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Algorand, Level 1 proof of stake, announced a new update to its protocol that could improve transactions per second (TPS) and secure communication between circuits through state checking.
Algorand Proof of State is an interoperability standard that aims to securely connect Algorand to other blockchains and increase TPS. Proof-of-state provides an interface that any proof-of-stake blockchain can use for cross-chain communication and transactions.
Algorand claims that this update increases the TPS network from 1200 to 6000.
While the increase in TPS may be a positive update, more information is needed to understand what impact it will have on users and protocols.
TPS is a measure of speed and is not related to completion, that is, when a transaction is processed and completed on the blockchain. Finality is important for security because it ensures that a transaction cannot be reversed and needs to be considered when evaluating TPS on blockchains.
Algorand’s chief product officer, Paul Ragl, believes that evidence of the state is a “game changer” for secure blockchain interoperability.
Algorand’s founder, Silvio Micali, echoed this, stressing the importance that “decentralization should not come at the expense of performance or security” and his belief that evidence of state is “the most important security function for communication between networks.”
Security for messaging and transactions between chains is of increased importance, with several hacks occurring over the past year.
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