Palo Alto-based TodaCorp, creator of the open-source Toda protocol utilizing distributed computing and security as its proof of work and Algorand, the ledger-based blockchain utilizing a new approach called Cryptographic Sortation announced today that they will enter into a joint venture known as Toda-Algorand Corp.
The partnership will seek to deliver on a decentralized transaction platform combining the ledgerless ease and scalability of cash payment systems with flexible ledger-based technology. The platform will aim to 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 (TPS) 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 synergy will provide online transaction systems without infrastructure investments and without transaction fees. The platform will support real-time transactions and linear scalability on ledgerless transactions. The efficiency and scalability of this platform are 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.
Silvio Micali, author, and founder of Algorand said:
“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.”
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.
Toufi Saliba, a co-author of the Toda Protocol said:
“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. 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 of almost anything of value including energy units which can subsequently enable a secure exchange inside and outside of the grid.