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Algorand Virtual Machine Upgrade Boosts Simple, Even More Powerful Smart Contracts
AVM unlocks a more powerful system to create decentralised applications that can scale to be used by billions of participants worldwide, with a focus on enabling simplified creation and innovation.
Fremont, CA: Bockchain is the digital, distributed, and decentralized ledger enabling most virtual currencies that is responsible for logging all transaction without the need for a financial intermediary.
Algorand's Algorand Virtual Machine (AVM) is now available for use. The new upgrade will enhance the open source blockchain's position as a leading smart contract platform. This update to Algorand's Layer-1 protocol, which is now available on MainNet, provides robust tools for developers and organisations looking to build future-proof applications on fast, scalable, low-cost, and stable infrastructure.
AVM unlocks a more powerful system to create decentralised applications that can scale to be used by billions of participants worldwide, with a focus on enabling simplified creation and innovation. The protocol upgrade includes features that enable complex applications to run on a carbon-negative, high-speed, secure, and stable blockchain with instant finality.
"AVM is a major turning point for not only the entire Algorand ecosystem, but also blockchain developers more broadly," stated George Cotsikis, Founder of VenueOne, a decentralized prediction protocol running on Algorand. "The new features allow liquidity providers to algorithmically manage their risks in a highly granular way. People who are new to Algorand are going to find a lot of very powerful features that they wouldn't expect."
Algorand continues to develop advanced blockchain functionality and performance as part of its mission to provide developers with elegant technology. Since its inception, Algorand has had no downtime and offers advanced yet simple tools, making it the blockchain technology of choice for hundreds of organisations launching NFTs, payment solutions, regulated digital assets, new economic models, and DeFi offerings.