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.
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."