Algorand went live in 2019 and did the ICO (initial coin offering) in June that year. Algorand is a very scalable Layer-1 blockchain, that addresses the issues that have been plaguing Bitcoin and Ethereum blockchains, such as slow transactions and high mining costs. It offers low transaction costs of 0.001 Algos per transaction, fast transactions at over 1000TPS and carbon negative. Therefore it is ranked among Ethereum killer pretenders, since it offers an attractive ecosystem to host and run dApps with greater efficiency.
It’s for this reason that El Salvador has partnered with Koibanx in order to develop the country’s blockchain infrastructure using the Algorand blockchain network. Algorand is also adding Waivlength, which is a social media platform. Blockchain networks are expanding into the social networking space as well as in the decentralized online media, after DeFi and NFTs.
But, Algorand has had a weakness, that it is not compatible with the Ethereum Virtual Machine (EVM). Ethereum leads in the number of applications built on its blockchain, and not being compatible with Ethereum means that you are out of a major part of the DApp market. But, the Algorand team is taking care of that.
Algorand Funding EVM Programmes
Algorand Foundation CEO Staci Warden told CoinDesk earlier this week that “We’re inspired by the depth of talent and activity in the Ethereum network and we’re committed to a multichain world”. Algorand is introducing two programs, worth $10 million each, one of which will go to developers that can provide solutions for compatibility with the EVM, while the other will finance projects that can build helpful developer tools for the Algorand blockchain.
So, Algorand is trying to build a bridge to Ethereum, which will allow it to enter the robust developer community of the Ethereum network, as well as incentivizing new developers by making it easier to build on Algorand. So both programs should help increase the number of projects on…
