Algorand Announces Winners For Its $50M Blockchain Research Program

August 9, 2022 4:59 pm

The Algorand Foundation is continuing to make major strides when it comes to crypto and blockchain innovation despite the current crypto winter.

The carbon-negative blockchain has just announced the winners for its $50 million blockchain research program where the winners were selected by experts with deep blockchain expertise.

The projects were chosen based on how they could fundamentally change the crypto industry and their ability to solve real world problems.

As a result, the work being done here is expected to drive long term value for the Algorand blockchain and many investors are applauding the fact that Algorand is focusing back on its original roots and blockchain innovation.

More than likely, these are the types of blockchains that will ultimately outlive competitors and prosper even during uncertain economic conditions.

PRSNewswire.com reports:

“It was the cryptographic, distributed and security community that created the technology on which blockchains are based.

I applaud the Algorand Foundation for going back to the roots and supporting this kind of research.

The academic grants are going to stellar teams that will help grow the diverse and inclusive global community of blockchain researchers and educators,” said Dr. Shafi Goldwasser, a scientific advisor for Algorand and winner of the Turing Award (alongside Micali), Gödel Prize and Franklin Medal.

Goldwasser, who received her Ph.D from UC Berkeley and is currently the director of the university’s Simons Institute for the Theory of Computing, added, “And of course, I am proud to see my Bears among the winners!”

The winners of the program come from many different countries all around the world and also span many different industries.

To put things in context, there were around 77 proposals submitted by 550 participants that came from 46 different countries.

For a blockchain, having a strong development community that constantly works on improving the ecosystem is essential for organic growth.

From this research program, it is clear that Algorand certainly has one of the strongest communities to support ongoing development.

CryptoNews.net concludes:

The Turing Award laureate and Massachusetts Institute of Technology Professor Silvio Micali’s carbon-negative blockchain, Algorand, was created as part of the ACE Program, an effort of the US-based Algorand Foundation. Dr. Hugo Krawczyk, the chief researcher at the Algorand Foundation and director of the ACE Program, said,

“Given the large number of top-notch proposals we received, the selection process was challenging.”
As one of ten winners of the Algorand Centres of Excellence (ACE) Program worldwide, researchers from Australia and the Pacific area, led by Monash University, will split US$50 million to advance blockchain technology, education, and innovation.

The Turing Award-winning cryptographer Silvio Micali, an MIT professor, created the Algorand blockchain, which can deliver the promise of a borderless global economy.

Since it went online in June 2019, it has achieved transaction throughputs at the pace of traditional finance, with quick finality and almost no transaction fees. With a decentralized protocol, its carbon-neutral platform and distinct pure Proof-of-Stake (PoS) consensus method resolve the “blockchain trilemma.”

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