For creation of the improved technology of a blockchain
Financing of the startup standing behind the protocol published today was provided by the companies of the venture capital Pillar and Union Square Ventures.
Algorand represents the platform for digital currency and its transactions, together with the protocol which is their cornerstone which coauthor is the professor of the Massachusetts Institute of Technology and the owner of an award of Turing — Silvio Micali. As it was reported earlier, the system constructed on the basis of protection by a method of “confirmation of a share” was shown at the Financial Cryptography and Data Security conference which was taking place on Malta last year.
The Algorand platform represents the latest attempt to construct the completely new system of a blockchain which is aimed at the solution of a row of the problems connected to control of distributed systems. The project plans to use the raised funds for the formation of the design team and support of further work on the protocol.
“Just as the force of the Algorand network proceeds from the variety of its nodes, force of community Algorand proceeds from the variety of participants. We — the open community which integrates ultimate users, developers and researchers in the field of cryptography, economy, and informatics” — Mikali told about the financing of the project.
Meanwhile, the exact date of the start was not declared. Algorand developers consider the possibility of the start of the platform “within a year”.