Algorand Surpasses Top Layer1s in Speed with its Latest Upgrade

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  1. Algorand’s new release, 3.16.0-beta, significantly accelerates transaction speed.
  2. Algorand surpasses many top Layer1s combined in transaction speed.
  3. Algorand treats all transactions equally, regardless of their complexity.

Algorand has rolled out a new update (3.16.0-beta) that has propelled it into the realm of high-speed transactions, outmatching the combined speeds of many top Layer1 blockchains. Contrary to conventional practice, Algorand upholds the principle of neutrality, treating all transactions equally, whether they are simple Algo transfers or complex smart contracts​​.

This release, which necessitated a protocol upgrade, comes with a host of enhancements, including a reduction in round time of approximately 0.4 seconds and numerous developer-friendly features. A significant change in this update is the requirement for assets or applications within a contract to have an ID greater than 256, a move that eliminates opcode ambiguity​​.

Algorand is getting even faster? With higher throughput than many top Layer1s combined? 👀👏

(While some blockchains market TPS capacity based on what looks best for their chain, on @Algorand a transaction is a transaction- regardless of simple $algo sends or smart contracts.)…

— MichaelJordan.algo #Consensus2023 (@AlgoFamily) May 26, 2023

The upgrade’s implementation has resulted in a two-fold protocol upgrade, namely Consensus v37 and v38. While no action is required from node runners, this double upgrade enhances the support for State Proof-related options​.

The strides made by Algorand are a testament to its commitment to fostering ease and accessibility in the blockchain development space. It continues to bolster the developer experience, whether seasoned or novice, by making blockchain development more approachable.

Algorand’s latest update is more than just an improvement; it’s a revolutionary step in the blockchain industry. With its unwavering commitment to speed, simplicity, and neutrality in transactions, Algorand is indeed shaping the future of blockchain technology.

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