In a cryptocurrency market with a mood increasingly negativethe crypto community debates whether there may still be any tokens worth buying, taking advantage of the “bargain” prices of many cryptocurrencies, whose prices have almost fallen by an average of more than 50% from their November highs.
Such is the case with a recent tweet from Entrust Algo, who claimed via Twitter that buying the Algorand token now would be like buying ADA when it was at 0.06 cents (it’s now at 0.45, but it’s also over $3).
Faced with such confidence, which seems a bit overly optimistic considering the market mood marked by sheer pessimism, Cardano community member “ADA whale” was quick to respond, stating that Algorand have yet to prove what instead Cardano seems to have already shown in the last two years.
Maybe stop trying to pull yourself up on us. If Algorand is as good as you say it is, it will succeed tremendously in its own right.
— ADA whale (@cardano_whale) June 13, 2022
The accusation is not new, especially since the cryptocurrency world has long considered Algorand to be one of the main rivals of Cardano, which in turn is considered one of the biggest competitors of the cryptocurrency. chain of ethereum blocks.
The curious fact is that the same “entrust Algo”, in September 2021, always through Twitter, had made a prediction about the price of the Algo token, which turned out to be completely wrong. The prediction mentioned a price for Algo in the range of $3 to $5 by the end of the year or early 2022 at the latest. Now the token is around 0.3 cents, and its maximum in the considered period has never touched $3, and after touching two euros it has slowly dropped to its current price.
Why $ALGO will be trading between $3-$5 at the end of this year & early 2022.
▫️Governance starts in October, rewards percentage can be seen below.
▫️ 2021 TPS performance – TPS will grow from 1,000 to 46,000.
▫️$ALGO CBDC & #Defi projects launching on Algorand. pic.twitter.com/PYEJFWWRrs
– MRALGOSLA. SOMETHING (@_ENTRUST_ALGO_) September 3, 2021
But let’s take a closer look at what they are and what similarities and differences these two blockchains have, both of which represent an alternative to Ethereum, particularly for the burgeoning blockchain markets. DeFi Y NFT.
Cardan (ADA) is a public blockchain platform very similar to Ethereum, it is quite recent, but it is perhaps one of the largest DeFi protocols to operate with the mechanism of Proof of Stake (PoS) which is cheaper and more sustainable than the Proof of Work (PoW) mechanism of Ethereum and Bitcoin.
Algorand (SOMETHING) is a chain of blocks that a few months ago, like Solarium, avalanche Y Polkadot, was considered one of the “Ethereum killers”, precisely because of its characteristics of being more sustainable, scalable and economical. Algorand’s blockchain is one of the fastest (4 seconds per transaction) and one of the cheapest currently on the market. Algorand also uses the PPoS (Pure Proof of Stake) consensus mechanism, which randomly selects a token holder as the producer of the blockchain. The proposed block is approved by a committee of 1,000 randomly selected token owners and then added to the blockchain.