MIT professor Silvio Micali advocated Algorand, a blockchain he designed that he claims is greener, quicker, and more secure than existing protocols, at the Milken Institute Global Conference this week. Micali answered several questions and talked about the future of cryptocurrencies.
Silvio Micali Talks About the Future of Crypto
Silvio Micali is a computer scientist who is well-known for his cryptography research. He has received the Turing Award (in computer science), the Gödel Prize (in theoretical computer science), and the RSA Prize (in cryptography) (in cryptography). Since 1983, he has been a member of the MIT Electrical Engineering and Computer Science Department’s faculty.
When questioned about Algorand’s energy efficiency, Micali stated that Bitcoin consumes as much power as a small nation, but that they will utilize as much electricity as around ten homes. In contrast to bitcoin’s significantly more energy-intensive proof-of-work approach, Algorand utilizes a theoretically pure proof-of-stake technique for verifying blocks of transactions.
In terms of where he sees the industry in 10 years, he believes that the instant the blockchain is utilized for transactions, the few blockchains that are truly capable of transacting at a very cheap cost will emerge. When traditional banking joins the blockchain, you’ll see the adoption of blockchains that are utilized in a huge and transactional manner accelerate. And a few value stores such as bitcoin may survive.
Micali also offered some tips to cryptocurrency newcomers. He stated that he believes that you should invest in what you know. Nobody can assert, however, that you must comprehend the technology, any more than you must understand how a plane works in order to fly. However, you must first ask some extremely fundamental questions.