Algorand To Get Major Network Update To Improve Efficiency for Running DappsMarch 7, 2022 2:33 pm
Algorand has recently announced that a new update will be coming to the blockchain ecosystem which will allow decentralized applications (Dapps) to run more efficiently.
Decentralized applications are one of the major use cases that all the major blockchains focus on as it allows for the processing of applications on a decentralized network.
Transactions that are facilitated on the blockchain will allow for the application to run and protects the application from having any downtime since it does not run on a single computer.
Decentralized applications have already existed on the Algorand blockchain for a while now, but this new update will reportedly allow developers to call each other on demand which was not the case previously.
Algorand Blockchain Poised For A Big Network Update; Will It Help? CRYPTO CRYPTO NEWS – https://t.co/CgNfDuFbyM
— Crypto Crypto News (@CryptoCryptoNe3) March 5, 2022
Until today, developers of Dapps in the Algorand blockchain had no option to automatically make a direct call to other developers.
The only way a Dapp developer could call other developers was by manually storing the contract data in each smart contract’s local and global versions.
To solve this time-consuming issue, Algorand has decided to implement an upgrade that will enable developers to call each other directly on the go, automatically.
This network update will enable simplifying the production and development cycle of various Algorand Dapps and can also result in the creation of more complex Dapps in lesser time.
For example, suppose a person wants to build a marketplace for his non-fungible tokens (NFTs), and lists the NFTs for sale against only USDT and Algo crypto.
Now due to exchange rate volatility between the pair, USDT-Algo, he may get less money than intended. He, however, has the option to use Dapp and check the rates offered there before choosing the one that is suitable for him. This process will now happen on the go and without any manual intervention.
This was not the only update that was announced by the company as there were other updates in store that would make the Algorand more attractive as a proof-of-stake blockchain.
It was reported that Algorand will start employing the use of “Falcon Keys” which will essentially allow access to the blockchain when you are on a low-power device such as a smartphone.
As a result, this makes the ecosystem much more accessible and allows it to take part on the large mobile phone market and obtain a lot more users.
With that being said, having a perfect blockchain ecosystem is incomplete without having the appropriate development community to create and update applications.
To achieve that result, the company has recently launched a $20 million incentive program to help encourage development activity on Algorand and to also attract developers from other blockchains such as Ethereum to support Algorand when building their applications.
— Virtual Consultants (@itvc_) March 5, 2022
Lastly, Algorand has introduced a $20 million incentive program for rewarding builders who construct Dapps utilizing its instruments and make it appropriate with the Ethereum Digital Machine (EVM).
“(Algorand) Builders are constructing versatile decentralised purposes which have and can proceed to disrupt all kinds of industries,” stated Paul Riegle, chief product officer at Algorand, in a blogpost revealed on their web site.
Investors are hoping this update will allow Algorand to continue developing its ecosystem to be an attractive alternative compared to other competitors such as Ethereum which has disadvantages such as high gas fees.
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