The Algorand layer-1 blockchain has seen a significant reduction in block creation times, approximately 20%, following a recent protocol update. This enhancement has brought the average block time to under three seconds.
On January 17, the Algorand Foundation shared via X (previously known as Twitter) that the implementation of the Dynamic Lambda, or dynamic round times, had been successfully activated. This update is celebrated for boosting network capacity and overall performance.
According to Grafana’s block time data, the average time for block intervals has fallen to just below three seconds, currently averaging about 2.9 seconds post-update. For context, Ethereum’s average block time is around 12 seconds.
Prior to this change, Algorand’s blocks were generated at an average pace of approximately 3.3 seconds.
Regarding its native token, Algorand (ALGO), it’s currently trading at $0.189. The token has experienced a downturn, dropping nearly 4.5% in the last 24 hours and 3.7% over the past month, as per Cointelegraph Markets Pro data.
Dynamic Lambda, which was initially approved for the network on January 10, is described by Algorand as an algorithm that adjusts block finality based on network congestion and other variables. This adjustment is expected to lead to shorter average times, enhanced scalability, and quicker confirmations. Algorand likens this to a bus that modifies its departure times depending on the number of waiting passengers.
Algorand also unveiled its chess-themed roadmap for the year. The roadmap includes plans to incorporate support for the Python programming language, a transition to more non-archival relay nodes, an upgrade to its consensus mechanism, and a shift towards a peer-to-peer gossip network, akin to Bitcoin’s.
Originally launched to challenge the “blockchain trilemma” — the notion that a blockchain must compromise on one of three core aspects: security, scalability, or decentralization — Algorand hosts numerous projects. These include FIFA’s nonfungible token marketplace and a digital banking and insurance market platform based in Italy.
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