Cointelegraph's Joseph Hall sat down with Silvio Micali, the founder of Algorand, as part of his ground cover of the Paris Blockchain Week Summit, or PBWS. Algorand is a blockchain that uses a pure proof-of-stake (PPoS) protocol, and the company was a major sponsor of the summit.
Micali began by explaining that the blockchain trilemma, stating that no blockchain can be all three things at once (secure, scalable, and decentralized), is false. He stated that Algorand is actively working to resolve this so-called trilemma by pushing the limits of scalability through its PPoS algorithm.
From Ethereum (ETH) is set to move from proof-of-work to proof-of-stake later this year, Algorand will compete directly with Ethereum. Originally, it was Ethereum co-founder Vitalik Buterin who coined the trilemma concept, and Micali acknowledges that "perhaps scalability was sacrificed for security" in the case of Ethereum. However, due to the fact that it is not yet known exactly what kind of proof-of-stake Ethereum will take on, Micali welcomes competition.
"Competition is always good. I believe in democratization and meritocracy. There is room to collaborate."
Appropriate for the setting of the conversation, the former headquarters of the Paris stock exchange, Micali and Hall also discussed the role of institutions and regulation. Micali stated that "good regulations create better markets" and stated that large institutions are slowly comprehending that cryptocurrencies can be "a much safer way to transact."
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When asked about the future of Algorand, Micali said that he expected more technology and greater scalability. He added that within the next year, โspeculation will die down and real-world blockchain use cases will begin.โ
He also admitted that he is looking forward to the democratization of finance. For him, this means that not only the elite, but also the common person on the street, has the same access to sophisticated financial tools at a fraction of the real cost. He added that "we are getting tired of the concentration of our wealth" and that he believes blockchain technology can level the playing field.
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