Blockchain

Algorand Boosts Performance After New Upgrade, ALGO Up 40% In Last 2 Weeks

Key Points:

Algorand has undergone a major protocol upgrade for faster transactions and lower fees.
The upgrade makes the network up to 10% faster, with reduced block time for more transactions per second.
New features include Simulate for smart contract testing and Conduit for low-cost data access.

Algorand, a blockchain platform, has recently undergone a major protocol upgrade that is expected to boost the network’s speed. The upgrade includes changes to the consensus mechanism, block size, and block time, resulting in faster transactions and lower fees.

Algorand Boosts Performance After New Upgrade, ALGO Up 40% In Last 2 Weeks 4

The upgrade will make the Algorand network up to 10 percent faster than before, allowing for more transactions per second. These changes will significantly improve transaction throughput, making it easier for users to send and receive funds through the platform.

In addition, the upgrade reduces the block time from 3.8 seconds to 3.3 seconds, meaning new blocks are added to the blockchain more frequently, further improving transaction speeds. This change will enable the Algorand network to be more competitive in the blockchain space.

Algorand Boosts Performance After New Upgrade, ALGO Up 40% In Last 2 Weeks 5

Paul Riegle, Chief Product Officer at Algorand, stated:

“We are hyper focused on Algorand providing the best tech for developers to engage with and end users to experience. Through these new capabilities, builders can get higher quality dApps to market faster through customized data sets and faster and more efficient testing.”

A simulator lets developers test and simulate difficulties before uploading their codes to the mainnet, and a new plugin framework allows anyone to construct simple, customized data.

Algorand’s block time decrease is part of a broader ecosystem update as blockchains strive to tap into the increasing developer community.

Cardano 8.1.1 was released earlier this week with the goal of speeding up network activities while introducing epochal adjustments for improved performance. The Luban hard fork of the BNB Chain, which was implemented last month, also aimed to increase network performance and security.

Other features of Algorand’s newest version include Simulate, a tool that enables developers to test smart contracts and solve errors and other problems before releasing to the mainnet. Conduit is another technology that enables flexible and low-cost data access.

ALGO, the Algorand blockchain’s native coin, has surged by more than 40% in the previous two weeks.

ALGO price chart. Source: TradingView

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.