Algorand Implements a New Update to Reduce Block Times

The Algorand Foundation recently revealed that block creation time on the layer-1 blockchain has been slashed by 20% thanks to an updated protocol.

This takes the average block creation time on Algorand to less than three seconds. Let’s discover more about this important milestone.

Algorand Speeds Up with Block Time Update

The Algorand Foundation said the Dynamic Lambda (dynamic round times) update would result in quicker throughput and increased network speed.

Interestingly, block time data from Grafana shows that, since the update, the average block interval duration has remained around 2.9 seconds per block. Before the upgrade, block creation time on Algorand was around 3.3 seconds. In contrast, Ethereum’s block creation time currently sits at 12 seconds.

The Algorand Foundation also released its roadmap, which states that the dynamic round times will give the Algorand network the much-needed flexibility to improve its scalability and efficiency.

The successful deployment of the Dynamic Lambda update is no doubt a huge development for Algorand, as it unlocks fresh prospects for the network. This positions the network to draw in more users and developers searching for effective blockchain solutions.

Algorand Has More Updates on the Way

The Algorand roadmap reveals other notable updates aside from the dynamic round times. Some of the planned updates 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.

Algorand is home to hundreds of projects and applications, including non-fungible tokens (NFTs), decentralized finance (DeFi), etc. However, the recent technological update does not seem to have affected the price of ALGO.

ALGO currently trades at $0.177, a -7% price decline in the last 24 hours and a -12.64% price decline in the past 7 days.

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.