Blockchain platform Algorand has reportedly disclosed details of an introduction for the Algorand Virtual Machine (AVM) – a layer-1 protocol upgrade aimed at improving decentralized app scalability. 

Specifically, the new developers and organizations-focused AVM will reportedly offer significant assistance for instant transaction finality, as well as maintaining a negative carbon output. 

Apart from the above added features, the AVM will further offer developers program solutions to write smart contracts in Python or Reach – a format bearing resemblances to the multi-paradigm web page language Javascript.

This AVM upgrade allows for the development of complex smart contract based applications in DeFi, the NFT marketplace, web3 and more. We’re already getting great feedback within the Algorand ecosystem, and look forward to continuing this momentum.” Paul Riegle – Chief Product Officer at Algorand – reportedly remarked regarding the development. 

In early September, the Algorand Foundation reportedly introduced a 150 million ALGO fund, particularly dedicated to the cultivation of the platforms DeFi ecosystem, apart from nurturing the development of synthetic applications and NFT platform, amongst others. 

“AVM, coupled with Algorand’s existing high performance, enables scale at an entirely new level. Additionally, it’s incredibly easy to quickly iterate, streamline and improve our product, first with the lending protocol and later on with more DeFi banking services.” Owen Colegrove of Algofi, a decentralized banking platform built upon Algorand, further shared his perspective towards the news. 

Per insights generated by Cointelegraph Markets and TradingView, Algorand’s native token (ALGO) is having a price value of $2.13 at the moment.