Transactions on the Open Network layer-1 blockchain protocol previously took about 10 seconds to settle before the Catchain 2.0 consensus upgrade.
The Open Network (TON), an independent layer-1 blockchain that has integrations with the Telegram messaging application, said it has slashed block times to 400 milliseconds with the release of its Catchain 2.0 consensus upgrade.
Payment transactions now settle in about 1 second, while trades settle in “real time,” and decentralized applications will now operate at speeds comparable to traditional apps, according to TON’s announcement on Thursday.
Faster block times produce more validator rewards, as the number of blocks added to the chain increases. TON’s annual inflation is projected to increase six-fold, to 3.6% from about 0.6% following the update, TON said. Inflation represents the continuing minting and burning of Toncoin within its ecosystem.
