Oct 24, 2018
By: Silvio Micali
This week, Algorand has achieved several important milestones: We announced $62 million in funding from a broad global investment group, and announced that Steve Kokinos and Sean Ford have recently come on board as our CEO and COO, respectively.
We have been developing Algorand as a technology for several years with the ultimate goal of creating a business-ready protocol for a truly global and decentralized economy. And as we look towards that future, the new funding and added leadership will enable us to reach our goals as we expand on a global scale.
The new funding gives us the resources to launch with fairness and trust, on a global scale. While the typical project finances itself via an ICO with tokens offered at a fixed price, this approach frequently leaves the users questioning the fairness of the price. From my perspective, a blockchain must build trust among all participants. Funding our business through an equity investment allows us to launch with fairness. We look forward to sharing our plan for launch that is based on transparency and allows the market to set a fair price.
The new funding has also given us the resources to assemble an experienced and capable team, filled with experts in all relevant fields, who will help us grow and engage the rest of the world with our platform. In particular, Algorand is assembling a world-class research team that will continue to drive innovation in the years to come: in our consensus protocol; in distributed governance; in secure incentives; in privacy, security and zero-knowledge; in crypto finance; and in smart contracts. The innovation will continue in order that Algorand not only meets the needs of the community today, but also those that the community will have in future.
While I am a technologist at heart, Algorand is not just a technology — is also a business. Steve and Sean bring to Algorand their combined 40+ years experience in leading disruptive technologies and the business acumen we need to thrive.
Steve joins after previously founding three successful companies: Fuze, BladeLogic and WebYes. He will apply that entrepreneurial spirit to help us grow, focusing on corporate strategy. Sean joins Algorand after building, managing, and transforming technology organizations, from his time as the co-founder of uPromise to his time as the CMO of LogMeIn. He will be managing our go-to-market strategy and operations. In a short time, Steve and Sean have already brought a tremendous number of ideas and energy to the table. With their help, we are scaling up our productivity, while still retaining the essential ability to be creative.
Algorand has reached an important stage in its development and growth. Armed with the new funding and Steve and Sean’s expertise, we are looking forward to what comes next for both the platform, the community, and the company.