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What’s new with Algorand Update ?

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The Algorand Blockchain introduced a new update which focused on three primary factors ie. Transaction speed, Processing capacity and Cross chain functionality. The new update will focus on the three above factors thus improving the entire functionality and efficiency of the blockchain.

The Algorand Blockchain which operates on a Pure Proof of Stake (PPOS) consensus mechanism introduced various features on the blockchain such as cross chain communication as well as improvements in its transaction speed after the recent upgrades on the network.

Transaction Speed

Layer-1 blockchain declared the implementation of State Proofs on its mainnet. This implementation introduced the trustless communication feature between various networks on the blockchain. Apart from that the transaction speed on the network increased from 1200 transactions per second to 6000 transactions per second.

Processing Capacity

The upgrade also focused on the inclusion of various tools for developers running various decentralised applications on the network. The capability of “on chain randomness” is also introduced along with the recent upgrade. In this feature which is a key element of the PPOS consensus mechanism the network validators are always chosen randomly despite the amount of Algorand tokens staked.

Cross Chain Functionality

The inclusion of State proofs on the network allows Algorand to directly connect with various different blockchain networks without the necessity of any central intermediary in between. The cross chain interoperability feature is majorly powered by various cross chain bridges as well as high level networks. However recently these have been exploited in various ways. Algorand claims that its quantum secure State proofs can turn out to be an innovative solution which can solve the issue of centralised nature of the storage points of any cross chain service provider or platform.

The officials at Algorand highlighted this upgrade as a significant feature which will facilitate the increase in growth of various Web 3 applications on its blockchain network. The officials also claimed that this upgrade will unlock a trove of tools which will help in scaling Web 3 apps to their full potential.

The Algorand upgrade seems to be strategically positioned because even Ethereum is about to transition to a Proof of stake consensus. The transition will improve scalability as well as the overall efficiency of the network.