- Current finalized a 7-figure partnership with Algorand to migrate the $CRNC Token to the Algorand Blockchain in an effort to dramatically decrease the cost of transactions as well as further support the future scalability of the $CRNC Token and the underlying ecosystem.
Current partners with Algorand to migrate blockchains
Over the last few months, as the $CRNC Token begun to change hands p2p, the cost of the transactions became outrageously expensive. Due to the complexity of a security token smart contract, the average cost of transaction over Ethereum was as high as 20–25x the cost of a normal Ethereum transaction. After receiving much feedback from holders, in combination with the fact that the $CRNC Token has always been intended to be as freely tradable as possible, and serve as the backbone of future products — a solution was needed.
After months of careful consideration, and evaluating options, Algorand surfaced as the prime candidate. Founded in 2017 by Silvio Micali; an accomplished luminary in the fields of computer science, cryptography, and mathematics, and is the recipient of the Turing Award. Additionally, Silvio is the co-inventor of probabilistic encryption, Zero-Knowledge Proofs, Verifiable Random Functions, and many of the protocols that are the foundations of modern cryptography. Algorand delivers high speed, security, and decentralization as the cornerstones of the world’s first open-source, permissionless, pure proof-of-stake blockchain protocol for the next generation of financial products. Transactions cost pennies or fractions of pennies, as opposed to $10’s or $100’s of dollars in our case, and are settled within seconds.
We’re extremely excited to work with Algorand through this partnership. With their support, we intend to explore the creation of multiple products within the Current Rewards ecosystem.
The process will require each registrant to update their Securitize iD with new, Algorand compatible wallets for which instructions will be provided. All holders will be notified when the $CRNC Token contract will be paused. When the contract is paused, a snapshot of the blockchain will be created, and everyone will receive book entries for the number of tokens held when the snapshot was taken. The number of tokens will be displayed in your account, and once the Algorand instance of the contract has been minted, the old $CRNC token contract will be destroyed, and holders will be able to claim their tokens on a rolling basis.