Props Project Is Migrating From Private to Algorand Blockchain
Props Project Migration
YouNow’s regulated cryptocurrency project Props has announced to shift from private blockchain to a public blockchain for a better scale according to an announcement made on Thursday. According to the announcement, the company is moving PropsChain, a private fork that handles around 50,000 transactions in one hour, to the Algorand blockchain to support the growth of Props which currently has more than three million users on its network.
Algorand blockchain will help Props to achieve scalability
The purpose of the company is to get scalability and offer transparency to the participants on the network therefore it is shifting its PropsChain from private blockchain to Algorand blockchain. Algorand will help Props improve network speed and reliability. The CEO of Algorand Steve Kokinos says that the vision of the Props project has impressed them and it is really appreciative that Props is moving toward a scalable and public blockchain to grow its expansion. Algorand CEO says:
“Props’ unprecedented growth demonstrates a notable shift in mainstream blockchain adoption by leveraging the technology to benefit millions of users across everyday applications. We are inspired by their vision and appreciate their desire to move to a scalable, public blockchain to continue their expansion.”
The managing Partner at Borderless Capital David Garcia says that the migration of Props with millions of users from private to public blockchain will be marked as a massive milestone in the industry and says, “This will ignite a network effect bringing more apps and projects like Props to build on Algorand.”
Props raises $2 million in funding
The company has claimed to raise an amount of $2 million in funding which is led by Union Square Ventures (USV) and Borderless Capital. Other strategic partners such as GSR, Lvna Capital, and the Dating.com Group also participated in this funding round.
This funding will support the growth of Props and will help the company during the migration of PropsChain. Props project will collaborate with Algorand to make its network more scalable and transparent than it was on the private blockchain.
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