The protocol update, known as Dynamic Lambda or “dynamic round time,” introduces a novel approach to block finality based on network load and other factors. Prior to this update, the average block release time stood at 3.3 seconds, but with the implementation of Dynamic Lambda, it has dropped to an impressive 2.9 seconds. This remarkable improvement significantly outpaces other leading blockchain networks such as Ethereum, where blocks are produced every 12 seconds, and the first cryptocurrency network, which produces blocks every 10 minutes.
“To put it in perspective, imagine a bus stop where transportation operates on a flexible schedule, picking up passengers as they arrive,” explained the expert developers from the Algorand Foundation.
In addition to this game-changing update, the Algorand Foundation has outlined its plans for future enhancements. These plans include the integration of Python programming language, a shift towards using more non-archive relay nodes, an update to the consensus algorithm, and a transition to a peer-to-peer network model similar to Bitcoin.
Unfortunately, last year saw the closure of AlgoExplorer, a prominent block explorer for the Algorand blockchain ecosystem. The closure was attributed to inadequate funding from the Algorand Foundation, highlighting the challenges faced by projects in the crypto industry.