Describe the principles of FPGA (Field-Programmable Gate Array) architecture and its advantages over ASIC (Application-Specific Integrated Circuit) designs.

FPGAs are reconfigurable semiconductor devices that contain arrays of configurable logic blocks and interconnects, allowing users to implement custom digital circuits by programming the device after manufacturing. Compared to ASICs, FPGAs offer shorter time-to-market, lower development costs, and flexibility for prototyping and rapid iteration, albeit with higher power consumption and lower performance for certain applications.