Algorand (ALGO) has delivered a protocol upgrade to cut block confirmation times to approximately 3.3 seconds, boosting network performance that reduces block confirmation times to approximately 3.3 seconds, significantly improving network performance.

Block time refers to the time miners or validators take to verify a transaction and produce a new block. This is a factor in network speed, measured in Transactions Per Second (TPS). Low block times/high TPS is a significant aspect of solving the scalability challenge.

For comparison with Algorand’s upgraded performance, the block times of other significant Proof-of-Stake (PoS) blockchains are:

Blockchain
Block Time
Ethereum
12 seconds
BNB Chain
3 seconds
Cardano
20 seconds
Polygon
2 seconds

(BNB Chain, previously Binance Smart Chain, is a Proof-of-Stake Authority (PoSA) chain, which incorporates designated validators operating the network, unlike a pure PoS chain with few barriers to joining the network.)

The upgrade also included additional improvements, including smart contract simulation to test for issues before deployment, developer features such as group resource sharing and endpoints for transaction group state updates, and better data access solutions.

Paul Riegle, chief product officer at Algorand, said the company is focused on building the best technology for developers to deliver engaging user experiences. He added:

“Through these new capabilities, builders can get higher quality dApps to market faster through customized data sets and faster and more efficient testing.”

The ALGO price is down 95% from its $2.38 previous cycle peak on September 13, 2021.

Factors involved include SEC allegations that the ALGO is a security and the mysterious hack of third-party wallet provider MyAlgo – with Algorand Foundation CEO Staci Warden saying they have turned the information over to the FBI following unsuccessful forensic investigations.

As of press time, ALGO was up 13.9% over the past week but down 1.2% over the last 24 hours.

The post Algorand releases new protocol upgrade delivering quicker performance appeared first on CryptoSlate.

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Filed under: Bitcoin - @ June 23, 2023 12:23 pm