Algorand, an environmentally friendly cryptocurrency, has continued to strengthen its blockchain with great innovation and creativity. The blockchain introduces an Algorand Virtual Machine (AVM) to increase the capabilities of smart contracts.
Algorand Strengthens the Open-source Blockchain’s Position
In a blog post released by Algorand today, the blockchain launches Algorand Virtual Machine (AVM), which strengthens the open-source blockchain’s position as a top smart contract platform. The Algorand’s Layer 1 protocol upgrade is now available on the MainNet. It provides powerful tools for developers and organizations to build future applications on a fast, scalable, affordable and stable infrastructure.
With a focus on simplified creation and innovation, AVM has opened up a more robust system to create decentralized applications that can be scaled for use by billions of subscribers worldwide. The functions included in the protocol upgrade enable complex applications on a fast, carbon-negative, secure and stable blockchain with immediate finality.
George Cotsikis, the founder of VenueOne, said that the AVM is not beneficial to the Algorand blockchain alone but also to the whole blockchain developers. The upgrade allows liquidity providers to use algorithms to manage their risk in a very nifty way with powerful features that they did not expect.
Algorand continues to build advanced blockchain features and services, fulfilling its mission of bringing innovative technology to developers. Since its inception, Algorand has experienced no downtime and offers advances. Easy-to-use tools, making it the block of choice for hundreds of organizations launching NFTs, payment solutions, regulated digital assets, new business models, and DeFi chain technology products.