When it comes to Blockchain simplification, Algorand enters the game

When it comes to Blockchain simplification, Algorand enters the game

By MikeZillo | Blockchain Insights | 2 Apr 2021


It is just from two days ago and SIAE entered a partnership with Algorand.

Siae is an Italian copyright management company with more than 130 years of experience. And Siae decided to go for ALgorand.

How could this happen?

Algorand is a light, fast and scalable public blockchain that already allows the creation of NFT on it. In the last week Siae uploaded more than 4.5 million NFT onto the Algorand blockhain and we all understand that this can be just the starting test.

Siae has for sure several licences to be uploaded on Algorand.

But why Algorand and not the Ethereum blockchain, for example?

Here is the comparison between the Ethereum blockchain in terms of transaction fees:

Algo

And the Algorand transaction fees: 0.001 ALGO. Fixed rate.

Well. According to actual Algorand price, the fee is around 0.001$. And is fast. It is damned fast!

So, we are comparing now a blockchain that makes you pay on average 17$ for a transaction with another that costs you 0.001$. We have a 17000 factor in difference in terms of fees.
Ethereum Blockchain requires in this days 13 seconds to approve blocks, while the Algorand Blockchain requires about 4 seconds. We have a 3 factor here. Still against Ethereum.

And here you have the list of the major spenders of Ethereum for transaction fees

Algo

Source: https://ethgasstation.info/

It seems like the DeFi has somehow clogged the ETH blockchain.

Furthermore Siae is an Italian institution and Algorand was founded from an Italian guy, Silvio Micali, professor at the MIT.

And what was the result of making SIAE joining the Algorand blockchain?

We faced a sort of peak in transactions, from the usual 710k trailing 7 days to a 9.2 million transaction on march 24th.

Algo

Source: https://metrics.algorand.org/

And what about the average block time?

Algo

Source: https://metrics.algorand.org/

 

While I am writing the last block has been mined every 4.34seconds. 4.38 seconds. 4.37 seconds and so on. Every 4 second the data get updated and I almost can’t finish writing the previous block time that the next has already appeared. But no problem. Even if the huge amount of data inserted from Siae into the ALGO blockchain, it really seems to me that the block time has not changed its value, and of course neither the transaction fee has changed.

Besides the ALGO staking that creates a good passive income, ALGO is a great blockchain that allows also the tokenization of projects and the issuance of NFTs.

Everything at very low fees.

Evolution is coming and soon private blockchains, issued for single projects may become really surpassed on the technological level. And eventually, also from the legal level.

Have you already tried ALGO staking?

Here you have a small tutorial


MikeZillo
MikeZillo

Daily Trader, Mining Farm Project Manager, Blockchain consultant, Cryptocurrency evangelist. You can find more videos here https://www.youtube.com/channel/UCvyXx6I1C__zmLAYUXNZwQQ?


Blockchain Insights
Blockchain Insights

Working as a consultant for Blockchain projects, an operative experience comes by itself. In this Blog I am share Blockchain applications, pros and cons, practical use cases I got in touch with. Of course, a good understanding of the topic will be provided with dedicated contents

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.