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The blockchain company Algorand managed to raise a little over $60 million in its last token sale on CoinList.

Not only are the $60 million raised by Algorand very impressive, they also on top of the already raised $66 million over the past year. The $66 million were secured mainly from VC firms such as Union Square Ventures and Pillar Venture Capital.

The Algorand Foundation is a company which implements an open source public ledger and crypto payment system. This is done thanks to the utilization of the Byzantine Agreement message-passing protocol.

At the end of the token sale, Argoland’s asset Algos, was worth $2.40 per token. The company plans to increase to total number of Argos tokens up to 10 billion in the first 5 years of operation. Currently, the network’s market cap is $24 billion.

Earlier this year, Algorand confirmed the release of its public testnet. If everything goes according to plan, the mainnet will be launched by the end of the month.

Algorand was created with the purpose of making huge changes

Silvio Micali, the creator of Algorand has spoken numerous times about his belief that blockchain tech can lead to world to a borderless global economy. He hopes that the Algorand blockchain can help with that dream.

Micali’s dream might quickly turn into reality because of an upcoming project by a group of MIT researchers.

The project, is a new cryptocurrency which reduces the data users need to join the network and verify their transactions. The data reduction is the incredible 99% compared to today’s cryptocurrencies.

The new cryptocurrency will be called Vault and data reduction is its main goal. In the held experiments, Vault managed to reduce the bandwidth required to join its network by 99% when compared to BTC and 90% when compared to ETH. The 90% reduction compared to ETH should signify Vault’s potential when Ethereum is largely considered as one of the most efficient cryptocurrencies today.

Vault will be run on the Algorand blockchain and if successful, can prove to be a gamechanger.

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About Ian Karamanov

Based in Sofia, Bulgaria. Writing about cryptocurrency, politics, finance and esports. Keen interest in unedited history, spirituality and freedom.

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