3 ms·

Algorand is not proof of work. Its a variation of PoS with very interesting use of VRF functions.

Tenoke 5y ago
More than a year after its smart contract introduction devs have still failed to create a single DEX (let alone something more complex) there despite trying. The one Algo were hyping about having a dex last October (idex i believe) have quietly removed mentions of Algo on their site after failing despite all the PR. This should tell you how good of a choice Algo is for anything. There's plenty other promising POS chains on which devs are actually successfully managing to build stuff on to be focusing on Algo.
- option_greek 5y ago
  True. They never had any good growth strategy anyway. Also there is no good plan to keep the ledger size sane. Like I mentioned, their consensus algo is innovative the execution beyond that is lacking because there wasn't any organic growth happening.
- encryptluks2 5y ago
  Solana would be a much better choice IMO. They already have Saber and Serum.
  - Tenoke 5y ago
    And raydium which is the 4th biggest DEX in crypto[0]. Yes, from those I follow Solana would also be my choice if I had to bet because they are already at/close to the point where they can have high tps, low fees, POS, and still be decentralized (more work on that end is needed but now they are nearing 1k validators). They also have built their chain in 2 years which is barely enough time to implement minor changes for competitors. Additionally, they just got the hype/huge investments so they have the users and attention, too. 0. https://www.coingecko.com/en/dex https://www.coingecko.com/en/dex
- gnarcoregrizz 5y ago
  is it because of programming difficulties with their runtime (non-turing complete?), bugs in their runtime, or just no one interested in programming on their platform?
  - Tenoke 5y ago
    I believe the first (incomplete implementation). There's definitely plenty that tried (with money behind them). I hear that with some changes to the chain it might be feasible soon (there are some demos on their testnet, none on mainnet) but I've stopped following them much.
- dQw4w9WgXcQ 5y ago
  Is AlgoDex not working? What would be the purpose of rushing out tools and smart contracts that need to be verified and routinely cause irreparable damage due to security and bugs? There are already two HN startups using Algorand: 1) Lofty.AI, which has been a smash hit for tokenizing real estate and making daily income and 2) Algofi, which is S21 and intended for lending. There's also ANote + Opulous for owning tokenized music royalties, and AlgoGems for NFTs + Yieldly for NLLs, etc. With the recent news that El Salvador will use Algorand for their infra and the $100M+ ArringtonXRP investment fund, Algorand is only getting started. Devs are flocking to Algorand for how easy it is to use the wallet and create unique tokens on a fast and scalable network.
  - Tenoke 5y ago
    >Is AlgoDex not working? According to their site[0] no, but now they do have a testnet demo. Looking at the demo it's Order Book, not AMM which further makes me think that AMMs are still impossible there while Order Book-style can always be done with some centralization. The docs are sadly one tiny page that has no technical details so I won't dig further. >What would be the purpose of rushing out tools and smart contracts that need to be verified and routinely cause irreparable damage due to security and bugs? But they did publish smart contracts. More than a year ago. They also hyped them up, and hyped up a DEX which was supposed to come last October. Some random PR articles from 2020[1,2,3]. This clearly failed quietly despite supposedly smart contracts already being functional then. >There are already two HN startups using Algorand: 1) Lofty.AI, which has been a smash hit for tokenizing real estate and making daily income and 2) Algofi, which is S21 and intended for lending. Cool, if I see them working how I see similar dapps working on so many other chains maybe I'll change my mind. >Devs are flocking to Algorand for how easy it is to use the wallet and create unique tokens on a fast and scalable network. Are they? I see devs that try and fail to build there, and less devs discussing it than other chains. I see a lot of PR. That's it. Maybe it has a future but it seems much further behind, despite claiming it was already there in respect to smart contract last year. At this point if they catch up I'll give it another look but for now their PR seems to just make claims that don't reflect reality. 0. https://about.algodex.com/ https://about.algodex.com/ 1. https://blockonomi.com/idex-complete-rebuild-ethereum-scaling-solution/ https://blockonomi.com/idex-complete-rebuild-ethereum-scalin... 2. https://coinpedia.org/press-release/algorand-crypto-hidden-gem/ https://coinpedia.org/press-release/algorand-crypto-hidden-g... 3. https://www.coindesk.com/markets/2020/08/06/idex-raises-25m-to-rebuild-hybrid-exchange-for-algorithmic-traders/ https://www.coindesk.com/markets/2020/08/06/idex-raises-25m-...

