Algorand launches a virtual machine to improve smart contract capabilities

During the recent Alonzo hardfork, the platform introduced long-awaited functionality to smart contracts. Algorand, a blockchain platform, today announced the launch the Algorand virtual machine (AVM), which is a layer-1 protocol upgrade that will improve decentralized app scaling for developers and organizations, allow instant transaction finality, and sustain a negative carbon output. Algorand announced today that the AVM will allow developers to create smart contracts in Python and Reach. This is in addition to Algorand’s ambitious roadmap. However, Algorand was cautious in stressing that expectations should be reasonable and that even though the AVM was launched over two years ago, it still represents a significant step in Algorand’s ambitious roadmap. This was a significant step in Algorand’s ambitious roadmap. However, Algorand was careful in stressing that expectations should not be unreasonable and that even though the platform launched the project over two years ago, only 27 Plutus powered smart contracts were deployed at the time. Related: Algorand’s price has risen to a multi-year high. Algofi’s decentralized banking platform, Algofi, claims that Algorand’s existing high performance and AVM enable scale at a whole new level. It’s easy to quickly iterate and streamline our product, first with the lending protocol, and then with more DeFi banking services. Algorand Foundation launched a $150 Million fund earlier this month to cultivate the platforms decentralized financial ecosystem. It also fosters growth for synthetic applications, NFT platform, and other purposes. Cointelegraph Markets and TradingView data reveal that Algorand’s native token (ALGO), is currently priced at $2.13 The above fund’s value is close to $320million as of right now.

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