The Algorand project introduced the AVM virtual machine to increase the scalability of decentralized applications and instant transactions.
How
reported Developed by Algorand, the Algorand Virtual Machine (AVM) is a layer-1 protocol update mechanism. In addition to improving scalability and transaction speed, AVM will “support the development of green, zero-carbon blockchains.” Developers will also present tools for writing smart contracts in Python or Reach programming languages.
Algorand Product Development Lead Paul Riegle said the AVM virtual machine enables the development of sophisticated smart contract-based applications for DeFi, trading and non-fungible token (NFT) platforms, and Web3-based products. Owen Colegrove, an employee of the decentralized banking platform Algofi, also commented on the launch of AVM.
“Along with the high performance of Algorand, AVM will bring scalability to a whole new level. The virtual machine will allow us to quickly iterate, optimize and improve our services, including lending protocol and decentralized finance services, ”Colegrove said.
Despite the volatility of the cryptocurrency market, September was quite a successful month for the ALGO cryptocurrency – on September 13, it reached a two-year high, exceeding $ 2.55. Today ALGO is trading at $ 1.58 and the coin’s market cap is $ 9.4 billion.
As a reminder, the Algorand Foundation recently launched a 150 million ALGO Viridis fund to develop NFT platforms, decentralized exchanges and DeFi projects powered by the Algorand blockchain.
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