More than a year after its smart contract introduction devs have still failed to create a single DEX (let alone something more complex) there despite trying. The one Algo were hyping about having a dex last October (idex i believe) have quietly removed mentions of Algo on their site after failing despite all the PR. This should tell you how good of a choice Algo is for anything. There's plenty other promising POS chains on which devs are actually successfully managing to build stuff on to be focusing on Algo.

option_greek 5y ago
True. They never had any good growth strategy anyway. Also there is no good plan to keep the ledger size sane. Like I mentioned, their consensus algo is innovative the execution beyond that is lacking because there wasn't any organic growth happening.
encryptluks2 5y ago
Solana would be a much better choice IMO. They already have Saber and Serum.
- Tenoke 5y ago
  And raydium which is the 4th biggest DEX in crypto[0]. Yes, from those I follow Solana would also be my choice if I had to bet because they are already at/close to the point where they can have high tps, low fees, POS, and still be decentralized (more work on that end is needed but now they are nearing 1k validators). They also have built their chain in 2 years which is barely enough time to implement minor changes for competitors. Additionally, they just got the hype/huge investments so they have the users and attention, too. 0. https://www.coingecko.com/en/dex https://www.coingecko.com/en/dex
gnarcoregrizz 5y ago
is it because of programming difficulties with their runtime (non-turing complete?), bugs in their runtime, or just no one interested in programming on their platform?
- Tenoke 5y ago
  I believe the first (incomplete implementation). There's definitely plenty that tried (with money behind them). I hear that with some changes to the chain it might be feasible soon (there are some demos on their testnet, none on mainnet) but I've stopped following them much.
dQw4w9WgXcQ 5y ago
Is AlgoDex not working? What would be the purpose of rushing out tools and smart contracts that need to be verified and routinely cause irreparable damage due to security and bugs? There are already two HN startups using Algorand: 1) Lofty.AI, which has been a smash hit for tokenizing real estate and making daily income and 2) Algofi, which is S21 and intended for lending. There's also ANote + Opulous for owning tokenized music royalties, and AlgoGems for NFTs + Yieldly for NLLs, etc. With the recent news that El Salvador will use Algorand for their infra and the $100M+ ArringtonXRP investment fund, Algorand is only getting started. Devs are flocking to Algorand for how easy it is to use the wallet and create unique tokens on a fast and scalable network.
- Tenoke 5y ago
  >Is AlgoDex not working? According to their site[0] no, but now they do have a testnet demo. Looking at the demo it's Order Book, not AMM which further makes me think that AMMs are still impossible there while Order Book-style can always be done with some centralization. The docs are sadly one tiny page that has no technical details so I won't dig further. >What would be the purpose of rushing out tools and smart contracts that need to be verified and routinely cause irreparable damage due to security and bugs? But they did publish smart contracts. More than a year ago. They also hyped them up, and hyped up a DEX which was supposed to come last October. Some random PR articles from 2020[1,2,3]. This clearly failed quietly despite supposedly smart contracts already being functional then. >There are already two HN startups using Algorand: 1) Lofty.AI, which has been a smash hit for tokenizing real estate and making daily income and 2) Algofi, which is S21 and intended for lending. Cool, if I see them working how I see similar dapps working on so many other chains maybe I'll change my mind. >Devs are flocking to Algorand for how easy it is to use the wallet and create unique tokens on a fast and scalable network. Are they? I see devs that try and fail to build there, and less devs discussing it than other chains. I see a lot of PR. That's it. Maybe it has a future but it seems much further behind, despite claiming it was already there in respect to smart contract last year. At this point if they catch up I'll give it another look but for now their PR seems to just make claims that don't reflect reality. 0. https://about.algodex.com/ https://about.algodex.com/ 1. https://blockonomi.com/idex-complete-rebuild-ethereum-scaling-solution/ https://blockonomi.com/idex-complete-rebuild-ethereum-scalin... 2. https://coinpedia.org/press-release/algorand-crypto-hidden-gem/ https://coinpedia.org/press-release/algorand-crypto-hidden-g... 3. https://www.coindesk.com/markets/2020/08/06/idex-raises-25m-to-rebuild-hybrid-exchange-for-algorithmic-traders/ https://www.coindesk.com/markets/2020/08/06/idex-raises-25m-...