According to a press statement, proof of stake network Algorand (ALGO) has increased its mainnet transaction throughput to 6,000 transactions per second (tps).
With the change, the Layer 1 protocol is now one of the quickest in crypto. In comparison, Bitcoin (BTC) handles five transactions per second, whereas Ethereum (ETH) only processes roughly ten transactions per second, and this is unlikely to grow post-merge.
The network previously had a transaction capacity of 1,200 tps.
Proofs of State
Algorand’s upgrade also included State Proofs, which enable trustless cross-chain communication by securely connecting several blockchains without the need for a third party.
State Proof is a new market technology that will alleviate blockchain networks’ need on bridges and centralized validator networks. It would contribute to the elimination of bridge-related exploits and assaults.
Silvio Micali, the inventor of Algorand, commented on the development:
“Algorand proves once again that decentralization does not need to come at the cost of performance or security. Interoperability between blockchains is the future, and Algorand State Proofs is a critical security feature for communication between networks.”
Meanwhile, the upgrade adds additional tools to the Algorand ecosystem, making the network more suitable for decentralized applications in many industries.
Algorand has already established itself as a high-performance Layer-1 blockchain, and its certified carbon-negative status only serves to accelerate its progress.
With no downtime since its inception, the network is quickly becoming the protocol of choice for a number of enterprises wishing to enter the crypto and blockchain market.
FIFA, the world football governing body, has chosen Algorand its official blockchain partner and has recently announced the launch of non-fungible tokens backed by the blockchain network.
Paul Riegle, the blockchain network’s chief product officer, stated:
“(Algorand is) unlocking the tools required for Web3 applications to fulfill their vast potential.”