Algorand misrepresents its performance against Bitcoin

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Blockchain startup Algorand cited incorrect Bitcoin stats while marketing its own network.

The startup claimed that its network handled over 50,000 transactions in less than a month, which it said was equivalent to what Bitcoin does every six months when the network actually does 1.8 million transactions in that time.

Algorand issued various marketing texts citing their accomplishment during the last month.

The company's claims were put to the test by a well-known independent cryptocurrency analyst and blogger, who found that some of the data Algorand provided was not only exaggerated but completely incorrect.

Crypto blogger calls out Algorand for sharing wrong stats.

The analyst, who goes by the name of Hasu on Twitter, called the comparison "Incredibly disingenuous marketing" by Algorand.

According to Hasu's tweet, Algorand claimed it handled over 50,000 transactions since the launch of its mainnet less than a month ago.

Steven Kokinos, the company's CEO, used the same data during an AMA. "In the first two weeks of live mainnet, over 50,000 transactions have been processed, which is roughly equivalent to 6 months of Bitcoin transactions or 2-3 months of Ethereum transactions," he wrote.

Users accused Algorand of intentionally using the wrong information to trick investors into believing their network was doing better than Bitcoin.

Algorand only need a fraction of their audience to miss bitcoiners' corrections for the deception to have been worthwhile.