Algorand Blockchain Sees 20% Reduction in Block Creation Time Following Dynamic Lambda Update
Summary:
The layer-1 blockchain Algorand has successfully implemented a protocol update, Dynamic Lambda, which has reduced block creation times by around 20%. The new average block time now sits at below three seconds. Algorand's own cryptocurrency, ALGO, is currently trading at $0.189. The upgrade is expected to improve scalability and confirmation times. In the future, Algorand plans to introduce support for the Python programming language and upgrade its consensus mechanism.
A recent protocol upgrade in Algorand, a layer-1 blockchain, has led to a reduction of around 20% in block creation times. This has resulted in average block times falling under three seconds. On January 17, Algorand Foundation announced via a Twitter post that the Dynamic Lambda update was now operational, leading to higher network performance and enhanced throughput. Data from Grafana indicates a decrease in block interval times to under three seconds, maintaining an average of 2.9 seconds per block following the update. In contrast, Ethereum’s block times have an approximate average of 12 seconds. Prior to the introduction of Dynamic Lambda, average block creation times were roughly 3.3 seconds.
The eponymous cryptocurrency of this blockchain, Algorand (ALGO), is currently trading at $0.189. It has experienced a 4.5% decline in the last 24 hours and a decrease of 3.7% over the past month, according to Cointelegraph Markets Pro data. The latest 24-hour ALGO price chart indicates the price has dropped over 4%.
Dynamic Lambda, first approved for the network on January 10, is essentially an algorithm which influences block finality based on network congestion and other variables. Algorand claims this will facilitate enhanced scalability, faster confirmation times, and a reduction in average times. This was explained with a comparison to a bus adjusting its departure time depending on passenger numbers rather than following a fixed schedule.
The organization also revealed its chess-themed development plan for the upcoming year, which includes supporting the Python programming language, more utilization of non-archival relay nodes, upgrading its consensus mechanism, and moving towards a peer-to-peer gossip network similar to Bitcoin.
Originally, Algorand was developed with the aim of resolving the "blockchain trilemma", the idea that a blockchain can only focus on two out of three areas: security, scalability, and decentralization. The platform currently hosts numerous projects, including global soccer organization FIFA's nonfungible token (NFT) marketplace and a digital banking and insurance market platform based in Italy.
Published At
1/18/2024 7:41:22 AM
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