Algorand can ‘flip’ Ethereum, says hedge fund manager

Anthony Scaramucci, founder of global investment firm SkyBridge Capital, believes Algorand could surpass Ethereum.

In an interview on CNBC’s Halftime Report, the former White House director of communications said Algrorand’s fast transaction speeds and minimal carbon footprint not only make it a viable competitor to Ethereum but one that could be number one in the digital industry.

Algorand is a blockchain platform based on proof-of-stake principles, supporting smart contract functionality.

Its ecosystem has committed to become one of the world’s first carbon-negative, layer-1, public blockchains and Scaramucci explains why his firm launched a $100m partnership with Algorand.

“The Skybridge research department thinks that Algorand actually has the opportunity to potentially flip Ethereum: it’s faster, [has] lower transaction charges,” he said.

“So something like Algorand is something we’re putting a lot of money and resources in.”

It’s been an important period for Algorand, which was chosen as the first-named partner of the $1.5bn crypto investment fund of Hivemind Capital.

The network will be tasked with the deployment of technology and network ecosystem infrastructure in a bid to use the power of blockchain to transform businesses.

Scaramucci said if Algorand’s community continues to develop, its potential could be similar to Google when the technology company emerged on the scene in 1998.

“As that community develops, I think we’re sitting on something like Google,” he expressed.

“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.”