Algorand Virtual Machine Upgrade Fuels Simple, Even More Powerful Smart Contracts

Major protocol upgrade catalyzes wave of DeFi applications building on Algorand, the carbon-negative blockchain network

BOSTON, Sept. 29, 2021 /PRNewswire/ -- Algorand, the technology company powering the platform for next-generation blockchain-based applications, today announced the availability of the Algorand Virtual Machine (AVM), enhancing the open source blockchain's position as a leading smart contract platform. This upgrade to Algorand's Layer-1 protocol, now available on MainNet, provides robust tools for developers and organizations looking to build applications of the future on fast, scalable, low cost and stable infrastructure.

With a focus on enabling simplified creation and innovation, AVM unlocks a more powerful system to create decentralized applications that can scale to be used by billions of participants around the world. Features included in the protocol upgrade allow for complex applications on a high speed, carbon negative, secure and stable blockchain with instant finality.

"AVM is a major turning point for not only the entire Algorand ecosystem, but also blockchain developers more broadly," said George Cotsikis, Founder of VenueOne, a decentralized prediction protocol running on Algorand. "The new features allow liquidity providers to algorithmically manage their risks in a highly granular way. People who are new to Algorand are going to find a lot of very powerful features that they wouldn't expect."

Algorand continues to build advanced blockchain functionality and performance, executing its mission to provide elegant technology for developers. Algorand has experienced zero down time since launch and provides advanced yet easy-to-use tools, making it the blockchain technology of choice for hundreds of organizations launching NFTs, payment solutions, regulated digital assets, new economic models, and DeFi offerings. 

"To deliver on DeFi's promise and launch the most powerful AMM available, we needed a blockchain protocol that would provide superior functionality and reliability. AVM and the available tooling for developers increases the ease of building on a world class protocol," said Kaan Eryilmaz, CEO of Tinyman, a decentralized marketplace for traders launching soon on Algorand. "Algorand's foundational tech continues to deliver what will allow future generations of developers to tackle more challenging opportunities across DeFi, traditional finance and beyond."

"AVM is very important for Algofi. With this new tech, we can have more in-depth functionality on the smart contracts and avoid unnecessary transaction fees - this will help us build the most disruptive lending protocol in the market," said Owen Colegrove of Algofi. " AVM, coupled with Algorand's existing high performance, enables scale at an entirely new level. Additionally, it's incredibly easy to quickly iterate, streamline and improve our product, first with the lending protocol and later on with more DeFi banking services."

Algorand is focused on creating tools for any developer to use, not just those focused on crypto. AVM allows developers to write smart contracts in Python or Reach, a simple programming language similar to Javascript. It also includes new features that developers can tap for a variety of use cases beyond DeFi. To support those looking to leverage Algorand, developer.algorand.org has recently been updated to ensure best-in-class resources for developers of all types.

About Algorand
Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for DeFi, financial institutions, and governments to smoothly transition into FutureFi. For more information, visit www.algorand.com. 

Media Contact: Ditto PR, algorand@dittopr.co

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