. The state-of-proof would allow platform users to conduct trustless cross-chain interactions without 3rd party involvement.

Though the technology remains relatively new, it appears like a tool to curb centralized validator interference. Hemo emphasized the decentralization objectives, introducing a Dapp-related update with the AM7 to lessen developer access.

He stated that AVM7 allows the creation of randomness oracles to ensure each ‘smart’ contract acquires new randomness from a safe source whenever needed.

Riding Waves

ALGO enjoyed some positive price moves since the revelation. Coinmarketcap data shows the alternative token traded at $0.295 during this publication, gaining more than 3% within the past 24 hours. Meanwhile, Algorand’s volume maintained downtrends, losing 9.04% to $78.30 million.

On the on-chain front, Algorand’s development activity surprisingly maintained downside trends. Generally, such an update was to reflect the metrics, but Santiment discovered a contrary case. Nevertheless, ALGO’s market capitalization followed price surges, climbing to $2.06 billion.

Still, ALGO trades 91.58% from its ATH (all-time high). Meanwhile, the mainnet upgrade can revive investor faith in surges towards $3.56.

Algorand fans can consider broad market actions for lucrative decisions. The crypto market remained elevated at this publication, with Bitcoin rising from the $19K vicinity. BTC traded at $20,646 at this writing.

Editorial credit:  mundissima /