Steven Kokinos, CEO of Algorand, has resigned to pursue “other interests,” but he intends to stay on as a senior adviser till mid-2023.
Kokinos is leaving Algorand the company but not the blockchain, though. In a statement released early on Wednesday, Kokinos said he would be leaving to “focus on key projects in the Algorand ecosystem that will help scale adoption.”
Kokinos stated, without mentioning which projects.
Today I want to share with the #algofam that I’m transitioning out of my current role as @Algorand’s CEO to focus on key projects in the @Algorand ecosystem that will help scale adoption. (a ?).
— Steven Kokinos (@stevekokinos) July 27, 2022
Sean Ford, COO of Algorand, has been appointed as acting CEO. Ford posted on Twitter, “Honored to be stepping in.”
Honored to be stepping in to work with @silviomicali and everyone @algorand! So many great opportunities and partnerships in play. Let’s go! https://t.co/11lnZUH9pr
— W. Sean Ford (@wsford) July 27, 2022
The “blockchain trilemma,” which is the notion that no blockchain can achieve scalability, security, and decentralization at the same time, is addressed by Algorand, which was developed by MIT professor Silvio Micali in 2017.
The blockchain, according to advocates of the algorithm, fixes this issue. Algorand features two “layers” and uses a proof-of-stake consensus algorithm. Holders of ALGO tokens can receive incentives for contributing to the creation of blocks.
Algorand has experienced some popularity as a blockchain created for smart contracts and decentralized applications (dApps). It is being used by LimeWire and Napster for their blockchain projects, and FIFA has named Algorand its official cryptocurrency sponsor.
