Algorand enhances network speed with protocol upgrade.

  • Algorand has reduced its block time from 3.8 seconds to 3.3 seconds through a recent protocol upgrade.
  • This is the largest reduction in block time percentage-wise for a PoS network and is seen as a move to improve performance in the face of competition.
  • The native Algorand token ALGO saw a brief rise to almost $0.13 before settling slightly lower.

Algorand has implemented a new protocol upgrade that significantly reduces block time, leading to improved network performance.

The proof-of-stake network announced the upgrade had gone live on mainnet on Thursday, resulting in a network speed improvement of over 10%. The previous 3.8 second block time has now been reduced to 3.3 seconds, which is the largest block time reduction percentage-wise for Algorand.

1/ Major Protocol Upgrade unleashes 3.3 second transaction finality on #Algorand and incorporates key new features for streamlining application development 👉 https://t.co/3LylJ7XWnt pic.twitter.com/v64yrnmI17

— Algorand (@Algorand) June 22, 2023

It is worth noting that Algorand still maintains instant transaction finality even with the protocol upgrade. The faster and cost-efficient application development on the PoS network is made possible by today’s upgrade.

The native token ALGO briefly rose by almost 5% following the news and traded near $0.13. However, it is now trading around $0.125, which is about 1.5% higher than the past 24 hours.

Cardano and BNB Chain also introduced upgrades

Algorand’s block time reduction is part of the trend among blockchains to introduce upgrades to tap into the growing developer ecosystem.

Earlier this week, Cardano introduced upgrade 8.1.1, which aims to speed up network processes during epoch transitions for better performance. BNB Chain’s Luban hard fork, introduced last month, also aimed to improve network speed and security.

In addition to block time reduction, the latest Algorand upgrade includes other enhancements such as Simulate, a tool that allows developers to simulate smart contracts and test for bugs and other issues before deploying on the mainnet. Another tool is Conduit, which allows for flexible and affordable access to data.

Paul Riegle, Chief Product Officer at Algorand, said, “We are hyper focused on Algorand providing the best tech for developers to engage with and end users to experience.” He added that the new capabilities will allow developers to quickly build and deploy high-quality dApps to the market, leveraging faster, efficient testing and customized data sets.

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