The cooperation will see Monerium issuing its programmable e-money on the proof-of-stake Algorand protocol, created by the Massachusetts Institute of Technology (MIT) professor and Turing Prize award-winner Silvio Micali.
Regulated e-money on the blockchain
In June 2019, it became the first company worldwide to receive a license from Icelandic regulators as part of a new European regulatory framework for blockchain-powered e-money services across the European Economic Area.
According to the press release, Monerium’s e-money can be stored and transacted on the blockchain by retail users and businesses online without the need for banking institutions or payments providers.
In a statement, Monerium co-founder and CEO Sveinn Valfells said that Monerium was prioritizing integration with blockchains that have “mainstream relevance”:
“Algorand incorporates key features for many mainstream use-cases, including stateless smart contracts and scaleable proof-of-stake consensus. The Algorand leadership has taken a pragmatic and deliberate approach in designing a blockchain for mainstream applications while staying close to the ethos of the open source community."
Algorand’s newly-updated protocol
As reported, Algorand released an upgrade to its protocol in November 2019 to include more tools for enterprise-scale decentralized applications, or Dapps.
The upgrade also focused on developing new scalable blockchain-native solutions for real-world use cases, such as asset tokenization.
Algorand had released its public testnet to solicit feedback on the protocol in mid-April. The project had previously garnered $66 million in funding, releasing its testnet to a limited group of participants prior to the public rollout.