Algorand (ALGO) Implements Significant Network Block Time Reduction in Major Upgrade
Algorand, a proof-of-stake (PoS) network, has launched a major protocol upgrade that reduces the block time from 3.8 seconds to 3.3 seconds. This update reflects the network’s efforts to enhance performance amid increasing competition in the blockchain industry. The upgrade, which boasts the largest decrease in block time percentage-wise for Algorand, has resulted in an improved network speed by over 10%. The ALGO token, the native cryptocurrency of Algorand, experienced a price increase, reaching nearly $0.13 before slightly declining.
The upgrade also maintains Algorand’s instant transaction finality, making application development on the PoS network faster and more cost-efficient. Other blockchain networks, such as Cardano and BNB Chain, have also introduced similar upgrades to cater to the growing developer ecosystem. Additionally, the Algorand upgrade includes features like Simulate, which enables developers to simulate smart contracts for bug testing before deployment, and Conduit, which provides affordable and flexible data access. The new capabilities provided by this upgrade enable developers to quickly build and deploy high-quality decentralized applications (dApps) with faster and more efficient testing and customized data sets.