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Layer 1 blockchain network Algorand has criticized bitcoin, ethereum and Solana in its latest announcement, stating that all three are inefficient for daily use.
The Algorand Foundation launched a x.com/marcvl/status/1793626440145191235″ target=”_blank” rel=””>new ad on May 23, calling it “when blockchains meet the real world, only one delivers.” In the ad, three shoppers appear shopping in a supermarket. Each buyer attempted to pay with one of the aforementioned cryptocurrencies.
Speaking with the customer trying to pay with bitcoin, the cashier tells him that he would have to wait 27 minutes for the transaction to be executed. A direct reference to bitcoin's often long wait times for transaction completion.
The customer paying in ethereum was charged $112, and the cashier told him that these were peak hours for the network, resulting in high gas fees.
Meanwhile, the Solana guy, played by Algorand CTO John Woods, sees his transactions fail, referring to the network's past challenges with outages.
The announcement concluded with the appearance of businessman Anthony Scaramucci, one of Algorand's backers, asking how he could join the Algorand line. Buyers were shown to achieve instant finality at significantly lower rates.
With the ad garnering over 740,000 views at the time of publication, community reactions were mixed. While many users appreciated the announcement, some praised the move.
An user x.com/0xMert_/status/1793676150847447539″ target=”_blank” rel=””>shout Algorand for funding an expensive ad but not funding its AlgoExplorer, which closed in January 2024. Interestingly, the reason for the move, as stated by the foundation, was “lack of funding.”
“Algorand runs 21 TPS, can't fund its main browser but spends over $100K on an ad,” another user x.com/oyacaro/status/1793673446184174072″ target=”_blank” rel=””>wroteechoing similar sentiments.
crypto commentator MartyParty also criticized the announcement, stating that what was shown about Algo rand's efficiency was not true.
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Meanwhile, cryptoanalyst fiskantes.lens x.com/Fiskantes/status/1793670144021164131″ target=”_blank” rel=””>commented that negative advertising campaigns about competitors at this early stage of the adoption cycle were a “very low movement.”
He further added that any “high TPS ghost chain” could make the same claims as Algorand, but the real test comes when faced with substantial usage.
Scaramucci also came under fire on x after some users pointed out his hypocrisy in a May 24 post about the anticipation of a Solana ETF, just hours before the announcement appeared.
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At press time, Algorand's native token ALGO was dormant 3.1% in the last 24 hours, 95% less than its all-time high of $3.56 reached in June 2019.
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