The Algorand (ALGO) blockchain using Proof-of-Stake consensus recently decided to update its network. The update could bring him several advantages, but perhaps also disadvantages. Find out what upgrading the Algorand network would entail.
An upgrade for a more efficient blockchain?
Algorand (ALGO) could increase its transactions per second (TPS) capabilities with the upgrade it recently launched. Its TPS which is currently 1,200 could thus reach 6,000. The developers expected that the upgrade will improve the security of communications between networks.
To do this, the blockchain will run state proofs which actually form an interoperability standard. This standard will allow the blockchain to connect to other networks smoothly and without security risk.
All Proof-of-Stake blockchains can use proof-of-state to ensure smoother cross-chain communication and transactions. Also, TPS will have some impact on users and protocols.
Remember that it is not immediately correlated with the purpose, that is to say the moment when the processing of an operation is finalized. Yet, without this correlation, there is a risk of cancellation of transactions launched. Fortunately, it is always possible to take purpose into account during the evaluation of the TPS.
That said, Paul Reigleproduct manager of the Algorand blockchain, said: “Decentralization doesn’t have to come at the expense of performance or security.And thanks to state proofs, the Algorand blockchain will be able to reduce the risk of being hacked.
Aware of the importance of security, Algorand (ALGO) decided to launch state proofs on its network to improve its performance. According to blockchain founder Silvio Micali, proof-of-state is a “essential security feature for communication between networks“.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Tremplin.io!