Algorand (ALGO) reduces block time with new protocol upgrade

Algorand (ALGO) reduces block time with new protocol upgrade
фото показано с : invezz.com

2023-6-22 17:40

The proof-of-stake network Algorand upgraded its platform on Thursday. It has introduced various improvements to ensure cost-efficient and quicker app development. The latest network update will significantly reduce block time.

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

The blockchain’s confirmed lowering block time from 3.8 seconds to 3.3 seconds, which represents the largest percentage reduction for Algorand.

Algorand upgrades amid increased competition

Algorand’s upgrade comes as the blockchain space becomes competitive, with many firms introducing enhancements to attract developers. For example, Cardano developers released an upgrade that reduces epoch transactions on Monday (June 20). The update would make ADA’s network seamless for users.

Block time refers to the duration the network takes to produce new blocks. Reducing this timeframe while ensuring cost-effectiveness and speed makes the blockchain attractive for developers.

Other improvements within the Algorand platform include a simulator for developers to try creations before mainnet deployment. Also, users will access a new plugin that enables individuals to create personalized data.

Algorand’s upgrade happens during the blockchain’s fourth anniversary and when its mainnet approaches 30 million blocks.

ALGO price

The platform’s native token, ALGO, soared over the past 24 hours. The altcoin gained 4.8% to trade at $0.1267 at press time. Meanwhile, the upticks corresponded with the overall market.

Cryptocurrency prices surged on Thursday as Bitcoin pushed past the $30K value area. As invezz.com reports suggest, institutional interest has contributed to impressive price actions within the crypto world over the past few days.

The post Algorand (ALGO) reduces block time with new protocol upgrade appeared first on Invezz.

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network algorand time block cost-efficient ensure reduce

Источник: invezz.com

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