Algorand (ALGO) completes AVM upgrade to raise smart contract capabilities
- Blockchain technology platform has upgraded its virtual machine to improve smart contracts.
- The new features will enable developers on the platform have a smooth and scalable experience.
- It will also enable developers to tap into the features for a variety of use cases beyond DeFi.
Algorand has announced the completion of its virtual machine upgrade. According to the announcement, the Layer-1 protocol upgrade is now available on MainNet. As a result, it will enable organizers and developers that are building applications to have a low-cost, scalable, and fast infrastructure.
The layer 1 protocol, known as AVM, will also sustain a negative carbon output and enable instant transactions.
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The firm says the addition of the products will provide program tools to developers who are looking to write smart contracts in Reach or Python.
Algorand To Provide A More Scalable Platform
Paul Riegle, Algorand’s Chief Product Officer, commented on the development. He says AVM will be unlocking a more powerful system that will create decentralized applications for billions of participants around the world.
It will come with several features, which will give room for complex applications on a high speed, stable, and secure blockchain.
VenueOne’s Founder, George Cotsikis, stated that the AVM will be a major turning point for both the Algorand ecosystem and the broader base of blockchain developers. He added that the new upgrade will enable providers to “algorithmically manage their risks in a highly granular way.” VenueOne is a decentralized prediction protocol that runs on the Algorand (ALGO/USD) network.
Providing Solutions Beyond DeFi
Cotisikis added that the new platform will also be useful to those new to Algorand as they could get very interesting features that will help them in a lot of ways.
One of the main goals of Algorand is to provide tools for developers both within the crypto industry and outside. There is a new feature that can enable developers to tap for a variety of use cases beyond DeFi.
Apart from DeFi, web3 and the NFT Marketplace will also benefit from the upgrade, according to the company.
Algorand has been very serious about the development of its products for the market. Earlier this month, the Foundation rolled out a 150 million ALGO fund that will be focusing on the cultivation of DeFi systems. It will also foster growth for the NFT platform and synthetic applications.