Algorand, a veteran blockchain project, has announced the activation of a significant network software upgrade. This upgrade allows the blockchain to process transactions faster and provides Algorand-focused developers with several new tools.
The Algorand blockchain upgrade, technically known as go-algorand 3.16, was activated on June 22, 2023. It focuses on enhancing the blockchain's performance, finality time, and developer friendliness. For the first time, Algorand has managed to reduce block latency to 3.3 seconds and achieve instant block finality. This translates to an over 10% improvement in network performance without any trade-offs in decentralization or security.
1/ Major Protocol Upgrade unleashes 3.3 second transaction finality on #Algorand and incorporates key new features for streamlining application development 👉 https://t.co/3LylJ7XWnt pic.twitter.com/v64yrnmI17
— Algorand (@Algorand) June 22, 2023
Alongside performance enhancements, the upgrade introduced a variety of new developer tools for engineering, testing, and research. This progress has been well received by the Algorand community, with the ALGO token value rising by 30% in the last two weeks.
Introduced in 2017 by MIT professor Silvio Micali, Algorand is a programmable proof-of-stake blockchain capable of hosting a wide array of decentralized applications (dApps). The blockchain currently supports 31 decentralized applications, including DeFi protocols, NFT marketplaces, on-chain games, gambling protocols, and Web3 social media.
The Algorand blockchain is also a participant and partner in numerous central bank digital currency (CBDC) initiatives proposed by various countries. Both Italy and Australia have their CBDC experiments hosted on the Algorand blockchain.
Algorand's ALGO token, the core native utility and governance asset of the platform, is used to reward stakers for their contributions to network stability and integrity. With a market capitalization of $960 million, Algorand's ALGO is the 44th largest cryptocurrency by net market cap.
