EVM Compatibility is set to be a Game Changer for Algorand (ALGO)
- $20 million to accelerate development in the Algorand ecosystem
- $10 million in grant to deliver EVM compatibility on Algorand
- $10 million to build robust tools for Algorand
Algorand is investing $20 million to accelerate development in the ecosystem.
Algorand has everything a cryptocurrency should have: From high tx speed to amazing cost effectiveness. When the foundation manages to build the ecosystem like that of Ethereum, it would mean that it’s time to change altcoin leader. It is very obvious that Algo is getting serious. what it really matters for price appreciation is Simple, which is speeding up TVL increase = EVM compatibility.
When Algorand goes EVM that is a huge reward. And, obviously a great opportunity to all developers out there.
The Algorand Foundation recently introduced $10,000,000 USD Supa Grant to be rewarded among teams that will explore & accelerate the technical work needed to deliver EVM compatibility on Algorand. Proposals are accepted until March 18, 2022.
For clarity, the EVM is a state machine maintained in the network of Ethereum clients, responsible for executing transactions and smart contracts to compute the network’s state for each new block added to the blockchain.
Written by Rocky Rock. The Ethereum Virtual Machine (EVM) is what defines the rules for computing a new valid state from block to block. The EVM is a powerful, sandboxed virtual stack embedded within each full Ethereum node, responsible for executing contract bytecode.
For Algorand, EVM compatibility means applications which are built on Ethereum or other Ethereum-compatible chains bring able to execute on Algorand.
Staci Warden, CEO Algorand Foundation stated, “We’re committed to a multichain world.” Talking at ETH Denver Warden stated, “We’re inspired by the depth of talent and activity in the Ethereum network.”
Warden also stated, “In the medium term, our goal is to be the layer 1 that can enable financial inclusion.” However, Warren also stated, “We believe in a multichain world, but if there’s only one settlement chain it’ll be Algorand for sure.”
Out of the allotted 20 million: About 10 million will go to making the Ethereum Virtual Machine compatible with Algorand. The next 10 million will go to projects which build robust tools for Algorand. The focus of these Developer tools being suites of products which make building applications on Algorand easier like compilers and debuggers.
Community reaction: Tell them to fix their faulty economics before your start getting building material. Not financial advice.
Ethereum do need a rework, but they are still the largest smart contract platform in the world.
Algorand is an absolutely exceptional, beautiful ecosystem that deserves to be crushing everyone.
As it transitions to EVM ALGO is Becoming Bullish.
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