Steve Kokinos, as the Algorand CEO resigned to pursue other interests and he will be focusing on other projects still in the Algorand ecosystem so let’s read more today in our latest cryptocurrency news.
The Algorand CEO resigned to pursue other interests but still plans to continue as a senior adviser until mid-2023. Kokinos is leaving Algorand but not the blockchain and early on Wednesday morning, Steve Kokinos shared in a statement that he will move on to other projects in the Algorand ecosystem that will boost the adoption. Kokinos didn’t specify which projects exactly he will be focusing on but the COO Sean Ford has been named as the interim CEO.
Algorand was created by MIT professor Silvio Micali in 2017 with the goal to solve the blockchain trilemma which is the idea that no blockchain can achieve security, decentralization, and scalability at the same time. Algorand proponents claimed that the blockcahin can solve this problem since it has two layers and operates on the PoS consensus mechanism where the ALGO token holders can earn rewards to take part in the blockchain production. As a blockchain designed for the smart contracts and the dapps, Algorand has seen quite some adoption since Napster and LimeWire are using it for their own projects and FIFA made Algorand its official crypto sponsor.
— Steven Kokinos (@stevekokinos) July 27, 2022
As earlier reported, The Napster music streaming app is making moves into the Web3 space after the announcement of the planned NAPSTER token launch on the Algorand network. The company released a lite paper with info on the plans to build out the existing music streaming ecosystem on a layer-1 blockchain but the date hasn’t been announced. Napster will unlock many opportunities of Web3 for fans and holders so the lite paper reads and added that the blockchain is the only carbon-negative blockchain infrastructure now in existence.
Co-founder in 1999 by Sean Parker, the founding president of Facebook and Napster was originally a peer-to-peer file-sharing platform that was mostly focused on digital audio. After a flurry of copyright lawsuits from the industry, the company ceased operations in 2001 and then filed for bankruptcy in 2002. in 2011, the company was acquired by Best Buy which merged with Rhapsody so the Napster brand was then revived in 2016. in may 2022, Napster was acquired by Algorand and Hivemind Capital Partners which continued to offer a paid music streaming service.
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