MIT Professor’s Proof Of Stake Algorand Platform To Open Its Testnet After $66M In Funding In 2018

Turing Award Winner’s Algorand Platform To Open Its Testnet

A new platform called Algorand is opening its testnet to the general public. According to reports, the idea is to open the testnet now in order to prepare for the launch of the mainnet, which will happen in June.

Algorand will be a digital currency and transaction platform that was created by Silvio Micali, the creator of the project that won the Turing Award in 2017. He is a Massachusetts Institute of Technology (MIT) teacher and has now decided to create this platform for businesses.

This project was able to get around $66 million USD in funding to create and release the testnet. After that, a select group of users was chosen to test it first. One of the companies that trialed the service first was Top Network, which has reunited with Algorand in order to create its own products using the service.

Some other backers of the company included Union Square Ventures and Pillar. Both of them contributed $4 million USD during the funding round.

Algorand has faced some controversy recently as one of the exchanges that would trade its tokens later, Bgogo, has tried to trade them before the tokens even existed. This has caused some issues and the crypto exchange eventually decided to drop this idea. The exchange has tried to distance itself from the event afterward.

The Launch Of The Mainnet

The platform is now ready to launch the token and the mainnet in June. According to an interview with Micali, he believes in the power of the blockchain technology to power a future in which the economy of the world is finally really borderless and can reach its apex.

At the moment, there is no specific date for the launch of the main, only the estimate that it will be ready in June, so there may be some delays in case something goes wrong.

According to the creator of the project, releasing the program is a major milestone for the team and important for marking a leap forward in innovation in the community.

In related news, a group of MIT researchers has recently affirmed that they created a crypto that needs nodes to store 99% fewer data than Bitcoin. This new token will be called the Vault and it will run on the Algorand blockchain.