Blockchain platform Algorand has announced the mainnet launch of the Algorand Virtual Machine, or AVM, a back-end upgrade to improve its position as a smart contract platform.
In an announcement made today, the platform listed the merits of AVM and noted that it will strengthen the computing power of smart contracts based on the blockchain and dApps, and encourage development.
Currently, the widely used virtual machine on the blockchain is the Ethereum virtual machine (EVM), with many higher-level projects such as Avalanche, BSC, and Polygon also supporting EVM.
With the introduction of virtual machines in Argoland, important functions such as the versatility and scalability of smart contracts in DeFi and cross-chain support will become more scalable and can be operated on a low-cost and stable infrastructure.
George Cotsikis, Founder of VenueOne, a decentralized prediction protocol running on Algorand, said:
“AVM is a major turning point for not only the entire Algorand ecosystem, but also blockchain developers more broadly. 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.”
Algorand has recently been reporting some major developments including partnering with SkyBridge Capital, a major US hedge fund, and NAX, a company asset management, and management company, to jointly explore opportunities for investment and development by institutional investors.
In addition, the Argoland Foundation has established a DeFi fund worth $150 million to promote the development of Argoland-based DeFi projects.