This article has been updated to reflect that Algorand is not planning an ERC-20 token sale.
Algorand, the brainchild of Massachusetts Institute of Technology (MIT) professor Silvio Micali, seeks to build an app development platform for enterprises. The project previously obtained $66 million in funding, releasing the testnet to a limited group of participants prior to the public rollout.
Among them was Top Network, a decentralized cloud communication service which subsequently formed a partnership with Algorand to develop its own user offerings.
Bgogo subsequently changed its approach after the company publicly distanced itself from the plan, instead opting to offer users futures trading.
Algorand intends to launch its mainnet product in June, along with its token. In an interview this January, Micali spoke about his belief that blockchain technology has future potential for creating a borderless global economy.
A group of researchers at MIT recently claimed to have built a cryptocurrency that needs transaction-verifying nodes to store 99 percent less data when compared to bitcoin (BTC). The currency, known as Vault, will run on the Algorand blockchain.