Hedge fund manager Anthony Scaramucci mentions one Ethereum (ETH) competitor. Then, says it could become the Google of the cryptocurrency market.
Furthermore, Scaramucci mentions the high speed and low carbon footprint of the smart contract platform Algorand (ALGO). Then, affirms it will stage a big competition in the market, posing a direct threat to Ethereum
Notably, Algorand is a payment public blockchain, using a type of consensus mechanism “the pure Proof-of-Stake (PPoS)”. Also, it doesn’t need participants to solve complex puzzles to validate blocks.
More so, Scaramucci states the reason behind Skybridge launching a $100 million fund to invest in the altcoin project.
“The Skybridge research department thinks that Algorand actually has the opportunity to…”
“potentially flip Ethereum: it’s faster, [has] lower transaction charges…”
“It has a net negative carbon footprint.”
So, Scaramucci makes a comparison with Algorand to search engine giant, Google. Of course, overtaking numerous competitors in the early days of the internet.
“As that community develops, I think we’re sitting on something like Google.”
Lastly, Scaramucci concludes.
“You and I are old enough to remember when Alta Vista and AOL were the leaders at the…”
“nascent stages of the internet and they were trumped by Google,”
“So something like Algorand is something we’re putting a lot of money and resources in.”
Lastly, Algorand’s native token, ALGO, is at $1.87 price Value.
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