In recent years, many projects with smart contract features have been developed such as Avalanche, Polkadot, Algorand. These projects are also called "Ethereum Killer" and can be an alternative to Ethereum. In this article, Algorand, which is one of the leading projects in terms of technology and the team behind it and will be listed on our ICRYPEX Crypto Exchange as of 25 January 2021, will be examined in detail.
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Algorand, which was launched in June 2019, is a decentralized, secure, and scalable cryptocurrency project and blockchain network. It is similar to Ethereum with its smart contract feature (contracts coded to create decentralized finance applications). With a capacity of 1,000 transactions per second, it competes with global and traditional payment networks without compromising its decentralized and secure structure.
Due to the programming behind Algorand, it stands out from its competitors, particularly due to its transaction speed and low transaction fees. While transfers from one account to another take as short as 4 seconds on Algorand, low-fee transactions sometimes wait for approval for days on Ethereum due to Ethereum's higher transaction fees (gas fees). In addition to improved transaction time, Algorand is an alternative to decentralized financial transactions with low transaction fees. Ethereum usage has been limited due to high transaction fees particularly recently while the users can perform decentralized financial transactions on Algorand for a fee of as little as 0.001 USD.
Silvio Micali is behind the Algorand Project just like Vitalik Buterin is behind Ethereum. Micali, a professor at MIT, is actually a renowned Turing-award-winning cryptographer and has made many studies on blockchain for several years. He has been supported by many economists, mathematicians, and software developers at the beginning of the Algorand project; therefore, the project is developed by a team of specialists who know their job well.