Algorand launches virtual machine to increase smart contract capabilities

The upgrade promises to deliver negative carbon output across the platform.

Blockchain platform Algorand has today announced the launch of the Algorand Virtual Machine, or AVM, a layer-1 protocol upgrade designed to enhance decentralized app scalability for developers and organizations, enable instant transaction finality and sustain a negative carbon output. 

In addition to these advancements, the AVM will also give developers program tools to write smart contracts in Python or Reach, a format similar to the multi-paradigm web page language Javascript.

Cointelegraph reached out to Algorand’s Chief Product Officer, Paul Riegle for his perspective on upgrade:

Earlier this month, the Algorand Foundation launched a 150 million ALGO fund focused on the cultivation of the platforms decentralized finance ecosystem, in addition to fostering growth for synthetic applications and NFT platform, amongst others. 

Owen Colegrove of Algofi, a decentralized banking platform built upon Algorand, also commented:

Data from Cointelegraph Markets and TradingView reveals that Algorand’s native token (ALGO) is currently priced at $2.13. As of now, the value of the above fund stands at close to $320 million.


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