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Veteran Algorand Members Launch New Blockchain Project Voi

18/12/2023 21:35

According to Blockworks, veteran members of the Algorand proof-of-stake blockchain ecosystem have come together to launch a new iteration of the open-source code, called Voi, which is currently in testnet. The project is led by Chris Swenor, co-founder of Reach, a blockchain development platform, and the Algorand decentralized exchange (DEX) HumbleSwap. Voi was initiated in 2022 to better align incentives with its community of developers and users, driven by Swenor's frustration with perceived shortcomings in the crypto industry. Voi is only forking the Algorand code, not the chain's state, meaning it will have its own crypto token with no connection to ownership of ALGO. Algorand has faced challenges in attracting users in recent years, ranking 38th in seven-day DEX volume, which is currently less than $10 million. Swenor's critique is not specifically aimed at Algorand or its development stewards Algorand Technologies and the Algorand Foundation, with which he maintains good relations. One key difference is that Voi's developers have allocated 75% of its entire market cap for ecosystem growth, including node runners. The testnet has attracted nearly 500 nodes, according to its explorer. Voi plans to focus on a smaller vertical of applications as part of its go-to-market strategy, emphasizing membership infrastructure, in contrast to Algorand's institutional focus. Original Algorand investor Arrington Capital and Sonic Boom Ventures, founded by former Algorand, Inc. CEO Steven Kokinos, are among Voi's seed investors.

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