Algorand Is Outperforming Ethereum, Reaches Another Milestone latest News

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The Algorand blockchain has just reached another milestone. The Daphylama aggregator shows that Algorand has reached its Lock in net value at an all-time high, The achievement comes after Algorand’s native cryptocurrency, ALGO, has gained over 20% in the past 7 days. In these bearish conditions, Algorand is outperforming both Bitcoin and Ethereum.

This Token Has Surged 20 In The Crypto Crash By CryptomarketBag

The harsh stance of the Federal Reserve has brought the crypto market to a knee. Bitcoin and Ethereum prices are on a roller-coaster but haven’t been able to break out. The rest of the altcoin market is also sluggish. Meanwhile, ALGO is up 13% over the past 24 hours. It is currently trading at $0.36.

How Algorand is outperforming Ethereum

Ethereum just went through a successful merger, which shifted its consensus mechanism from proof-of-work to proof-of-stake. On the other hand, Algorand was based on the proof-of-stake model from the beginning. When Ethereum completed the merger, Algorand did a microscopic dig at Ethereum, saying it would be better if the blockchains were energy efficient from the start.

Proof-of-Stake replaces the mining competition in the Proof-of-Work model, thus bypassing its energy consumption. Ethereum’s energy consumption dropped by 99% after the merger. However, Proof-of-Stake is significantly more centralized than PoW.

Algorand is outperforming Ethereum in terms of scalability and speed. The Ethereum merge did not increase the capacity of the network. Therefore, it does not increase the throughput or scalability of the blockchain. Ethereum’s TPS is currently in the range of 10-35. However, Algorand has just achieved 6000 TPS on its blockchain. Not only does it outperform Ethereum, but it also beats Mastercard’s 5000 TPS.

Algorand can also achieve block formation and transaction finalization in 3.7 seconds. In addition, there is also now proof of state available on the blockchain which protects it from quantum attacks.

How high can ALGO go

Despite unfavorable macroeconomic conditions, ALGO has done a great job in the upswing. However, the Federal Reserve will still decide the strength and length of this rally. All eyes are on the CPI data for the next month, which will significantly affect the altcoins.

Nidhi is a technology enthusiast who aims to find elegant technological solutions to solve some of society’s biggest issues. He is a firm believer of decentralization and wants to work on mainstreaming blockchain adoption. He is also big on almost every popular sport and loves to chat on a wide variety of topics.

Algorand Is Outperforming Ethereum Reaches Another Milestone latest News CryptomarketBagAlgorand Is Outperforming Ethereum Reaches Another Milestone latest News CryptomarketBag

The material presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for your personal financial loss.

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