Ryan Fox, developer advocate at Algorand, says that the network will achieve 45,000 transactions per second (TPS) by the end of the year.
Fox spoke during the second day of UDC 2021, a blockchain conference hosted by Dunamu, the firm that operates the South Korean exchange Upbit.
Fox spoke during the second day, focusing on the “smart contract fundamentals.”
Algorand is a blockchain network that operates through a proof-of-stake (POS) consensus mechanism that has resulted in a very high transaction output.
The network supports two types of nodes: relay nodes and participation nodes.
Relay nodes are network hubs, while participation nodes run the consensus protocol that communicate via relay nodes.
"Algorand has achieved a TPS of 10,000. Even today the network processed transactions at a rate of 6,000 per second," Fox said.
"We're considering a layer 2 solution that will allow transactions to be confirmed off-chain when an application's computation takes longer than two seconds to process a transaction. This would increase our TPS," he explained.
Fox mentioned that the El Salvadoran government, which recently recognized Bitcoin as a state currency, has agreed to work with Koibanx, a Latin American asset tokenization and blockchain infrastructure firm, to develop El Salvador's blockchain on Algorand's network.
He attributed El Salvador’s selection of Algorand to the network’s superior TPS.
UDC 2021 articles are sponsored by Upbit.
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