Temasek Disputes A $10 Million Investment In An Algorithmic Monetary System

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In comparison to conventional coins like Bitcoin, the new system of currency seeks to give a more “firm, scalable, and efficient” asset. The $10M funding in this company, the creator of the concerned algorithmic money system according to smart contract technology and AI, has been rejected by Singapore’s state-owned investment company Temasek.

Temasek declared in a statement on 2nd May that the company hasn’t made any investment in the company called Array. The business also made clear that Temasek and Array had no connection.

Temasek Denies All News Of Its Involvement With Array

The allegation that this is Array’s second investment round was made shortly after the funding was announced on 1st May by Array. According to reports, the funding increased Array’s worth to over $100 million. When Temasek and Array had been asked to speak on the original documents on 1st May, neither company responded.

Aiming to produce a more “firm, scalable, and efficient” asset than conventional cryptocurrencies such as Bitcoin tickers down $27,339, Array’s new algorithmic currency system. The system has been anticipated to contain a wide range of cases, including investments, remittances, and payments.

The ArrayFi smart platform of contract, powered by the ArrayGo restricted AI algorithm, enables decentralized apps to be created above the Array network. According to the company, ArrayGo is determined by the curve of binding smart contracts and functions independently from institutional or human control, being only activated by market events. A typical bonding curve is constructed manually to guarantee that the token’s value will always be steady as well as predictable for traders and investors, according to a blog post by the team of Array. The local token of Ara (ARA) is issued and traded under the control of a contract that incorporates the bonding curve.

The company’s mathematics of the curve attempts to make sure that the users of Array are safeguarded against “lie and sell high”  tactics, according to Array’s first Twitter performance in February.