(Kitco News) – “Our approach to Blockchain is totally new, fundamental and factually refoundationable. Bitcoin has a lot of challenges, security, along with decentralization, and scalability,” explains Silvio Micali, Founder of Algorand.
Silvio Micali is a computer scientist, recognized for his work on cryptography. He is a recipient of the Turing Award (in computer science), the Gödel Prize (in theoretical computer science), and the RSA prize (in cryptography). He has been a faculty member of MIT’s Department of Electrical Engineering and Computer Science, since 1983.
Micali founded Algorand in 2017. At the Paris Blockchain Summit, he discussed his mission to complete the “Blockchain Trilemma” with David Lin, anchor for Kitco News.
Blockchain Trilemma illustrates the thesis that cryptocurrencies can only achieve no more than two of the following attributes at one time: decentralization, scalability, and security. Micali claims that with Algorand, he has got all three.
Micali explains why he is so keen to solve these three problems. “No one wants a blockchain that can’t be measured. As a scientist, impossibilities always appeal to me. I decided to throw my hat out, and see if I could prove this impossibility wrong,” she stressed. “This is a case that we think is an insurmountable problem, but it’s not. We have to have a different approach to consensus to solve the problem.”
Continuing to talk about Blockchain Trilemma, Micali said, “Participating in mining is meant to solve whoever chooses the next block. It’s a computing game with the idea that one day you win, the other day I win. But winning has done the cost. Now it’s too much. that has become an arms race.As the cost increases, fewer people can afford it.
Another challenge facing the blockchain is consensus, Micali said. “The consensus is indirect, it’s a drip-by-drip process. When new blocks are added, you say I believe this is the best block, and before that it wasn’t true,” Micali said. “Other people might choose the best blockchain twice, but you have to have a lot of votes in order to be permanent in the chain.”
Micali discusses why he doesn’t like forks on the blockchain. “Forks are a problem, because there’s only one NFT. For example, there can’t be two Mona Lisa. If there’s a fork, and someone has a Mona Lisa here, and someone else has it somewhere else, what representation does that look right.” Micali pointed. “This is another issue that we’re working on.”
Micali explains how this protocol algorithm helps solve the major problem of extremely wasteful computing resources of energy for Bitcoin and proof of work. “Our unique single block branch is our last, because it has been agreed upon by the community,” he said. “We use energy together, the same as the energy used by 10 households. We don’t waste energy if we don’t have to.”
Also, Micali mentions how his algorithm uses pure evidence from stocks, which makes computing more efficient, faster and cheaper.
Speaking about developing future cryptocurrencies that are more easily accepted on a mass level, Micali said, “If some major institutions or even national deployments are involved in crypto, then decentralization is really important, because no one is going to follow themselves. by some entity. “
Macali stressed that he is very passionate about financial democratization. “DeFi means financial democratization. I want to give people on the road the same sophisticated tools at a fraction of the cost now. But right now, it’s only available to a very few elites,” Micali added.
For more on Silvio Micali mission to complete “Blockchain Trilemma,” please watch the full video above.
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