MIT Professor Raised $4M for Algorand Development

Algorand is "latest effort to build a wholly new blockchain system"
16 February 2018   503

Developers of the Algorand blockchain protocol have attracted $ 4 million of initial funding. This is reported by CoinDesk.

Investments came from venture capital firms Pillar and Union Square Ventures, as Algorand representatives reports.

Algorand consists of digital currency and transaction platforms, as co-author of the protocol is Silvio Micali, professor of Massachusetts Institute of Technology (MIT) and the winner of the Turing Award. The protocol works on the "proof-of-stake". This year it is already represented at the conference "Financial Cryptography and Data Security", which was held in Malta.

Algorand is another attempt to create a completely new blockchain system. This protocol is designed to correct management problems with distributed systems. The project plans to use the funds raised to assemble the development team and continue working on the protocol.

Just as the strength of the Algorand network comes from the diversity of its participants, the strength of the Algorand community comes from the diversity of its contributors. We are an open community bringing together end users, developers, and researchers in cryptography, economics, and computer science.

Silvio Micali

Professor, MIT

The exact date for the launch of the Algorand blockchain has not yet been named. The developers argue that this should happen "within a year." to Mine for Charity

According to the calculations, if 10k computers will run the minning screensaver for 12 hours a day, the charity fund will receive $10k monthly
18 July 2018   104

Social platform for petitions announced the launch of a screensaver that mines Monero on users' computers. All tokens will be transferred to the charity fund of This is reported by Coindesk.

This initiative was launched in partnership with the marketing agency Tracelocke Brazil.

Representatives of report that the screensaver will consume resources only when users do not use the computer. According to their calculations, if 10 thousand computers will run the screensaver for 12 hours a day, the charity fund will be transferred $ 10 thousand monthly.

At the moment the program is available only for Windows users and the platform did not report on the release plans for the version for macOS.

Note that at the end of April, a similar action was launched by the Australian unit of the United Nations International Children's Emergency Fund; (UNICEF). The website "Page of Hope" mines Monero cryptocurrency.