May 12th, 2020 - Since Algorand Foundation launched its 250M ALGO Grants Program in April, many developers around the world have been eager to participate and have started to submit their proposals. The Algorand Foundation is committed to its vision of delivering a truly global Borderless Economy. Today’s successful recipient has created an inspiring vision of the future of social engagement and creating a mechanism for rewarding participation, whether as a provider or recipient of services.
Last week, Union Square Ventures and Borderless Capital announced their investment in https://propsproject.com. This week, the Algorand Foundation is excited to announce that Props is also a recipient of an Algorand Foundation Grant.
With more than 3 million users on its network, Props is the first Regulation A+ consumer token qualified by the SEC. Apps integrate Props Tokens to grow engagement of their users, and better align with them. Props removes the technical and regulatory complexity traditionally associated with blockchain-based tokens through a set of APIs that apps can easily use to make the token experience seamless for users. The token can be used across the network’s apps. Prop Expects to grow to 10 million Props Token users this year following an upcoming launch of Props Tokens on additional consumer apps: Listia, Paltalk and Dating.com.
To support the growing volume of activity on its PropsChain and provide greater transparency to network participants and the market, PropsChain will be moving to Algorand. Algorand’s public chain will increase Props’ speed and reliability, while powering more transaction volume and a higher level of security. Algorand’s unique combination of scale, speed, security and finality brings together all the efficiency of a private blockchain with the scale of a truly decentralized public blockchain. As other projects, that may be struggling with speed, scale or cost in their current chain, look to leverage this unique feature set, Algorand is poised to become the most used public blockchain in the world.
Within the world of Consumer App Engagement, the critical challenge is to achieve massive usage and distribution of tokens, at viable cost. As the Props project demonstrates, Algorand is the public blockchain that can best deliver this massive scale while maintaining low transaction costs.
Initially, the Algorand Foundation’s grant will help facilitate Props in moving their Pending Props token off their private chain and onto the Algorand blockchain as an Algorand Standard Asset (ASA). The grant will also support the investigation and evaluation of moving Props’ ERC-20 token to the Algorand blockchain.
For more information on the Algorand Blockchain or the Algorand Foundation, please visit https://algorand.foundation. For more information on the Algorand Foundation Grants Program, please visit here. As a developer looking to build on the Algorand public blockchain, there is a wealth of resources and tools available to you at https://developer.algorand.org.