Anthony Scaramucci, a renowned hedge fund manager and former White House Communications Director, Ethereum (ETH) He said that a rival altcoin could be the Google of the cryptocurrency market.
In a new interview with CNBC’s Halftime Report, Scaramucci is talking about the smart contract platform. of Algorand (ALGO) He said that thanks to its high speed and low carbon footprint, it will likely have a significant advantage in the competition among smart contract platforms.
Algorand is an open, payments-oriented blockchain that does not require participants to solve complex puzzles to validate blocks and uses a type of consensus mechanism called Pure Proof-of-Stake (PPoS). The protocol allows Algorand to address the scalability issues of the blockchain and process large numbers of transactions simultaneously without incurring high transaction fees.
Alongside his own views, Scaramucci also explains why Skybridge has launched a $100 million fund to invest in this altcoin project.
“The Skybridge research department believes that Algorand has the potential to surpass Ethereum; because it is faster and has lower transaction fees. It has a net negative carbon footprint.”
Scaramucci likens Algorand to Google, the search engine giant that eliminated countless competitors in the early days of the internet:
“As this community grows/evolves, I believe we are on the verge of something similar to Google.”
You and I are old enough to remember that Alta Vista and AOL were leaders in the emerging stages of the internet and were overshadowed by Google,
That’s why we’re investing so much money and resources into something like Algorand.”
Algorand’s native token ALGO is trading at $1.78, down 7% at the time of writing, according to data from CoinGecko.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.