It looks like a season of blockchain protocol upgrades in the crypto market. Algorand, a proof-of-stake, Layer 1 blockchain network, announced a major upgrade to its protocol that features state proofs to enable trustless cross-chain communication and increase the speed of the blockchain from 1,200 to 6,000 TPS.
TPS refers to transactions per second and indicates the scalability of the blockchain at which it can process transactions.
The upgrade comes with new tools to streamline development and introduces on-chain randomness capabilities for dApps, which will strengthen Algorand’s position in the market as a leading Layer-1 blockchain for Web3 applications.
Algorand’s state proofs are an interoperability standard that securely connects different blockchains without intermediaries or blockchain oracles. It will help developers to reduce their dependence on centralized cross-chain bridges and validators to handle their assets. Also, Algorand’s state proofs are simple, quantum-secure, and provide a trustless interface that any proof-of-stake platform can use without any cost escalation.
“With today’s release, Algorand proves once again that decentralization does not need to come at the cost of performance or security,” said Silvio Micali, founder of Algorand.
“Interoperability between blockchains is the future, and Algorand State Proofs are a critical security feature for communication between networks. We are extremely proud of this innovation and believe it will push the entire blockchain landscape forward,” Micali added.
Its token ALGO is currently trading up 4.75% at $0.2982.