September 28, 2022

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The latest upgrade deployed on the Algorand network has been a hot topic for discussion among crypto enthusiasts. The whole industry seems to be even more competitive now, during the crypto winter when many networks are scrambling to quickly find new ways to excite investors. With many networks providing various degrees of efficiency and utility, many players in the industry must keep developing and adding new features to stay relevant.

Algorand is a PPoS (pure proof-of-stake) blockchain network that now has more capabilities with the addition of cross-chain compatibility, faster transaction speeds, and more stability. The layer-1 network allows trustless communication with other protocols and allows DApps and layer-2 applications to provide even more flexibility to their users. At the same time, the increase in transaction speed means that the network will be even more efficient and start approaching XRP in terms of value based on utility alone.

Paul Riegle said that this upgrade is a step forward toward creating a perfect environment for web3 platforms. As we all know, the biggest advantage of web3 solutions is interoperability coupled with scalability meaning that Algorand aims to be more competitive.

It is a good move considering that Ethereum is moving toward merging with the Beacon network at full throttle. There is little doubt that the network will also improve its capacity and performance throughout the next several upgrades following the merger. We do not know the long-term ramifications of the event, but Buterin’s statements make it seem that developers know how to move the network forward in the nearest future.

The merger will shift Ethereum to the PoS consensus mechanism putting significant pressure on other networks to deliver something unique and competitive and not become irrelevant after Ethereum introduces more upgrades. Algorand has already made its move. At the same time, we know that Cardano aims to improve its efficiency by upgrading itself during the Vasil hard fork.

All these changes are exciting to the community. They seem to be promising attractive prospects to all investors of Algorand who are glad to see such massive improvements to the transaction speed.


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