As part of its coverage of the Paris Week Summit, Cointelegraph spoke with Silvio Micali, the creator of Algorand. One of the major sponsors of the conference was Algorand, a blockchain that operates on a PPoS system.
The One On One With Silvio Micali
In the first place, Silvio Micali disproved the BC trilemma, which states that none of the blockchains can be simultaneously safe, scalable, and decentralized. He vouched for Algorand’s efforts to tackle this trilemma by expanding the capabilities of its PPoS algorithm at the boundaries of scalability.
Algorand will be in direct rivalry with Ethereum after the latter makes the switch from proof-of-work to proof-of-stake later this year. The trilemma was first proposed by Vitalik Buterin, one of Ethereum’s core founders, and Micali agreed that “maybe scalability was compromised for security” in Ethereum’s implementation. Since it is unclear at this time what kind of proof-of-stake Ethereum will adopt, Micali sees this as healthy competition.
Given that Micali and Hall were talking in the building that formerly housed the Paris stock market, it was only fitting that they also addressed the importance of institutions and regulation. Micali said that major institutions are gradually realizing that bitcoin may be “a far more safe means to deal” and that “Good rules make for better markets.”
Algorand’s future, according to Micali, will include more advanced technology and more scalability. A year from now, he said, “Speculation will subside, and real-world use cases of the blockchain will commence.”
Even Silvio Micali has shown enthusiasm for broadening access to financial services. According to him, this implies that people from all walks of life, not just the wealthy, can afford to take use of cutting-edge financial instruments. He went on to say, “We are sick and weary of the concentration of our riches,” before concluding that blockchain technology has the potential to create a fair playing field.