The blockchain-based distributed app network Props Project today announced the company raised approximately $2 million in token-sale strategic financing led by Union Square Ventures and Borderless Capital.

Props also announced that it would move its infrastructure from IBM Corp.’s HyperLedger to Algorand Inc.’s public blockchain network. This move will help support growing volume activity on PropsChain, a sidechain operated by Props, and provide greater transparency.

Props is an open-source distributed ledger blockchain network designed to support decentralized apps and their attendant communities. The vision of the project is to give independent developers the tools to use cryptocurrency tokens that incentivize users and provide collective network effects between app ecosystems.

To do this, Props abstracts the blockchain’s technological and regulatory complexity for apps by making the Props Token available for any app in the network. Props Tokens can be owned and traded by Props dapp developers and users in order to provide a financial stake in the networks they use.

Props currently provides services and engagement for more than 3 million token users and includes current and upcoming integrations with apps such as Camfrog, Xsplit and YouNow. The company expects to reach 5 million Props users following the upcoming launch of two additional consumer apps: the peer-to-peer goods marketplace Listia and chat app Paltalk.

The in-app benefits of Props for users vary between apps. They include discounts on items, access to exclusive gifts, improved community status and tipping using Props.

The dating app conglomerate The Dating.com Group, a collection of 15 international dating apps with more than 73 million registered users, also invested in Props Network. The dating app intends to integrate Props into some of its applications in the near future.

Alongside the funding announcement, Props Network believes its transition to Algorand’s public blockchain will enhance its reliability and security.

Algorand operates blockchain network infrastructure that uses a proof-of-stake protocol designed to provide scalability and speed without sacrificing security. In Algorand’s most recent update, the platform significantly expanded its computability with decentralized apps and processes with role-based asset controls, secure simultaneous asset transfers and upgraded smart contracts.

The Algorand blockchain and protocol are the brainchildren of Turing Award-winning cryptographer Silvio Micali. The company’s vision is to build a powerful, scalable blockchain network intended to provide trustworthy infrastructure for decentralized finance applications and the future of decentralized applications.

A token sale by Props Network raised this funding, and the lead investors were also joined by GSR Ventures, Lvna Capital, SPiCE VC and CoinFund.

Image: Props Project