Ethereum has been making a lot of headlines these days due to the fact that various predictions are claiming that the coin can race a lot in the near future.
At the moment of writing this article, ETH is trading in the red and the coin is priced at $4,564.
ETH competitor could burst
It’s been just revealed that hedge fund manager Anthony Scaramucci says one Ethereum (ETH) competitor could become the Google of the crypto market.
In a new interview on CNBC’s Halftime Report, Scaramucci said the high speed and low carbon footprint of the smart contract platform Algorand (ALGO) will likely boost the digital asset.
Algorand is a payments-focused public blockchain that uses a type of consensus mechanism that is called the pure Proof-of-Stake (PPoS).
This does not require participants to solve complex puzzles to validate blocks.
It’s also important to note the fact that the protocol allows Algorand to address the scalability issues of blockchain.
It also allows it to process numerous transactions at a time without involving high transaction fees.
Scaramucci explained the reasons for which Skybridge just launched a $100 million fund to invest in the altcoin project.
“The Skybridge research department thinks that Algorand actually has the opportunity to potentially flip Ethereum: it’s faster, [has] lower transaction charges. It has a net negative carbon footprint.”
Scaramucci also made sure to compare Algorand to search engine giant, Google.
“As that community develops, I think we’re sitting on something like Google. You and I are old enough to remember when Alta Vista and AOL were the leaders at the nascent stages of the internet and they were trumped by Google. So something like Algorand is something we’re putting a lot of money and resources in.”
At the moment of writing this article, ALGO is trading in the green and the coin is priced at $1.91.