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This paper is concerned with the distributed averaging problem over a given undirected graph. To enable every vertex to compute the average of the initial numbers sitting on the vertices of the graph, the policy is to pick an edge at random and update the values on its ending vertices based on some rules, but only in terms of the quantized data being exchanged between them. Our recent paper showed that the quantized consensus is reached under a simple updating protocol which deploys a fixed tuning factor. The current paper allows the tuning factor to be time-dependent in order to achieve two goals. First, this makes it possible to study the numerical stability of the protocol with a fixed tuning factor under a small perturbation of this parameter. Furthermore, exploiting a time-varying tuning factor facilitates the implementation of the consensus protocol and pushes the steady state of the system towards an equilibrium point, as opposed to making it oscillatory. The current paper is an important extension of our recent work, which generalizes a finite-dimensional problem to an infinite-dimensional one that is more challenging in nature.