Algorand developers announce five-fold increase in network performance
The upgrade increased the processing speed from 1200 to 6000 TPS
08.09.2022 - 12:40
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What’s new? According to the developers of the Algorand blockchain, the network upgrade was successfully completed on September 7. It increased the processing speed from 1200 to 6000 transactions per second (TPS). The upgrade also added the State Proofs solution, which is the standard for blockchain interoperability with the outside world, eliminating the involvement of intermediaries.
What do company representatives say? Algorand founder Silvio Micali noted that decentralization should not come at the cost of performance or security. According to him, the interaction between blockchains is the future, and State Proofs is the most important security feature for communication between networks. The developers emphasized the network's throughput. They noted that Visa's network performance is 1500-2000 TPS, bitcoin's blockchain processes about five transactions per second, and Ethereum can handle ten.
What is known about Algorand? It is an open-source blockchain platform focused on smart contracts. The blockchain runs on the Pure Proof-of-Stake protocol. Algorand's first public network was launched on April 16, 2019. As of September 8, 11:30 UTC, the native ALGO token is trading at $0,299, having gained 3,5% overnight, according to CoinMarketCap. It has a market capitalization of $2 billion.
Earlier, it was reported about Algorand's collaboration with the sports association FIFA to release NFT collections.
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