Props Project Moves From Private Blockchain to Algorand
Props’ network of independent apps leverages Props Token as a reward mechanism. Now it has more than three million users in different apps. The company created PropsChain, a private fork of Ethereum which now handles 50,000 transactions per hour.
No need to sacrifice
However, to ensure better scalability and transparency, the company decided to switch to Algorand’s public blockchain. Algorand CEO Steven Kokinos said that Algorand was unlike “first generation blockchains” meaning that it does not have to sacrifice scalability for security or decentralization:
“Up until now, people would have to really deploy private Blockchain in order to get the scale and throughput if they had large user bases. And if they didn’t, then they could consider a decentralized system. I think from the Props standpoint, it’s an application or a group of applications that really make more sense on a public network, but they just didn’t have an avenue to do it. So we’re really excited to see them deploy on Algorand and bring their users on to the network.”
Integration with popular dating network
Dating.com, an amalgam of 15 international dating apps which have over 73 million registered users between them, invested in Props Project and plans to integrate Props into some of its applications.
Nick Grossman, a partner at Union Square Venture, another Props Project investor, stated:
“Props is bringing one of crypto’s killer features — enabling participants to share in the wealth generated on the networks they help grow — to mainstream apps.”
Blockchain has often been under fire for low levels of adoption, so to see it being adopted by a consumer-facing project with millions of users is a good sign.