Just to note, I hold both, I like both, I do not hate or prefer one of the coins, both great projects in my eyes except the gas fees of ethereum. Here we go.
The reason why Algorand has the potential to compete is that the blockchain is much better in terms of performance.
I found some interesting facts and metrics of the AVM & EVM.
What is an EVM?
The Ethereum Virtual Machine is a sandboxed virtual stack embedded within each full Ethereum node, responsible for executing contract bytecode. Contracts are typically written in higher level languages, like Solidity, then compiled to EVM bytecode. source: https://ethereum.org/en/developers/docs/evm/
Look at the following and decide for youself:
/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/ AVM (Algorand) EVM (Ethereum) Turing Completeness YES YES Execution Speed ~ 4.5 seconds, regardless dApp complexity > 20 seconds, BUT depends on dApp complexity Energy Efficiency ~ 0.000008 kWh/txn, ALL FINAL > 120 kWh/txn, NOT ALL FINAL Execution Costs ~ $0.001 ~ $20 Interoperability native interoperability with ASA, AT, MultiSeg, … user defined solutions and interfaces Smart Contract Finality instant ~ 6 blocks Mathematical Precision 512 bits 256 bits Programmability TEAL, PyTeal, Reach, … Solidity, Viper, Reach, …
Also, Algorand announced a $300 million fund for supporting DeFi innovation. It will be used for development etc. Which is great!
Again, I love both coins and these are great projects but in my opinion Algorand shows better statistics on this one. Some current statistics to update people:
/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/-/ Algorand Ethereum Rank 18 2 Price ($) $2.03 $3,365.10 Market Cap ($) $10,633,486,973 $395,481,612,916
After all this, we still don’t know shit and thank you and may we seen all green dildo’s!