March 24th, 2021 - In early March, @FatherAlgo, one of our super Algorand advocates, shared a short video on Twitter of him, @algojack and their buddies transacting $USDT on Algorand across 4 continents in under two minutes with $0.004 fees paid. This showcased the speed, scale and low fees enjoyed when transacting the popular Tether stablecoin on Algorand.
Based on the response and engagement we witnessed from the Algorand community, it got us thinking and we decided to run a competition with a 5,000 Algo reward for the fastest team who could beat @FatherAlgo's efforts (and 2nd and 3rd place prizes of 2k and 1k Algo respectively).
We are extremely impressed with how the Algorand community came together from all across the globe to form teams and enter the competition. The level of engagement and participation showcases the openness and inclusiveness of our community and how easy, quick and cheap it is to transact on Algorand.
Other stablecoins such as $USDC, QCAD, MELD are also available on Algorand and all benefit from the same speed, scale, security and finality.
Competition Statistics:
25 teams competed for the grand prize with 100 participants across 25 countries and 6 continents. Impressively, 18 of the 25 submissions managed to transfer USDT around the globe in less than a minute using a combination of the Algorand wallet (on Android and iOS) or the MyAlgoWallet.
Cue the drum-roll for our competition winners.
1st Place: Team Algonauts
35 Seconds wins the 5,000 ALGO Prize
A big congratulations to Team Algonauts from the USA, UK and France who submitted the best time of 35 seconds! You can check out team Algonauts competition Twitter post and YouTube Video.
Below is a list of the associated transactions from AlgoExplorer.
https://algoexplorer.io/tx/5NT2AZVNREN7XDKHK5PBL46L43O267WHJFILYOAABTKCU5CLM2PA
https://algoexplorer.io/tx/FXOJZZKZN3SGJYD6OEHKGHRXHSEUPWESGXXTPHVNUUGFBZ2ERZ2Q
https://algoexplorer.io/tx/NJTIDPSDESUHPQRBPPFRT2YT4FEWHUPXPW7W3Q6CEZGIJULSVA6Q
https://algoexplorer.io/tx/COYMN6H2H54ST3MA6VBOZIVS2CNATBMDQVSOWQMZ3TMFQAIS2VGQ
2nd/3rd Place Tied: Team Algochingu and Team Paradox
39 seconds resulted in a tie for 2nd place with each team winning 1,500 Algo.
Well done to both teams who both submitted times of 39 seconds, running the ultimate winning entry very close.
Team Algochingu, which means ‘Friends’ in Korean were made of team members from Germany, Turkey and the United States.
Below is a list of the associated transactions from AlgoExplorer.
https://algoexplorer.io/tx/YKIE63YWC5X3G2QG775JHAPJHTE6NRZQEOA64SC7DEJ3SZ5A25UA
https://algoexplorer.io/tx/LMG7CBKKKQ5PQY556TNT3BJZJAAOKLX4QKRJXIUQ2AQZCVDIEVNA
https://algoexplorer.io/tx/PZ64JXIXFJM2EQJ6JHH457ABGIBIKNFXV67FBPWEQBZLS5UYVX6A
https://algoexplorer.io/tx/KU6ZZ7NXBQDZXI3VWBJLF2KFMDX7M6Y3NSXXE7OJQ2YQVNWDVJ4Q
Team Paradox were spread across Finland, Spain, Ireland & USA.
Below is a list of the associated transactions from AlgoExplorer.
https://algoexplorer.io/tx/HUTTRFNBDWWBMVLEI575P5SB2WJNZHER6A3PCYK7EMV2ULZ6PD4Q
https://algoexplorer.io/tx/DXOGOKB757LSDIXPW42OLYUEDDOR44NZI7QCB5MPW5OKJFL7RG2A
https://algoexplorer.io/tx/L7OZ2AXPODXMJFZMVWHUL7BKXCO6RCF4UUUWQFN43WZXTELDDIHA
https://algoexplorer.io/tx/HAMHC3RBTSQB2G7HSOD7C7IWN5CFNXXPIIN4SAHT3QUOXYHP5JZA
We would like to call out the endeavor and innovative thinking showcased by some of the competition entries we received. A few teams were able to send 4 transactions across the globe within 22 seconds. This was achieved using a mixture of personal nodes and API calls. While we couldn't select those teams as winners of the competition due to manual criteria of the competition, we thank them heartily for exploring and showcasing the potential of the Algorand Blockchain.
