of Algorand [ALGO] The mission to leave other blockchain networks behind while processing decentralized and traditional transactions faster has reached another level.
In its latest release that a large part of its community found impressive, Algorand announced that there has been a major upgrade to its mainnet.
The new update will allow ALGO to process 6,000 transactions per second. Until now, ALGO had one of the fastest networks for processing transactions of all crypto projects. Its mainnet was responsible for processing over 1,000 transactions per second (tps).
Only his ilk Solana [SOL], Ripple [XRP]and GOALS had fast networks to match. However, the latest mainnet upgrade may mean that ALGO would have surpassed these projects by a long way.
1/ Major protocol upgrade: Now ongoing #Algorand MainNet, release introduces State Proofs for reliable cross-chain communication and 5x faster performance 👉 https://t.co/nN6hw5MPxp pic.twitter.com/wH2tW2fi2O
— Algorand (@Algorand) September 7, 2022
Fast, furious and…
In addition to speed, Algorand seemed to have solved the challenges of third-party interference. Rotem Hemo, a member of the founding team of Algorand, mentioned this in his Medium Position.
According to him, the mainnet upgrade also included State-of-Proof integration. With State-of-Proof, network users can perform cross-chain trustless communication without involving third parties.
While the technology is relatively new, it seems like the solution to limit the interference of central validators. In addition to the full decentralization goals, Hemo also mentioned an update related to Decentralized Application (DApp) developers, as the upgrade comes with an AM7 on-chain plugin to facilitate developer access. Hemo said,
“AVM 7 provides the ability to generate random oracles that will allow any smart contract to acquire new randomness from a secure source when needed.”
Riding the wave
Since the public disclosure, the ALGO price appeared to have made some positive moves. According CoinMarketCapthe coin was trading at $0.295 at press time, up 2.73% in the last 24 hours.
Meanwhile, its volume was downward as it fell by 9.04% to $78.30 million.
Considering the on-chain activity, ALGO’s development activity has surprisingly been on a downward trend.
Normally, such a significant upgrade should be reflected around the metric, but it didn’t happen accordingly Sentiment. However, its market capitalization was able to follow the same rise as its price, rising to $2.06 billion.
However, ALGO is down 91.58% from its all-time high (ATH). With this mainnet upgrade, investors may rekindle their hope for it to reach $3.56 again.