Algorand (ALGO) deploys ground-breaking smart contract upgrade

Algorand has launched a virtual machine aiming to unlock the full potential of smart contracts as part of a massive update to the carbon neutral blockchain.

The Algorand virtual machine will enable developers from all backgrounds to deploy smart contracts quickly and efficiently, utilising well-known languages such as Python and Reach. It also empowers dApp development using Java and Go.

This represents a huge democratisation and extension of access to smart contracts for new developers that haven’t had the time and experience to commit to more complex and standard languages such as Solidarity.

More than 52% of the development community use Python, which has rapidly emerged as the most popular programming language globally.

Democratising the decentralised revolution is at the heart of the Algorand project, and is rooted in beliefs held by founder Silvio Micali about the future of finance that the industry need to provide tools functional to any developer not just crypto specialists.

Speaking exclusively to Coin Rivet – Paul Riegle (Algorand’s Chief Product Officer) took the time to explain why Algorand was perfectly positioned to extend the benefits of smart contracts to the entire development community – something critical for mass adoption.

“Algorand is a proven blockchain network that meets the rigorous speed, security, and stability requirements needed to launch enterprise-ready applications,” he explained.

“It’s also the most environmentally friendly blockchain and has never experienced any network downtime.

“This Algorand Virtual Machine upgrade allows for the development of complex smart contract-based applications in DeFi, the NFT marketplace, web3 and more.

“We’re already getting great feedback within the Algorand ecosystem, and look forward to continuing this momentum.”

Algorand (ALGO) enable asset securitisation

Other exciting features are new streamlined tools for developers to mint NFTs, fungible tokens and, perhaps most exciting, security tokens – an area which is projected to grow to $162tn trading volume by 2030.

Speaking with Coin Rivet, Owen Colegrove – founder of Algofi (a decentralised bank built on the Algorand blockchain) – walked us through just how exciting the new virtual machine was for the industry.

“Algorand Virtual Machine 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,” he said.

“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 has been making big strides in the decentralised banking space, with the ALGO blockchain recently chosen by President Bukele of El Salvador to deliver the young nation’s new banking blockchain infrastructure.