• Algorand recently launched a new protocol upgrade that has cut block time from 3.8 seconds to 3.3 seconds.
• This is the network’s largest decrease in block time by percentage and comes as blockchains look to improve performance.
• The upgrade also introduces tools such as Simulate and Conduit, which allow developers to simulate smart contracts and access data more flexibly.
Algorand Protocol Upgrade
Algorand recently released a new upgrade that significantly reduces its proof-of-stake network’s block time from 3.8 seconds to 3.3 seconds, providing a 10% boost in performance. The native ALGO token rose nearly 5% following the news, though it later traded slightly lower on Thursday afternoon.
The Algorand protocol upgrade not only increases network speed but also provides other enhancements for application development on the PoS network, such as Simulate and Conduit tools for simulating smart contracts and accessing data more flexibly and cost-effectively respectively.
Competition Among Blockchains
The latest Algorand protocol upgrade comes amid similar upgrades across the blockchain ecosystem as competitors look to tap into the growing developer community space with faster networks and improved performance features. Other protocols such as Cardano 8.1.1 and BNB Chain Luban hard fork have also sought to improve their respective networks‘ speeds and security levels with their upgrades.
ALGO Token Price
Following the news of the Algorand protocol upgrade, ALGO token price rose near $0.13 before trading slightly lower on Thursday afternoon at around $0.125 – 1.5% higher than in the past 24 hours at the time of writing this post..
Overall, Algorand’s latest protocol upgrade is set to improve user experience on its PoS network with faster transaction finality times while introducing new tools for developers looking to build applications on its platform more efficiently than ever before