Proof of stake network Algorand (ALGO) has upgraded its mainnet transaction capacity to 6,000 transactions per second (tps), according to a press release shared with CryptoSlate.
This upgrade makes the Layer 1 protocol one of the fastest in cryptography. In comparison, Bitcoin (BTC) can handle only 5 tps and Ethereum (ETH) can handle only about 10 tps, which is unlikely to increase after the merge.
Previously, the network had a transaction capacity of 1,200 tps.
The Algorand upgrade also added State Proofs to the network, enabling trustless cross-chain communication by securely connecting multiple blockchains without the need for a third party.
State Proof is a new technology on the market that solves the dependence on blockchain network bridges and centralized validator networks. It helps eliminate the exploits and attacks that have made bridges synonymous.
Commenting on the development, Algorand founder Silvio Micali said:
“Algorand proves once again that decentralization does not have to sacrifice performance or security. Interoperability between blockchains is the future, and Algorand State Proofs is an important security feature for communication between networks. is.”
On the other hand, this upgrade also brings new tools to the Algorand ecosystem, making the network more suitable for decentralized applications in different sectors.
Algorand has already established itself as a high-performance Layer 1 blockchain, and its verifiable carbon negative status further boosts its path.
Having experienced zero downtime since its launch, the network is quickly becoming the protocol of choice for several organizations looking to enter the crypto and blockchain space.
FIFA, the world football governing body, has made Algorand its official blockchain partner and recently announced the launch of a non-fungible token powered by a blockchain network.
Blockchain Network Chief Product Officer Paul Riegle said:
“(Algorand) unlocks the tools Web3 applications need to realize their enormous potential.”
At time of writing, Algorand is trading at $0.29 after dropping 2.9% over the past 24 hours.