According to Cointelegraph: Algorand, the layer-1 blockchain, has reported a significant 20% reduction in block creation times after implementing its latest protocol update, Dynamic Lambda, or "dynamic round times." This update has augmented the network's performance and throughput, bringing block times below an average of three seconds.
As announced by the Algorand Foundation on a Jan. 17 X (formerly Twitter) post, the update is now live. Post-update, data from Grafana indicates that the average block interval time has fallen beneath three seconds, hovering around approximately 2.9 seconds per block in comparison to Ethereum’s average block time of 12 seconds. Prior to the upgrade, Algorand was averaging block creation times at around 3.3 seconds.
Algorand's native token, ALGO, has seen a decrease in its valuation, trading at $0.189, which is about 4.5% and 3.7% down over the past 24 hours and over the past month, respectively, as per Cointelegraph Markets Pro data.
Algorand introduced Dynamic Lambda, voted into the network on January 10, as an algorithm adept at adjusting block finality based on factors like network congestion. This strategic adjustment is projected to contribute to improved scalability, quicker confirmations, and reduced average times.
Algorand likens the algorithm to an adaptable bus route schedule: rather than sticking to a rigid timetable, departure adjusts to the number of waiting passengers.
In Algorand's newly shared chess-themed roadmap for 2022, they envision supporting the Python programming language, moving to employ more non-archival relay nodes, upgrading its consensus mechanism, and transitioning to a peer-to-peer gossip network resembling Bitcoin's.
Billed as a solution to the "blockchain trilemma," Algorand maintains it's capable of ensuring scalability, security, and decentralization simultaneously. Algorand hosts multiple projects, such as the nonfungible token marketplace of FIFA and a digital banking and insurance platform based in Italy.
