Algorand launches virtual machine to increase smart contract capabilities

Algorand, a blockchain platform, has announced today the launch of the Algorand virtual machine (AVM), which is a layer-1 protocol update designed to improve decentralized app scalingability for developers and organisations, enable instant transaction completionity, and sustain a negative carbon output.

AVM will also give programmers tools to create smart contracts in Python and Reach. This is similar to Javascript, which is a multi-paradigm website language.

Algorand presented their eagerly awaited smart contract architecture two weeks ago with the implementation Plutus powered scripts in Alonzo’s hard fork. Although this was a significant step forward in Algorand’s ambitious roadmap, Algorand was careful to stress that expectations should not be unreasonable and that, despite being publicly launched over two years ago by the platform, it still believes that these are “early days for their project.”

Despite expectations of greater utility, Vercel app data shows that 27 Plutus-powered smart contract have been deployed as of the writing.

Related: Algorand’s stock price has risen to a multi-year record

Owen Colegrove, Algofi’s decentralized banking platform, said:

Algorand’s high performance and AVM allow for scale at a new level. It’s easy to iterate, streamline, and improve our product quickly, both with the lending protocol, and later with other DeFi banking services.

The Algorand Foundation launched an initial $150 million fund to cultivate the decentralized financial ecosystem of platforms. It also aims to foster growth for NFT and synthetic applications.

Cointelegraph Markets and TradingView data reveal that Algorand’s native token (ALGO), is currently valued at $2.13 The above fund’s value is close to $320million as of right now.

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