![]() Purely anecdotally, judging by some of the complaints that can be witnessed on Twitter, the MyAlgo hack has been a point of contention within the community that I believe has led to underperformance in the price of ALGO in the month of March: In total, it is an estimated heist of a little over $9 million adjusting for the nominal price of ALGO. In this hack, roughly 30 million ALGO were siphoned from numerous users of the MyAlgo application. One of the more notable developments from the Algorand community over the last month was the MyAlgo Wallet breach. In addition to founding Algorand, he is currently in charge of research for the protocol's development. He is a Turing Award winner for computer science and a member of the National Academy of Engineering. He also co-invented zero-knowledge proofs. Micali is a nearly 40 year faculty member at MIT and a researcher who has studied cryptography. ![]() This means it requires far less energy to complete blocks and has thus been positioned as "the green blockchain" by its developers.Īlgorand was founded by Silvio Micali. The ALGO chain uses a proof of stake mechanism rather than a proof of work mechanism. What is Algorand?Īlgorand is a layer 1 blockchain that enables high throughput with transaction fees that are a fraction of a penny. ![]() One of my favorite ideas in that area is Algorand ( ALGO-USD). This is why even as bullish as I am on Ethereum long term, I believe it does make some sense to get exposure to non-EVM blockchains that are optimized for cheap, scalable network activity. There are obviously risks associated with using bridges for swaps or more scalable side-chains. This is why popular P2E gaming platform Axie Infinity ( AXS-USD ) had to utilize the Ronin sidechain for gameplay - this led to an enormous $650 million breach as assets were lost when a hacker found a vulnerability in the Ronin bridge about a year ago. But for very low value transactions in areas like gaming or micropayments, Ethereum is essentially unusable on the base layer. High transaction fees are less concerning for assets that have six figure price tags like homes or 'blue chip' NFTs. While I'm still very bullish on Ethereum long term, Ethereum's scalability issues have been well documented. This made it uneconomical to participate in lower-value transactions on Ethereum. Ethereum ( ETH-USD ) is still far and away the most large based on DeFi footprint and broader adoption, but there are key reasons why other smart contract chains have come to market.Īt the height of DeFi growth and the NFT craze, the cost to transact on Ethereum rose to ridiculously high levels per transaction. Given that, there are dozens of smart contract chains that have a top 100 market cap in the broad crypto market. One of the most important utilities that a blockchain can have is smart contract operability.
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