The best replacement for thread.sleep is timer.

The best alternatives to thread.sleep are rated as following:
★★★★★  timer
★★★★  task.delay
★★★★  thread.yield
★★★★  timer c#
★★★  thread.spinwait
★★★  timer java
★★  thread.currentthread.sleep
★★  manualresetevent
★  object.wait
★  monitor.wait
★  thread.wait
★  application.doevents
  autoresetevent

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thread.sleep
timer
task.delay