Penguin algorithm if you aren’t aware of targets spammy links and devalues website practising bad link building practices by getting/creating unnatural links to the website.
Google announced on 23rd September 2016 that Penguin is now part of core algorithm. It is one of the 200 ranking signals that Google use for ranking any website.
So what does this mean to your website? The key changes after this updates are:
Penguin in now real-time
Data used by penguin are refreshed real time. This means any changes done with your website are refreshed in real time. Promotion and demotion of website based on links are shown in SERP (Search Engine Results Page), much faster.
Penguin is more granular
Penguin now devalues spam by adjusting ranking based on spam signals, rather than affecting ranking of the whole site.
Source - httpss://webmasters.googleblog.com/2016/09/penguin-is-now-part-of-our-core.html
This means now rather than devaluing the entire site, Penguin devalues specific pages or post based on the quality of links.