FIFA announces partnership with blockchain innovator Algorand

FIFA has teamed up with blockchain technology company Algorand to agree a sponsorship and technical partnership deal. The agreement means Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution. As per the sponsorship agreement, Algorand will be a FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor. Blockchains allow non-editable data to be permanently recorded and distributed on digital networks, while also facilitating innovations and ensuring safe, untampered exchange of value and assets such as non-fungible tokens (NFTs), and through blockchain-enabled wallets holding digital assets. As part of the agreement, Algorand will also assist FIFA in further developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities. On the occasion of the announcement, FIFA President Gianni Infantino said: “We are delighted to announce this partnership with Algorand. The collaboration is a clear indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth for further reinvestment back into football ensuring transparency to our stakeholders and world-wide football fans – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand.” FIFA Chief Business Officer Romy Gai added: “This announcement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications. At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward looking, innovative partner that can help us achieve these goals.” Founded by Turing Award-winning cryptographer Silvio Micali, the Algorand blockchain is the technology of choice for over 2000 global organisations, governments and digital-native defi applications. In particular, Algorand helps organisations in finance, gaming, music, art and the sports world that seek to adopt Web3 digital capabilities as a path to accelerate growth, inclusiveness, transparency and innovation in an environmentally responsible way. From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all,” said Silvio Micali, founder of Algorand. “This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”

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What is the cryptocurrency transfer fee?

Transacting on the cryptocurrency network, like any other everyday transaction that we do, involves transaction fees and charges on the blockchain network. This fee that digital currency users pay to verify their own transactions is called a transfer fee or a transaction fee. Sending cryptocurrency from one address to another on the network involves a fee. When transferring digital currency or doing various transactions on the cryptocurrency network, you will face the option of transaction fee or network fee.

It is possible for the user to change the transfer fee in the network and everyone can set the best fee rate considering the transaction conditions. This rate varies depending on the network you use. For example, transactions performed on the Ethereum and Bitcoin networks do not have the same transaction fees on the blockchain network.

Methodology

• The following 8 chains were used in this dashboard →

  1 - Ethereum 2 - Solana 3 - Algorand 4 - FLOW 5 - NEAR 6 - Optimism 7 - Arbitrum 8 - Osmosis

• The following method was used to extract the average gas per 1m$ of transfer→

  a = sum(transfer$)/1m$
  result = sum(gas$)/a
  

• All this dashboard has been analyzed for the last 30 days

• The largest volume of gas was for Ethereum with about 83K ETH and about 47%

Gas analysis based on time in the last month

• The highest average USD$ volume is also for Ethereum with about 3$

• The largest volume USD$ of gas was for Ethereum with about 115 million$ and 92%
• Solana with about 7 million$ and 5% second place
• Optimism with about 1 million$ and 1.3% in third place
• Arbitrum with about 1 million$ and 0.8% in third place
• Algorand ranks 7th with about 14K$
• The least consuming gas is also for FLOW

Average cost of gas in USD per $1,000,000

• The average gas paid per transfer per 1 million$ for Ethereum was about $961 and 43% and for Optimism was about $929 and 42, as well as Algorand with about $6 gas after FLOW, the cheapest gas per transfer 1 It has million$

• On November 8, the highest average USD$ gas was related to Ethereum with around 7$

• On November 11, the largest USD$ gas was related to Solana with about 5 million$ related to the FTX crisis.

• On November 9, there was the most gas, which was related to Ethereum, with about 6K ETH

• The gas growth for Osmosis has intensified on October 27th, and the gas surge for Solana on November 10th seems logical considering the FTX crisis.

Blocks

• Ethereum has the most gas with around $17 per block per day and Solana is the second most expensive with around $0.04 per block per day in the last 30 days.

• Ethereum has the most gas with around $0.7 per block per hour and Solana is the second most expensive in the last 30 days.

The table summarizes the statistics of 8 chains

• Looking at the scatter chart of paid gas by hour and day, we see an increase in gas in the early hours of November 11 and November 12, which is marked with orange color.

• In an hourly, paid gas, it seems that 16:00 is the most transactions and the most expensive gas hour, and the last hour is 18:00.

• In the examination of the days of the week, it seems that there was the most payment gas on Tuesdays, but on Friday, due to the crisis in Solana, there was a lot of payment gas in the last 30 days.

The top 10 addresses on each chain that spend the most on gas in the past month

• In the 8 graphs below, the 10 wallets with the highest payouts in the 8 analyzed chains are shown along with the number of their transactions.

Findings and conclusion

General comparison→

• The largest volume of gas was for Ethereum with about 83K ETH and about 47%
• The largest volume USD$ of gas was for Ethereum with about 115 million$ and 92%
• Solana with about 7 million$ and 5% second place
• Optimism with about 1 million$ and 1.3% in third place
• Arbitrum with about 1 million$ and 0.8% in third place
• Algorand ranks 7th with about 14K$
• The least consuming gas is also for FLOW
• The highest average USD$ volume is also for Ethereum with about 3$

Gas analysis based on time in the last month→

• On November 9, there was the most gas, which was related to Ethereum, with about 6K ETH
• On November 11, the largest USD$ gas was related to Solana with about 5 million$ related to the FTX crisis.
• On November 8, the highest average USD$ gas was related to Ethereum with around 7$
• The gas growth for Osmosis has intensified on October 27th, and the gas surge for Solana on November 10th seems logical considering the FTX crisis.
• In an hourly, paid gas, it seems that 16:00 is the most transactions and the most expensive gas hour, and the last hour is 18:00.
• In the examination of the days of the week, it seems that there was the most payment gas on Tuesdays, but on Friday, due to the crisis in Solana, there was a lot of payment gas in the last 30 days.

Average cost of gas in USD per $1,000,000→

• The average gas paid per transfer per 1 million$ for Ethereum was about $961 and 43% and for Optimism was about $929 and 42, as well as Algorand with about $6 gas after FLOW, the cheapest gas per transfer 1 It has million$

Blocks→

• Ethereum has the most gas with around $17 per block per day and Solana is the second most expensive with around $0.04 per block per day in the last 30 days.
• Ethereum has the most gas with around $0.7 per block per hour and Solana is the second most expensive in the last 30 days.

Conclusion→

• As expected, the highest paid gas was in Ethereum with about 116 million$ , followed by Solana with about 7 million$, which seems reasonable considering the FTX disaster, while the average Solana gas is very has been low and the average Ethereum gas per transaction was about 3$, which compared to the high trading period of NFTs, 3$ is a very low figure, but at the same time it is very high compared to other chains, but the strange thing about this research is, The average gas payment per 1 million$ per transfer for Optimism network is very high and in this respect it is close to Ethereum.

written by :writing_hand:

Discord ID: Sal☰h#1747

email : saleh.mz@gmail.com

The dashboard link has been tweeted