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- Algorand announced that its go-algorand 3.16 upgrade is now live.
- The latest upgrade now cuts the average processing time from 3.7 seconds to 3.4 seconds.
- ALGO is still down by 3.6% in the last 24 hours.
Algorand announced a series of protocol upgrades aimed at significantly reducing transaction processing times. The latest upgrade, go-algorand 3.16, is set to reduce the average transaction completion time from 3.7 seconds to an impressive 3.3 seconds, showcasing Algorand’s commitment to enhancing user experience.
3.7 seconds → 3.3 seconds ⚡
— Algorand (@Algorand) July 6, 2023
With our newest protocol upgrade, the average wait time for a transaction to complete has been reduced by 400ms! Learn more about our commitment to low latency and immediate finality ⬇️https://t.co/cvX5USsgOv
One of Algorand’s key distinguishing features, according to the blog announcement, is its ability to provide instant block finality, meaning that as soon as a transaction is included in a block, it becomes irreversible. By reducing block latency to 3.3 seconds, the new upgrade ensures that transactions are finalized promptly, further solidifying Algorand’s position as a fast and efficient blockchain platform.
These improvements have a significant impact on applications built on Algorand, as they can now offer a user experience comparable to traditional Web2 applications. Users can enjoy the benefits of blockchain technology, including security and decentralization, without sacrificing speed and convenience.
To achieve these enhancements, Algorand has made several adjustments to its networking protocol. It has introduced opportunistic compression to proposal messages, resulting in a 30% reduction in message size. Algorand has also implemented an Elastic Rate Limiter and congestion manager to handle network congestion caused by noisy peers, along with a networking identity challenge to prevent duplicate peer connections on relays.
Moreover, Algorand has fine-tuned its system to optimize computation times for block assembly and validation processes. This includes optimizing disk I/O, enhancing account caching, serializing the agreement state machine, and introducing transaction signature batch verifications.
The platform has also improved node memory usage by detecting duplicate transactions earlier and achieving a fivefold performance boost in the pre-processing of logic signatures.
It remains to be seen whether the new upgrade helps its native crypto ALGO stop its losses. In the last 24 hours, ALGO is down by 3.6% and is trading at $0.115, according to CoinGecko.