While analysts point out that the advent of Web3.0 will make ETH surpass BTC in market value, a mega capital market entrepreneur thinks that what will actually happen is ETH being surpassed by another altcoin.
ETH has practically reigned alone for years in the smart contracts industry. But now, heavyweight competitors like Cardano (ADA), Solana (SOL) and Polygon (MATIC) are starting to bother.
In this context, the manager of hedge funds, Anthony Scaramucci, said that a competitor of ETH could become the “Google of the cryptocurrency market”.
In an interview with CNBC, Scaramucci said that the high speed and low carbon footprint of the Algorand Smart Contract Platform (ALGO) will likely give it a big advantage in competition.
Algorand is a public payments-focused blockchain that uses a type of consensus mechanism called pure Proof-of-Stake (PPoS). This system does not require participants to solve complex puzzles to validate blocks.
In this way, the protocol allows Algorand to resolve blockchain scalability issues and process multiple transactions at once without incurring high transaction fees.
Walking through the interview, Scaramucci explained why Skybridge has just launched a $100 million fund to invest in altcoin.
“Skybridge’s research department believes that Algorand really does have the opportunity to potentially surpass ETH. It’s faster, [tem] lower transaction costs. It has a negative net carbon footprint…”
Furthermore, Scaramucci compared Algorand to Google, which took down several competitors in the early days of the internet.
“As this community develops, I think we’re seeing something like Google. You and I are old enough to remember when Alta Vista and AOL led the early stages of the internet. But they were surpassed by Google”, he said.
As stated by the executive, this is what will happen with Algorand and ETH.
“Something like Algorand is something we are investing a lot of money and resources in,” he said.