The test network, or testnet, for the Algorand blockchain platform is now publicly accessible. This, after receiving around $66 million in total funding in 2018 from several venture capital firms including Pillar and Union Square Ventures.
Proof Of Stake Based Consensus, Highly “Resistant To Forks”
The Algorand project was first announced in 2017 by Turing Award recipient and MIT professor, Silvio Micali who had proposed using the proof-of-stake (PoS)-based consensus algorithm to develop the distributed ledger technology (DLT)-based network.
According to a blog post recently published by Micali, the Alogorand blockchain network is both scalable and highly secure. It’s also “resistant” to forks, or splitting of the original chain.
Before publicly releasing the Algorand DLT-enabled network, the platform reportedly went through a private testing phase, which began in July 2018. During the software testing period, hundreds of developers ran the beta release of the Algorand platform - in order to check for potential security vulnerabilities and other possible technical issues.
Looking For Feedback On “Quality, Function, And Overall Experience”
The developers of Algorand are now planning to encourage more users to “engage with [the platform’s] testnet and provide feedback on the quality, function, and overall experience of [using its] protocol.”
Commenting on the initiative, Steve Kokinos, the project’s CEO, remarked:
Opening TestNet to the public is a major milestone on our journey to the open source release of the technology. Today marks the latest step forward in our overall mission to enable the broader Algorand community to collaborate, innovate and contribute to the evolution of our public, permissionless blockchain platform.
As explained in its Crunchbase profile, the Algorand platform is “positioned to address the blockchain’s scaling challenges through rapid and efficient user consensus, enabling even the smallest transactions, regardless of transaction volume or number of users.”
According to Algorand’s official website, the DLT-based network “is a first-of-its-kind technology that fulfills the promise of blockchain through a platform that solves the ‘blockchain trilemma’ by offering the decentralization, scalability and security necessary for both businesses and developers.”
$4 Million Received From Lead Investors, Union Square Ventures And Pillar
In addition to attracting approximately $4 million in investments from Union Square Ventures and Pillar, other notable investors which have helped fund the Algorand project include NEO Global Capital (NGC), Kosmos Capital, and Kingsley Advani, a general partner at Chainfund Capital.