Sean Lee – Chief Executive Officer Algorand Foundation expressed:  Algorand is a Layer 1 protocol founded by renowned computer scientist and MIT professor Silvio Micali. Silvio is a Turing Award Winner and the core inventor of several core fundamentals of modern cryptography including zero knowledge proofs, and verifiable random functions.

Algorand is designed as the next generation Layer -1 protocol, which has solved the blockchain trilemma – security, decentralization and scalability. Those who are interested in the technical capabilities of the blockchain there are several papers already published which users can go through to know more about the innovations in detail.

Algorand is carbon neutral. Energy efficient by design.  They have pledged to be carbon negative in collaboration with their ecosystem partners. This is extremely important as having a sustainable future

Algorand’s Virtual Machine (AVM) upgrade to smart contracts is a game-changer and supercharges the innovation and creation behind the development of Smile Coin’s dApp. Also, the upgrade is catalyzing a wave of DeFi applications.

This is a major protocol upgrade, which catalyzes, the wave of DeFi applications while building on Algorand, the carbon-negative blockchain network.

The Algorand Virtual Machine (AVM), is now available.  It enhances the open source blockchain’s position as a leading smart contract platform. This upgrade to Algorand’s Layer-1 protocol is now on MainNet.  Thus, provides robust tools for developers and organizations who are looking to build applications of the future on fast, scalable, low cost and stable infrastructure.

George Cotsikis, Founder of Venue One, a decentralized prediction protocol on Algorand, expressed, “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.  AVM is a major turning point for not only the entire Algorand ecosystem, but also blockchain developers more broadly.”

Algorand is continuing to facilitate advanced blockchain functionality and performance.  Thus, executing its mission to provide for an elegant technology for developers.

Algorand has experienced zero down time ever since its launch and makes it possible for advanced yet easy-to-use tools, thus making it the blockchain technology of choice for several hundreds of organizations launching NFTs, payment solutions, regulated digital assets, new economic models, and DeFi offerings.

AlgoFi expressed:  The AVM upgrade helps makes building defi more seamless while maintaining the superior decentralization, scalability, and security at Algorand offers. At Algofi, we’re excited to use the improvements in our launch later this year!