Algorand Presents New Opportunities With Its Upgrade

The traditional ways of doing things has been considered as the normal method regardless of the fact that it was crippled by a lot of flaws that made operations in traditional systems turn out ineffective, until the digital revolution set in.

But even at that, the different applications created were all geared towards providing tools which will make activities to become easier both in the digital space and otherwise, but none of them actually possessed what is required to improve the different industries which are considered to be the pioneers of the ongoing digital revolution.

The Blockchain technology came as a remedy to this problem, to bring improvement not only to the traditional sectors but to the financial system of the different sectors making up the global  system.

Blockchain has been around for a while now, but irrespective of its time of creation, it has improved more systems than a lot of the traditional tools combined, a clear indication that the Blockchain has a lot in stock for the global system, if adopted on a global scale.

Unluckily, the Blockchain technology is not enjoying as much adoption as needed to let the world profit from this wonderful technology and this is dependent on the fact that most Blockchain systems do not have the tools with which developers can create Blockchain-based products that will be used all over the world to improve the life quality of users, by giving them access to an unforeseen benefits which can only be enjoyed on the Blockchain.

In other words, the world is still restricted from accessing all that the Blockchain promises.

Well, there is a solution to this, which has brought back hope into the Blockchain industry and the world at large, creating a possibility for the development of sophisticated Blockchain products.

Algorand Facilitates Improved Dapps

Algorand is a Blockchain platform that facilitates the development of Dapps and other DeFi tools through its Blockchain protocol.

This Blockchain Protocol is the first of its kind, as a decentralized, open-source and permissionless technology that has different features with which developers can build different kinds of Dapps, with ease.

The Algorand system which is made up of the Algorand Foundation and Algorand Inc. has recently unveiled the release of a more sophisticated version of its technologies to make for the achievement of more possibilities on the Blockchain.

From the announcement made by the Algorand system on upgrading its Blockchain smart contracts and giving it additional features as well as improving the existing ones to serve different purposes in the digital system, the Algorand Blockchain system has yet again proven its superiority over other Blockchain systems showing that it is not limited by the numerous challenges that are limiting the Blockchain industry, rather it keeps proffering solution to them.

 

New Features Presented To Users

The improved Blockchain smart contract developed by Algorand for global use is easy to use and exhibits different features which is not seen in the smart contract of other Blockchain systems.

Having seen that the Algorand Protocol which is the Blockchain of the Algorand platform, is sophisticated and is rated as a state-of-the-arts Blockchain technology, which has not only stood the taste of time, but has also lead to the creation and deployment of numerous applications, the system made its upgraded Blockchain smart contract to be integrated into the Layer-1 Blockchain Protocol for the sole purpose of easily interacting with the Blockchain while performing different functions for which it was created and at the same time, allow the users of this smart contract, full access to its Blockchain Protocol.

In addition to this, the improvement of the Blockchain smart contract of the Algorand system does not only make operations effective rather it also ensures that whatever is created on the Algorand system with the use of this smart contract, will possess a lightning fast speed when it comes to processing transactions which will be done in a cost efficient way, unlike other systems that charges too high for transactions to be executed.

Adding to the aforementioned features, there are still improved security which will be enjoyed by users of this new smart contract as well as a scalability feature.

Reason For The Upgrade

Aside from giving users the opportunity of benefiting from all the benefits of the Blockchain most of which were not known before now, through this upgrade, Algorand Blockchain smart contract will fuel the development and functioning of applications, even the complicated ones.

These Dapps that will be created through the upgraded Algorand technologies will become the solution to the inefficient financial system of today's world, by facilitating Decentralized Finance (DeFi) and serving as the products with which it will function effectively.

By being scalable, Dapps created by it will be easy to incorporate into the different systems of the world so that it can be utilized by the global masses without stress.

The new set of DeFi applications that will be developed on the Algorand Blockchain system will be highly sophisticated having use cases which cuts across numerous industries, reaching billions of people, thereby making the global system better.

 

Conclusion

Algorand is indeed focused at creating a better world that is well equipped to feature in the digital system by giving everyone the tools to profit from the Blockchain industry.

Every Dapp or DeFi tool that emerges from the Algorand Blockchain and its improved smart contracts, brings the world to financial freedom and solidifies the global financial system.

 

Article written By: Gifton

Source : https://www.algorand.com/resources/news/stateless-smart-contracts-for-sophisticated-applications

Posted by Shen Juice