Algorand Fast Upgrade Could Be A Game-Changer – Here’s How
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Algorand (ALGO) has always been praised for its imagination and innovation.
- Algorand’s Web Update can handle up to 6,000 TPS
- ALGO beats BTC and ETH in fast transactions
- ALGO price has now increased by 6.88% since the announcement of the mainnet update
And now it boosts the game. Recently, Algorand has surprised the community once again with a major update made to its system.
With this new update, Algorand is described as quantum secure and can now handle up to 6,000 transactions per second. However, this is nothing new for ALGO as it has always been considered one of the crypto networks where transactions are processed the fastest.
In fact, before this update, Algorand’s central network could handle a maximum of 1,000 transactions per second.
ALGO beats BTC, ETH in transaction speed
Nothing else comes close but CELO, XRP and SOL that can somehow reach ALGO’s speed. It is actually one blockchain network that can beat both Bitcoin and Ethereum in terms of transaction speed. Although this recent update to ALGO’s network may mean that other crypto networks can literally eat dust.
In addition to having a fast and furious feel, ALGO also includes the fact that it has filled the gaps for third-party interference issues. The Mainnet update also includes a trusted integration where users can seamlessly create cross-chain communication without intermediaries, which also helps prevent cyber attacks.
Rotem Hemo, co-founder of ALGO, mentioned in his Medium post that the Web Update also includes a DApp update as well as an additional AM7 layer for seamless developer access.
According to Hemo, “AVM 7 provides the ability to create randomness oracles that allow each smart contract to obtain new randomness from a secure source when needed.”
Algorand price increased by 6.8% after Mainnet upgrade
With the Mainnet update announcement, ALGO’s price also seems to have risen favorably. By CoinMarketCap, Algorand is up 6.88% or trading at $0.3194 at press time. But despite the price increase, ALGO is still down 91.63% from its ATH.
On the other hand, ALGO’s trading volume has fallen by 9.06%, but its market capitalization has skyrocketed to $2.08 billion.
Despite the rally, Algorand seems to be showing a bearish correction over the next couple of days. In fact, today’s trading session shows that the ALGO price has dropped by a few percent.
However, with the mainnet update, most investors are optimistic that ALGO may hit the $3.56 zone again. ALGO’s price is up 4.8% following the latest news of its upgrade that will make Algorand five times faster and more efficient.
ALGO total market cap at $2.2 billion on the daily chart | Source: TradingView.com Featured image from CoinCentral, chart from TradingView.com