Blockchain platform Algorand has today announced the launch of the Algorand Virtual Machine, or AVM, a layer-1 protocol upgrade designed to enhance decentralized app scalability for developers and organizations, enable instant transaction finality and sustain a negative carbon output. 

In addition to these advancements, the AVM will also give developers program tools to write smart contracts in Python or Reach, a format similar to the multi-paradigm web page language Javascript.

Cointelegraph reached out to Algorand's Chief Product Officer, Paul Riegle for his perspective on upgrade:

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.”

Earlier this month, the Algorand Foundation launched a 150 million ALGO fund focused on the cultivation of the platforms decentralized finance ecosystem, in addition to fostering growth for synthetic applications and NFT platform, amongst others. 

Related: Here’s why Algorand's price just rallied to a new multi-year high

Owen Colegrove of Algofi, a decentralized banking platform built upon Algorand, also commented:

“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."

Data from Cointelegraph Markets and TradingView reveals that Algorand’s native token (ALGO) is currently priced at $2.13. As of now, the value of the above fund stands at close to $320 million.

An earlier version of this story provided erroneous background information that was not relevant to Algorand. We have made changes to improve upon the story’s accuracy as of Sept. 29, 2021 at 4:25 pm UTC.