MIT Professor Raised $4M for Algorand Development

Algorand is "latest effort to build a wholly new blockchain system"
16 February 2018   251

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."

Monetha is about to release first version of its wallet app

Monetha's MVP to be released on March 21 exclusively for MTH holders in order to make a significant step towards fully working decentralized trust and reputation system
23 March 2018   72

Starting from March 31 all of MTH token holders will gain exclusive access to Monetha wallet app - the MVP of the project. The release is considered to be Beta release, and approximately 10,500 of the users of the platform will become the first to test out the product. The app will be available on both iOS and Android.

The wallet itself is based on smart contracts and features

  • making/solving claims;
  • rating merchants;
  • writing reviews;
  • review of purchase history;
  • see clients' and merchants' trust ratings

The integration with Monetha through the app will allow merchants to accept Ethereum based tokens as a payment and then easily convert cryptocurrency into fiat currency. Monetha's mission is 'to develop and deploy the best transaction system that would be based on enforceable contracts without third party between consumer and merchants and a strong decentralised reputation management system'. Its solution is going to be universal, transparent, self-executing and transferable.

To the moment of the publication, Monetha's market parameters are as follows:

Average price: $0.102597

Market cap: $22,274,083

Volume (24): $435,208