The Algorand Foundation agreed to allocate $ 20 million (~ RM83.7 million) to grow Algorand’s network ecosystem.
The announcement was made by Algorand Foundation CEO Staci Warden on Thursday in the ETHDenver program.
It is understood that $ 10 million will be channeled to developers to complete the compatibility of Ethereum Virtual Machine (EVM).
Through the presence of EVM, decentralized applications (dApps) developed in Ethereum or any network compatible with Ethereum can also be implemented in Algorand.
While another $ 10 million will be focused on projects that can sustain the needs of developers for Algorand.
Any requirements or tools appropriate to the project, such as compilers and debuggers -further simplifies the establishment of applications in Algorand.
The presentation of these two projects is expected to attract more app developers and new projects, thus creating a strong platform for the Ethereum -based developer community.
Algorand Summary (ALGO)
Capable of processing up to 10,000 transactions per second
There are no gas costs, there are just very cheap transaction costs
Last year, Algorand became Ethereum’s alternative when gas costs and transactions skyrocketed.
At the time of writing, ALGO posted a trading value of $ 0.85, down nearly 5% in 24 hours.
