The proof-of-stake, carbon-negative blockchain network rolls out quantum-secure interoperability, speeds of 6,000 transactions per second, and new best-in-class developer features
BOSTON, Sept. 7, 2022 /PRNewswire/ -- Algorand, the pure proof-of-stake, carbon-negative Layer 1 blockchain network, today announced a major upgrade to its protocol. Now live on Mainnet, the upgrade features State Proofs that enable trustless cross-chain communication, an increase in performance from 1,200 to 6,000 transactions per second (TPS), and new tools to streamline development and introduce on-chain randomness capabilities for dApps. These features solidify Algorand as the leading Layer-1 blockchain for real-world Web3 applications, ranging from sports to music to CBDCs and DeFi.
State Proofs are an interoperability standard that securely connects blockchains to the outer world without trust in an intermediary. Blockchain ecosystems are like cities, with each one providing value that draws people to visit. As the blockchain industry matures, people will have more reasons to visit different ecosystems, driving more value into cross-chain applications. But to access your source blockchain in new ecosystems, you need a reliable way to verify its "state" – a snapshot of account balances and transactions – in each new environment.
This infrastructure has been missing from the market until now, forcing people to trust centralized bridges or validator networks to handle their assets, which creates a centralized attack surface with a large target. Algorand State Proofs solve this with a simple, quantum secure, and trustless interface that any proof-of-stake chain can use without compromising on cost, reliability, or security.
"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."
In terms of performance, today's protocol upgrade increases Algorand's TPS from 1,200 to 6,000, allowing organizations building on Algorand to continue to scale to meet growing demand for Web3 applications. Compare this to Visa, which typically facilitates between 1,500-2,000 transactions per second; or Bitcoin, which can process about 5, and Ethereum, which rarely exceeds more than 10 TPS.
"This upgrade marks another major milestone on Algorand's roadmap achieved," said Paul Riegle, Chief Product Officer at Algorand. "From State Proofs, which are a game-changing blockchain interoperability security feature, to increased TPS, we are unlocking the tools required for Web3 applications to fulfill their vast potential."
Algorand has experienced zero downtime since launch, helping it become the blockchain of choice for thousands of organizations launching DeFi protocols, NFTs, payment solutions, regulated digital assets, and more. The network supports applications that can scale to billions of participants, all on a high-speed, carbon-negative, secure and stable network.
To learn more about organizations building on Algorand, please visit the Ecosystem Directory.
Founded by Turing Award–winning cryptographer Silvio Micali, Algorand's high–performing Layer-1 blockchain is unparalleled for bringing fast, frictionless, and inclusive technologies to everyone. Algorand is reshaping every industry–from TradFi and DeFi to new creator economies and beyond. With an extraordinary commitment to interoperability and consistent delivery, its sustainable technology powers more participation, transparency, and efficiency for all. As the technology of choice for 2000+ global organizations, the Algorand ecosystem is transforming the next generation of financial products, protocols and exchange of value. For more information, visit www.algorand.com.
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