Algorand reports on the release of innovations
Network introduces State Proofs interoperability standard
It removes the intermediary from interconnection transactions
The update also significantly improves the network’s TPS
The Algorand protocol administration announced the successful release of the update yesterday, 7 September. Afterwards, the network performance has increased from 1200 to 6000 TPS, i.e. five times.
1/ Major Protocol Upgrade: Now live on #Algorand MainNet, the release introduces State Proofs for trustless cross-chain communication and 5x faster performance
- Algorand (@Algorand) September 7, 2022
In fact, this makes the protocol one of the fastest Layer 1 solutions in cryptography. By comparison, the maximum throughput of BTC is 5-7 TPS, ETH is 10 TPS, Visa is 1700 TPS.
Another important innovation is State Proofs. This is an interoperability standard that securely connects different blockchains for interconnect transactions without a middleman.
This tool can be used by any PoS chain without any loss in efficiency or reliability. This eliminates the need for bridges or validators, which significantly narrows the “risk area” for possible hacking.
“With today’s (September 7 announcement) release, Algorand reiterates the fact that decentralisation should not come at the expense of performance or security. Interaction between blockchains is the future, and State Proofs represents a critical function of communication between networks. We believe this technology will propel the entire crypto-platform forward,” stressed company founder Silvio Micali.
Remarkably, Algorand has had no downtime since its launch. It is the undisputed leader among Tier 1 protocols for most dApps developers. In comparison, the Solana network “crashes” almost regularly. In addition to crashes, the platform experienced a major hack. The damage exceeded $5 million.
