Algorand Foundation Slashes Block Creation Time by 20%
The Algorand Foundation has announced that the block creation time on its layer-1 blockchain has been reduced by 20% thanks to an updated protocol. This means that the average block creation time on Algorand is now less than three seconds.
Dynamic Lambda Update Boosts Algorand Speed
The recent Dynamic Lambda update by the Algorand Foundation has resulted in faster throughput and increased network speed. Block time data from Grafana shows that the average block interval duration on Algorand remains around 2.9 seconds per block after the update, compared to 3.3 seconds before the upgrade. In comparison, Ethereum’s block creation time is currently 12 seconds.
Algorand Roadmap Reveals Future Updates
In addition to the dynamic round times update, the Algorand roadmap outlines several other planned updates. These include support for the Python programming language, enhancements to the consensus mechanism, a transition to a peer-to-peer gossip network similar to Bitcoin, and an increase in the total number of non-archival relay nodes.
Positive Outlook for Algorand Network
The successful deployment of the Dynamic Lambda update is a significant development for Algorand, as it enhances scalability and efficiency. This positions the network to attract more users and developers seeking effective blockchain solutions.
Algo Price Unaffected by Technological Update
Despite the technological advancements, the price of ALGO, Algorand’s native cryptocurrency, has not been impacted. ALGO is currently trading at $0.177 with a -7% price decline in the last 24 hours and a -12.64% price decline in the past 7 days.
Hot Take: Algorand Revolutionizes Block Creation Time with Dynamic Lambda Update
The Algorand Foundation’s implementation of the Dynamic Lambda update marks a significant milestone in the blockchain’s evolution. With block creation time reduced by 20%, Algorand demonstrates its commitment to improving speed and scalability. This update, along with other planned enhancements outlined in the roadmap, sets the stage for a promising future for the Algorand network. As the platform continues to attract more users and developers, it solidifies its position as a leading blockchain solution.
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