Hedge fund manager Anthony Scaramucci says one Ethereum (ETH) competitor could become the Google of the cryptocurrency market.
In a new interview on CNBC’s Halftime Report, Scaramucci says the high speed and low carbon footprint of the smart contract platform Algorand (ALGO) will likely give it a big leg up on the competition.
Algorand is a payments-focused public blockchain that uses a type of consensus mechanism called the pure Proof-of-Stake (PPoS) that does not require participants to solve complex puzzles to validate blocks.
The protocol allows Algorand to address the scalability issues of blockchain and process numerous transactions at a time without incurring high transaction fees.
Scaramucci explains why 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 compares Algorand to search engine giant, Google, which toppled numerous competitors in the early days of the internet.
“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 time of writing, Algorand’s native token, ALGO, is trading at $1.87.
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