MIT Professor Raised $4M for Algorand Development

Algorand is "latest effort to build a wholly new blockchain system"
16 February 2018   763

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."

OKEx to Launch OKChain Based Decetralized Exchange

Great role in the upcoming exchange will be played by OKB coin, which will be trasfered to OKChain as soon as its development finished
22 March 2019   91

OKEx cryptocurrency exchange will launch a decentralized trading platform on its own blockchain.

Currently, the OKChain blockchain is in the final stages of development, and its test network may be launched as early as June 2019. When the OKEx blockchain becomes stable enough, it will transfer OKB to it, which will then perform the function of the native OKChain token and be used to pay commissions, as well as in its own decentralized network applications.

The primary purpose of OKChain is to launch the OKDEx decentralized exchange, where the OKB token will be used to participate in presales. In addition, project teams will use OKB tokens to pay the service fee to the super nodes of the network.

While the total volume of OKB emissions is 1 billion, 300 million tokens are in circulation today, and 700 million remain blocked. Of this number, 300 million OKB will be distributed to users through the loyalty program, and 400 million belong to the OK Blockchain Foundation and the exchange team. However, for a more efficient formation of the OKB ecosystem, the blocking period of these 700 million tokens will be extended from 2020 to 2022, writes OKEx.

In addition, OKB will be the only token to be accepted during the initial exchange offerings (IEO) on the OK Jumpstart platform, announced earlier this month. According to the company, it is currently negotiating with various projects and will soon announce the launch of the first IEO on OK Jumpstart, for which investors will be admitted who have passed personal verification and have OKB tokens in their accounts.