Veteran members of the Algorand proof-of-stake blockchain ecosystem have banded together to launch a new iteration of the open-source code, called Voi, which is currently in testnet.

Leading the new project is Chris Swenor, co-founder of both Reach, a blockchain development platform and the Algorand decentralized exchange (DEX) HumbleSwap.

Work on Voi began in 2022, with a premise that the blockchain should better align incentives with its community of developers and users, and motivated by Swenor’s frustration with perceived shortcomings within the crypto industry.

“I looked around and I was so frustrated that I saw that [venture capitalists] and the early builders owned over 90%…

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