Layer-1 Blockchain Algorand Slashes Block Time through Protocol Upgrade June 24, 2023 June 24, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 24, 2023 by Kelly Cromley

Layer-1 Blockchain Algorand Slashes Block Time through Protocol Upgrade

Algorand, the “pure” proof-of-stake Layer-1 blockchain network, has announced its latest protocol upgrade that introduces faster block times and various other improvements. The recent protocol upgrade, which is now live on Mainnet, results in a reduction of block time to approximately 3.3 seconds, representing a speed increase of over 10%. Despite this increase in speed, the upgrade maintains instant transaction finality.

The capability of Algorand to instantly finalize transactions, combined with other performance enhancements, enables Algorand-based applications to provide a user experience comparable to traditional Web2 applications while benefiting from the inherent security and decentralization of blockchain technology.

This week, Algorand also celebrates the four-year anniversary of Algorand Mainnet and is on track to reach its 30 millionth block. A significant achievement underlying these milestones is that Algorand has experienced zero downtime since its launch in 2019.

The latest technical release from Algorand incorporates valuable feedback from the developer community to ensure faster, more accessible, and more cost-efficient application development.

Builders on Algorand now have access to several new products and enhancements, including Simulate, a powerful simulator for smart contracts. Simulate allows developers to rigorously test, identify, and resolve any issues before deploying to Mainnet. It also provides developers with a versatile reading of blockchain data, offering a clear and customizable view into the blockchain.

New developer capabilities have also been introduced, such as group resource sharing for application calls, devmode timestamp control for testing dApps, and new Algod endpoints for transaction group state updates. These capabilities enable developers to enhance their application development process.

Another addition is Conduit, a tool that provides flexible and lightweight data access. This technology allows developers to run their own data solutions, accessing their specific data requirements in a simple, flexible, and cost-effective manner.

Paul Riegle, Chief Product Officer at Algorand, emphasizes the company’s commitment to providing the best technology for developers and end users. The new capabilities offered by Algorand enable builders to bring higher quality dApps to market faster through customized data sets and more efficient testing.

Algorand continues to establish itself as a leading blockchain protocol, achieving speeds of 10,000 transactions per second (TPS) and supporting quantum-secure interoperability through State Proofs.

The latest protocol update coincides with the launch of AlgoKit by the Algorand Foundation. AlgoKit is a comprehensive and user-friendly developer tool suite designed for building Web3 applications on the Algorand platform.

Algorand is transforming economic models and various industries, with its high-performing Layer-1 blockchain developed by Turing Award-winning cryptographer Silvio Micali. The platform’s fast, frictionless, and inclusive technologies are reshaping sectors ranging from traditional finance and decentralized finance (DeFi) to new creator economies and beyond.

With a strong commitment to interoperability and consistent innovation, Algorand’s sustainable technology fosters greater participation, transparency, and efficiency for all users. It has become the preferred technology for over 2,000 global organizations, driving the transformation of the next generation of financial products, protocols, and value exchange.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.