Looking to buy the rumors and sell the news? Well, here’s a good one, since it is both a news and also a good path forward for Algorand. For the most part, all the impressive features such as low power consumption, fast network and low latency gave us a lot of reason to buy Algorand. However, the biggest downside has always been the lack of sufficient liquidity in the network. In other words, ALGO was underrated which is about to change with a bridge to Ethereum coming pretty soon. This announcement could potentially have a strong bullish effect on ALGO which is a good reason to buy Algorand now before the news gets out.
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The London Bridge
Primarily, the Algorand network has suffered from low liquidity more than anything else. The network continues to impress with low transaction fees, high scalability and very low energy consumption.
At this point, the Algorand foundation has announced the development of London Bridge which will connect Algorand with Ethereum. Basically, it acts as a trustless bridge which will integrate the two blockchain networks. Applied Blockchain will develop this bridge.
As for future development, the bridge can also enable Algorand to integrate with other blockchains. This could provide further liquidity into the network while taking a massive work load from other networks.
This interoperability solution can benefit both parties as a win-win case. First and foremost, the Ethereum network is hosting the vast majority of NFTs and Smart Contracts and it’s fair to say the network cannot deal with the bottleneck. And that is where ALGO comes in, an efficient and scalable network that can handle transactions like a champ. Subsequently, the network can use the added liquidity in the network to grow.
Buy Algorand for the Tech!
As for the big picture, Algorand is aiming to perform the verification of other chains within Algorand smart contracts. In order to make this happen, the Algorand consensus will hold state proofs in the form of compact certificates. The London Bridge will validate both block headers and state of other blockchains trustlessly.
Daniel Yang of the Algorand Foundation told CryptoSlate that they are looking to solidify a DeFi infrastructure on Algorand that will essentially become an ecosystem for DeFi. Adi Ben-Ari, the founder of Applied Blockchain told CryptoSlate:
“We’ve seen the demand for a secure token bridging solution through the many applications that we’re building for our clients on Algorand. Liquidity and composability are key benefits of blockchain, and a secure and seamless bridge will increase these for all applications on Algorand,” he said.
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