ALGO has always been praised for its imagination and creativity.
- Algorand’s mainnet update can process up to 6,000 TPS.
- ALGO beats BTC and ETH when it comes to fast transactions
- ALGO price is now up 6.88% after the mainnet update was announced.
And now he’s upping his game. Recently, Algorand surprised the community with a major update to the system.
With this new update, Algorand is declared quantum-secure and can now process up to 6,000 transactions per second. This is nothing new for ALGO though as it has always been considered one of the crypto networks with the fastest transaction processing.
In fact, Algorand’s mainnet could process a maximum of 1,000 transactions per second before this update.
ALGO beats BTC, ETH in transaction speed.
Nothing else is offered except CELO, XRP and SOL that can reach the speed of ALGO. It is one blockchain network that can beat both Bitcoin and Ethereum when it comes to transaction speed. Although this recent update to ALGO’s mainnet means that other crypto networks may well be biting the dust.
In addition to achieving that fast and furious movement, ALGO also includes filling in gaps in third-party interference cases. The upgrade to the network includes standardized integration where users can create cross-chain connections without involving any middleman, helping to prevent cyber-attacks.
Rotem Hemo, one of Algo’s founders, mentioned in a Medium post that the Wannet update will include a DApp update and an additional AM7 layer for seamless developer access.
According to Hemo, “AVM 7 provides the ability to generate arbitrary terms that allow each smart contract to obtain fresh randomization from a secure source when needed.
Following the Mainnet update, Algorand’s price increased by 6.8%.
With the announcement of a major network update, ALGO prices also seem to have risen nicely. according to CoinMarketCap, the price of Algorand increased by 6.88% or traded at $0.3194 at press time. But despite the price increase, ALGO is still 91.63% lower than ATH.
Chart: Santiment
On the other hand, ALGO’s trading volume declined by 9.06%, but its market capitalization rose to $2.08 billion.
Despite the rally, Algorand appears to be showing a bearish correction over the next couple of days. In fact, today’s trading session shows that the price of ALGO is declining by a few percent.
However, with the main net correction, most investors are optimistic that ALGO can hit the $3.56 zone again. ALGO price increased by 4.8% The latest news of the upgrade makes Algorand five times faster and more efficient.
ALGO total market cap at $2.2 billion on the daily chart | Source: TradingView.com Featured image from CoinCentral, chart from TradingView.com