Pure proof-of-stake (PPoS) blockchain Algorand has introduced improvements to cross-chain communication and transaction speeds with the latest update to its protocol.
The layer 1 blockchain network announced the implementation of State Proofs on its mainnet, which introduces trustless communication between different blockchain protocols. The update also increased Algorand’s processing speed from 1,200 to 6,000 transactions per second.
The update also includes the provision of new developer tools, as well as on-chain randomization capabilities for decentralized applications (DApps) running on Algorand. On-chain randomness is a key feature of Algorand’s PPoS consensus, in which network validators are randomly chosen regardless of the respective number of staked Algorand (ALGO) tokens.
As Algorand revealed in a recent Medium post, Proofs of health are cryptographic proofs of the state of Algorand that allow DApps on other blockchains to reliably verify Algorand transactions. The update also increased the block size to 5 MB and a “block latency and finality of less than 4 seconds.”
The introduction of State Proofs allows Algorand to securely connect to different blockchain networks without using an intermediary. Interoperability and cross-chain connectivity have been primarily driven by cross-chain bridges and networks of validators, which have been subject to high-level exploits in recent times.
3/ Today’s upgrade also features an increase in performance from 1,200 to 6,000 TPS and new best-in-class developer tools, allowing organizations building on #Algorand to continue to scale to meet growing demand for #Web3 applications pic.twitter.com/1CJyL0587L
— Algorand (@Algorand) September 7, 2022
Today’s update also includes a performance boost from 1,200 to 6,000 TPS and new world-class development tools, enabling organizations building on Algorand to continue scaling to meet the growing demand for Web 3.0 applications.
Algorand touts its quantum-secure and reliable State Proofs as a solution to the centralized nature of storage points across existing cross-chain service providers and platforms. Cross.chain bridge exploits have resulted in the loss of over $2 billion in 2022 alone.
Paul Riegle, Product Manager at Algorand, highlighted the upgrade as an important step in facilitating the growth of Web 3.0 platforms running on its network:
“From State Proofs, which is a game-changing blockchain interoperability security feature, to increasing TPS, we are unlocking the tools necessary for Web3 applications to realize their vast potential.”
Algorand’s update is timely considering that Ethereum is on the cusp of transitioning from proof-of-work to proof-of-stake (PoS) consensus, with The Merge expected in the next two weeks. Moving from Ethereum to PoS will dramatically improve the scalability and efficiency of the network and reduce its carbon footprint.
Algorand is the brainchild of MIT professor Silvio Micali, who founded the PPoS blockchain to address what is known as the “blockchain trilemma.” The trilemma suggests that no blockchain can be simultaneously decentralized, scalable, and secure.
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