ALGO Gets Positive Outlook As Algorand Is Scheduled To Get Major Upgrades In Coming Days

March 26, 2022 6:17 pm

ALGO recently made a recovery against its previous bearish trend and may continue this trend as the Algorand network is scheduled to get major upgrades in the coming week.

Algorand founder, Silvio Micali, has revealed that the upgrades are core changes that will make the network faster and more secure.

In addition, there will be an enhancement related to making the blockchain much focused on user privacy and ensuring that the network will be able to scale without issues as the user base continues to grow dramatically.

This was a major focus as Algorand had already added over 6 million new accounts in just 2022 alone so the major upgrades being announced now has increased investor confidence.

Securities.io reports:

In fact, speaking speed, the MIT professor also said that Algorand is working on an upgrade to improve the already ‘satisfactory’ performance of the network.

Micali elucidated that while the network is currently working okay with its load of users, it expects even more traffic in the future. He added that is especially the case as he sees Algorand as a transaction blockchain. Once the performance upgrade ships, it will likely enhance transaction speeds by a factor of up to 10.

It’s also important to remember that Algorand is also working on an Ethereum bridge that will expand its DeFi space and likely increase network load.

The realization that a multi-chain future is the way to go is dawning on many, and the Algorand CEO has seemingly recognized this. Acknowledging interoperability is critical; the co-founder said that a trustless decentralized bridge would be coming soon.

The other upgrade that Algorand is also still working on that is ongoing under the radar is the development of permissioned co-chains.

This will essentially allow developers to create ecosystems based on the main Algorand chain which could be extremely useful for creating things such as central bank digital currencies (CDBCs).

Based on the announcements of these major upgrades, ALGO has been recorded to already increase by around 18% over the past 7 days.

Market analysts are expecting price to continue given that the coin had just broken past a major resistance zone which was the 80 cents price.

With the upgrades as a catalyst, Algorand has received a bullish outlook which coincides with the increasing role of digital assets given recent world events.

Forkast.news concludes the facts:

Algorand is developing a layer of privacy with regulators while ensuring that privacy does not become a curtain to hide nefarious activities, Micali said.

The permissioned co-chains can help developers build ecosystems independent of the main Algorand blockchain and could be used for central bank digital currencies (CBDCs).

Algorand is also trying to increase its speed and scalability — the first planned upgrade will increase the network speed 10 times.

Launched in June 2019, Algorand is an open source public blockchain network that uses a pure proof-of-stake (PPoS) algorithm that randomly and secretly selects block validators.

Algorand, which has a market cap of US$5.4 billion, was trading at US$0.816 at press time — growing over 15% in the past week, according to CoinGecko data.

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