Algorand (ALGO) reduces block time with new protocol upgrade

June 23, 2023 12:40 AM AEST | By Invezz

Algorand (ALGO) reduces block time with new protocol upgrade — Image source: Invezz

Algorand upgrades amid increased competition

Algorand’s upgrade comes as the blockchain space becomes competitive, with many firms introducing enhancements to attract developers. For example, Cardano developers released an upgrade that reduces epoch transactions on Monday (June 20). The update would make ADA’s network seamless for users.

Block time refers to the duration the network takes to produce new blocks. Reducing this timeframe while ensuring cost-effectiveness and speed makes the blockchain attractive for developers.

Other improvements within the Algorand platform include a simulator for developers to try creations before mainnet deployment. Also, users will access a new plugin that enables individuals to create personalized data.

Algorand’s upgrade happens during the blockchain’s fourth anniversary and when its mainnet approaches 30 million blocks.

ALGO price

The platform’s native token, ALGO, soared over the past 24 hours. The altcoin gained 4.8% to trade at $0.1267 at press time. Meanwhile, the upticks corresponded with the overall market.

Cryptocurrency prices surged on Thursday as Bitcoin pushed past the $30K value area. As invezz.com reports suggest, institutional interest has contributed to impressive price actions within the crypto world over the past few days.

The post Algorand (ALGO) reduces block time with new protocol upgrade appeared first on Invezz.

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