The developers of the blockchain Protocol Algorand collected $ 4 million initial investment. Funding supported by venture capitalists Pillar and Union Square Ventures.
Algorand is a platform for cryptocurrency and transactions, co-author of the basic Protocol which is a Professor at the Massachusetts Institute of technology (MIT) and recipient of the Turing award — Silvio Micali (Micali Silvio). System based on proof-of-stake was presented at the conference Financial Cryptography and Data Security in Malta last year.
Algorand is an attempt to build a completely new blockchain system and aimed at solving some of the problems associated with the management of distributed systems. The project plans to use the funds to build its team and continue work on the Protocol.
«Just as the strength of the network Algorand comes from the diversity of its participants, the power of community Algorand comes from the diversity of its contributors,» said Micali funding. «We are an open community of end-users, developers and researchers in the field of cryptography, Economics and Informatics».
The exact launch date has not been named, but the developers Algorand expect the release of the project «within a year».