Algorand's ASC1, A Strategic Choice Over Ethereum's EVM
In the meticulous evaluation of blockchain platforms, Tectone23 Software strategically chose to fork Algorand, acknowledging the distinct advantages of its ASC1 (Algorand-Smart-Contracts) over Ethereum’s EVM (Ethereum Virtual Machine).
Key advantages and considerations include
Algorand ensures rapid and irrevocable transaction finality, offering greater certainty compared to Ethereum's probabilistic finality stemming from its proof-of-work mechanism. Algorand's design prioritizes efficiency, boasting high throughput and low-latency transactions, ideal for applications requiring speed and cost-effectiveness.
Algorand transactions feature lower and more predictable fees, mitigating issues associated with Ethereum's fluctuating gas fees during network congestion. Algorand's fee model provides predictability, simplifying cost estimation for both developers and users.
Algorand's TEAL smart contract language is tailored for simplicity and efficiency, suitable for diverse use cases. The platform offers formal verification tools, enhancing smart contract security and reliability.
Algorand's consensus mechanism prevents network forks, ensuring stability and consistency. Additionally, its PoS (Proof of Stake) consensus significantly reduces environmental impact compared to Ethereum's PoW (Proof of Work) mechanism.
Algorand's architecture, built around Pure Proof of Stake (PPoS), fortifies the network against 51% attacks, a vulnerability present in Ethereum. It achieves near-instant finality, diminishing the window for malicious activities. Furthermore, cryptographic commitments embedded in its consensus algorithm enhance overall network security.
Ethereum's upcoming Ethereum 2.0 aims to resolve inherent issues like 51% attacks, transaction finality latency, and fee calculations. However, Algorand's architecture guarantees faster finality, resistance to forks, and a standardized fee formula, addressing these concerns more comprehensively.