PALO ALTO, Calif., July 27, 2017 /PRNewswire/ -- TodaCorp and Algorand announced today that they will enter into a joint venture known as Toda-Algorand Corp. to deliver a decentralized transaction platform combining the ledgerless ease and scalability of cash payment systems with a flexible ledger-based technology. The ground-breaking platform will also enhance and incorporate the features of existing financial payment systems.
The Toda-Algorand platform is designed to have a throughput of over three million confirmed transactions per second and can serve over four billion users securely. It will combine the decentralized ledger blockchain authored by Turing Award winner Silvio Micali with secure decentralized on-chain ledgerless TODA protocol co-authored by Toufi Saliba to deliver an integrated, high-performance packaged solution. (The Toda Protocol is in the process of pursuing ITU-T standards TODA-T for on-device global communication deployments beneath the OS on the same level as TCP/IP.)
The Toda-Algorand breakthrough will provide online transaction systems without infrastructure investments and without transaction fees. The platform will support real-time transactions and linear scalability on legerless transactions. The efficiency and scalability of this platform is due to its core decentralized and distributed architecture. No miners, no databases, no server, therefore no leakage of cost outside of actually running the system itself.
"Supporting secure, highly-concurrent transactions at a near-zero cost will democratize innovation in many sectors in a way that TCP/IP created essentially unlimited opportunities on the web", said Silvio Micali, author and founder of Algorand.
The Toda-Algorand platform addresses each segment of the digital currency chain and provides value for:
- Nations and Governments – Standards-based platform to power transactions in and outside of the country allows for secure systems safeguarded from corruption or error.
- Businesses, Telco's, Entrepreneurs, Financial services and other sectors - Scalability at the speed and cost of networking will open access to new and emerging Markets such as loans, mortgages, leases and investment accounts, whose robust security features will significantly reduce or eliminate regulatory compliance costs.
- Other blockchains and cryptocurrencies in providing unprecedented levels of on-chain scaling and additional proofs of ownership in a variety of currencies along with an unprecedented decentralized exchange between blockchains.
"We have built and now licensing a technology framework and platform for everyone who sees value in decentralized governance and distributed computing to have their own public blockchain" says Toufi Saliba, a co-author of the Toda Protocol. He added: "This blockchain architecture is unstoppable. It will enable every connected device to participate in powering decentralized global finance and many other industries to follow." The Toda-Algorand joint venture is capable of providing a digital representation for almost anything of value including energy units which can subsequently enable a secure exchange inside and outside of the grid.
Headquartered in Palo Alto, CA, TodaCorp designed and built the TODA framework, a cryptographic, ledgerless blockchain platform based on TODA protocol. The open-source TODA protocol utilizes distributed computing and security as its proof of work or PoAW (Proof of Actual Work). TodaCorp was founded by Toufi Saliba (serial tech-founder last startup became Intel company, prior to that built startups and IP resulting in acquisitions by Google, HP and Opentext) Dann Toliver (NASA, F500), Todd Gebhart (former co-president McAfee, Vice Chairman Intel Security), and Lila Tretikov (former CEO Wikimedia, Bank of America, Forbes 100 Most Powerful Women). The company has been self-funded to date.
About Algorand Inc.
Algorand was founded by Silvio Micali, the recipient of the Turing Award (in computer science), the Goedel Prize (in theoretical computer science) and the RSA prize (in cryptography). Professor Micali authored Algorand which is viewed as the most efficient ledger-based blockchain utilizing a new approach called Cryptographic Sortation combined with a new algorithm for extremely fast Byzantine Agreement. Algorand requires a negligible amount of computation and generates a transaction history that does not fork with overwhelmingly high probability.
SOURCE TodaCorp Inc.