Algorand, a blockchain platform, has revealed the release of the Algorand Virtual Machine (AVM), a layer-1 protocol update intended to improve decentralized app expandability for coders and organizations, allow immediate transaction completion, and maintain a zero carbon footprint.
Aside from these improvements, the AVM will provide developers with programming tools for writing smart contracts in Python or Reach, a style akin to the multi-paradigm web page language Javascript. Paul Riegle, Algorand’s Chief Product Officer, said of the update, “This AVM improvement enables for the building of sophisticated smart contract powered applications in DeFi, the NFT marketplace, web3 and more.”
“We’re currently receiving positive comments from the Algorand environment, and we’re excited to keep this streak going.” The Algorand Foundation established a 150 million ALGO fund earlier in September, with the goal of cultivating the platform’s decentralized financial environment, as well as encouraging development for synthetic apps and the NFT platform, among many other things.
“AVM, along with Algorand’s current great results, allows scalability at a whole new level,” said Owen Colegrove of Algofi, a decentralized financial platform based on Algorand. “Furthermore, it is very simple to modify, simplify, and enhance our offering, initially with the loan covenant and subsequently with other DeFi financial facilities.”. According to CoinGecko data, Algorand’s native token (ALGO) is presently valued at $2.13. The above-mentioned fund is now valued at close to $320 million.
