Funding support from venture capital firms Pillar and Union Square Ventures contributed in raising $4 million in seed funding for the Algorand blockchain.
Algorand embodies the most recent efforts to build a brand new blockchain system. Its goals are focused on engaging in most of the apparent governance matters with distributed systems. In simpler terms, the project aims to use the funds in order to build out its development team and reinforce continued work on the protocol.
With its protocol co-authored by Turing Award winner and MIT professor, Silvio Micali, Algorand organizes a digital currency and transaction platform. “Just as the strength of the Algorand network comes from the diversity of its participants, the strength of the Algorand committee comes from the diversity of its contributors.” Micali said about the funding.
No launch date has been set by the developers yet but they’ve hinted that the release would be within this year according to their statements.