The Algorand blockchain has just reached another milestone. The DefiLlama Aggregator Reveals That Algorand Are highest point ever locked in total value. This achievement comes after Algorand’s native cryptocurrency, ALGO, has surged more than 20% in the past 7 days. Algorand outperforms both Bitcoin and Ethereum in these bearish conditions.

The aggressive stance of the Federal Reserve has killed the crypto market. The prices of Bitcoin and Ethereum are on a rollercoaster but cannot break through. The rest of the altcoin market is also slow. Meanwhile, ALGO is up 13% in the past 24 hours. It is currently trading at $0.36.

How Algorand outperforms Ethereum

Ethereum has just undergone a successful merger, shifting the consensus mechanism from proof-of-work to proof-of-stake. Algorand, on the other hand, was based on the Proof-of-stake model from the start. When Ethereum completed the merger, Algorand took a subtle dig at Ethereum and stated that it would be better if blockchains were energy efficient from the start.

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

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

Algorand can also achieve blocking and transaction finality in 3.7 seconds. In addition, government proofs are now also available on the blockchain protecting it from quantum attacks.

How high can ALGO go?

ALGO has delivered a great performance in rising despite unfavorable macroeconomic conditions. However, the Federal Reserve will still dictate the strength and length of this rally. All eyes are on next month’s CPI data, which will have a significant impact on altcoins.

Nidhish is a technology enthusiast whose goal is to find elegant technical solutions to solve some of society’s biggest problems. He is a big proponent of decentralization and wants to work on the mainstream adoption of Blockchain. He also enjoys almost all popular sports and likes to talk about a wide variety of topics.

The content 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 is not responsible for your personal financial loss.





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