Algorand Reduces Block Time by 20% with Lambda Update

Algorand, a renowned blockchain platform, has successfully slashed block creation time by around 20% following the implementation of its recent protocol update. The update, named "Dynamic round times" or "Dynamic Lambda," officially came into effect on January 17th, as announced by the Algorand Foundation on Twitter. This upgrade is marketed for its increased network throughput and performance.

Data from Grafana reveals that the average block interval time has dropped below three seconds and hovers around 2.9 seconds per block since the update. To put this into perspective, Ethereum's block time averages around 12 seconds.

After the update, the average block creation time per hour (UTC) has fallen below three seconds. Prior to the update, blocks were being generated at an average rate of approximately 3.3 seconds.

Algorand introduced Dynamic Lambda to its network on January 10th, describing it as an algorithm that adjusts block finality "based on network congestion and other factors." According to Algorand, this innovation will reduce average block time, improve scalability, and expedite confirmations.

Imagine it like this – you're waiting at a bus stop, and instead of sticking to a strict schedule, the bus adjusts its departure time based on the number of passengers waiting.

Additionally, Algorand has laid out its roadmap for the year, showcasing plans to support the Python programming language, transition to using more non-archival relay nodes, update the consensus mechanism, and shift to a peer-to-peer gossip network similar to Bitcoin.

Algorand was initially launched to challenge the concept of the "blockchain trilemma," which posits that blockchain systems are limited to choosing two out of three dimensions – security, scalability, or decentralization.

The Algorand blockchain hosts numerous projects, including the FIFA global non-fungible token (NFT) marketplace and an Italian digital banking and insurance platform.