Algorand token (ALGO) surged even as the cryptocurrency market fell due to weak macroeconomic conditions.
As evidence, ALGO is up over 8% in the past 24 hours despite a massive selloff across the altcoin market with Bitcoin (BTC) falling below $19,000 at $18,700 and Ethereum (ETH) down 6% in the past 24 hours.
The token's growth factor is the result of achieving 6,000 transactions per second (TPS) on the blockchain, beating Mastercard's 5,000 TPS.
Explained, ALGO is a blockchain protocol based on proof-of-stake (PoS) that makes the token decentralized, more secure and scalable without compromise.
Yesterday, ALGO achieved one of its most important technical achievements which is PoS on the blockchain which is able to digitally sign messages in a decentralized way.
According to Silvio Micali, co-founder of ALGO, PoS can maintain blockchain security from quantum attacks as well as allow decentralized communication with other blockchains.
He added that the blockchain can now handle 6,000 TPS compared to Mastercard, including block formation in 3.7 seconds.
For the record, ALGO's price spike during the crypto crash was in contrast to ETH's after The Merge, even though ETH fell by 20%, ALGO's technological breakthrough resulted in a surge of over 20%.
