Skip to content

Both NXT and Algorand claim to have developed the first Proof of Stake Chain (PoS).

June 5, 2020

Cryptocurrency Algorand (ALGO) claims in its advertising materials to be the first proof of Stake Blockchain (PoS)., but the main developer of NXT, Lior Yaffe stated that his project was the first.

In one Tweet from June 3rd Yaffe accused Algorand of misleading the crypto community for marketing purposesand incorrectly claimed that it was the first PoS blockchain. Wrote:

“Algorand’s marketing machine was incorrectly crowned the ‘first proof of the use blockchain’.” A bold statement considering NXT is the first project to introduce a blockchain in PoS that works after Peercoin pioneered the hybrid chain with PoW “.

Yaffe: It’s not a mistake in good faith.

Yaffe pointed in one Tweet later, Algorand uses the claim on its official website and in much of its promotional material. He also told Cointelegraph that he believes the information is a malicious malicious lie:

“I wish I could believe it was a mistake in good faith, but frankly it’s hard to see how you could have been. I’m not sure if this is a disrespect to a previous job or an unsuccessful PR -Stunt is. I know I’ve seen other teams in the blockchain industry do it. “

Both NXT and Algorand claim to have developed the first Proof of Stake Chain (PoS).Both NXT and Algorand claim to have developed the first Proof of Stake Chain (PoS).

Although he criticized the claim of the project mentioned, Yaffe admitted that he believes “Algorand is a decent project itself” with a solid technical foundation. He also praised the project’s founder, Silvio Micali, and said it was nice to see a famous cryptographer like him in the blockchain industry.

Algorand did not respond to Cointelegraph’s request at the time of printing.