As a researcher with a background in blockchain technology and experience observing the crypto market’s dynamics, I find Algorand’s recent ad criticizing Bitcoin, Ethereum, and Solana intriguing but also concerning. While it is true that these networks have faced challenges with transaction fees, confirmation times, and outages, I believe that negative ad campaigns against competitors at this early stage in the adoption cycle are a “very low move.”
In a recent advertisement, the Algorand Layer-1 blockchain network has expressed criticisms towards Bitcoin, Ethereum, and Solana, implying that these networks have limitations when it comes to handling everyday transactions.
The Algorand Foundation recently unveiled an advertisement on May 23rd, titled “When blockchains meet reality, Algorand delivers.” In this ad, three shoppers at a supermarket are depicted trying to make purchases using different cryptocurrencies.
As a researcher studying digital currencies, I understand your frustration with the longer-than-expected waiting time during your Bitcoin transaction at the cashier. Bitcoin’s unique characteristic is its decentralized and secure verification process, which can sometimes result in longer confirmation times compared to traditional payment methods. It may take up to 27 minutes for this transaction to be fully executed due to the current network conditions. I apologize for any inconvenience caused and appreciate your patience as we navigate the complexities of this innovative technology.
During his Ethereum transaction, the customer was required to pay approximately $112 in fees. The cashier explained that this was due to network congestion during peak hours, causing elevated gas fees.
As a Solana investor, I’ve noticed that during certain periods, my transactions have failed repeatedly. This issue brings back memories of past network outages, which the Algorand CTO, John Woods, has had to deal with in his role at Algorand.
In the ad’s finale, entrepreneur Anthony Scaramucci, an investor in Algorand, made an appearance and expressed his interest in becoming part of the Algorand team. Viewers were impressed by the promise of swift conclusions and reduced transaction costs.
The advertisement amassed over 740,000 views upon release, sparking a diverse response from the audience. Some viewers expressed admiration for the ad, while others praised the initiative behind it.
A user criticized Algorand for investing in expensive advertising yet failing to finance AlgoExplorer, which ceased operation in January 2024. Surprisingly, according to the foundation, the reason given for this decision was “insufficient resources.”
“Despite handling only 21 transactions per second (TPS), Algorand spends over $100,000 on advertising, yet cannot afford to finance its primary explorer.”
MartyParty, a cryptocurrency analyst, voiced his criticism towards the ad, asserting that the depicted representation of Algo Rand’s efficiency was inaccurate.
I verified: This never happened.
— MartyParty (@martypartymusic) May 23, 2024
As a crypto investor, I’ve noticed the comments made by crypto analyst Fiskantes.lens regarding negative advertising campaigns against competitors during the early stages of adoption. In my opinion, such tactics are a “low blow” or “unfair move.” Instead, focusing on building a strong foundation for your own project and contributing positively to the overall growth of the crypto space would be more productive and beneficial for all involved.
He continued by stating that any “ghostchain with a high transaction per second (TPS) rate” could make comparable claims to Algorand. However, it is only through significant usage that we can truly evaluate their worth.
Scaramucci faced criticism for apparent hypocrisy when he expressed anticipation for a Solana ETF in a May 24th post, only to have an advertisement for the same ETF appear shortly thereafter.
When this information was released, Algorand’s own token, ALGO, had decreased by 3.1% within the last 24 hours. Compared to its peak price of $3.56 in June 2019, it had dropped an astounding 95%.
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2024-05-24 14:04