Media Alert: Algorand 2.0 Passes Community Acceptance Threshold for Formal Protocol Upgrade
Algorand 2.0, a major protocol upgrade that includes standardized asset creation, atomic transfers, and smart contracts all directly in Layer-1, will be officially upgraded at block 3,317,176.
SINGAPORE, Nov. 26, 2019 /PRNewswire/ -- Following the recent announcement of the protocol upgrade availability, the Algorand Foundation today shared that the upgrade has surpassed the 90% threshold required to accept the protocol upgrade, reaching nearly 100%. All participants on Algorand will need to upgrade their protocol by accepting the binary within the next 10,000 blocks, which is estimated to occur by 4:30am SGT on Wednesday, November 27.
As explained by the Algorand Foundation, the upgrade process includes a threshold where 90% or more of the block proposers state that they are ready for the next consensus version. Once the 90% threshold is met, everyone with the new binary now switches to speaking in the new consensus version at a point that is 10,000 block marks from when the 90% threshold occurs.
The new features, which will be officially on MainNet, significantly expanding the range of decentralized applications (Dapps) and processes that can be built on the Algorand platform. For the first time, enterprise-scale Dapps can be built on the world's first pure proof of stake (PPoS) blockchain, without sacrificing performance.
This update unlocks the ability to develop scalable blockchain-native solutions for real-world use cases. Algorand Standard Assets, Atomic Transfers, and Algorand Smart Contracts at Layer-1 are the new capabilities that have been built directly into Layer-1, providing the key benefits of speed, scalability, and finality.
About the Algorand Foundation
The Algorand Foundation is a not-for-profit organization with a vision of a borderless economy built on public, decentralized blockchain technology. The Foundation, in partnership with Algorand Inc, has built the Algorand protocol as the cornerstone of achieving this vision. The Foundation envisions a wide breadth of applications made possible on Algorand and is focused on enabling all developers to build next gen tools, educating and fostering an inclusive community encompassing protocol governance and economic efficiency in the development of the Algorand ecosystem. The Foundation is committed to facilitating this innovation in a sustainable and eco-friendly manner by utilizing the pure proof-of-stake consensus algorithm.
For more information, visit https://algorand.foundation/
Media Contact:
Anastasia Golovina
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SOURCE Algorand Foundation
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