Algorand (ALGO) Founder Silvio Micali’s Strategy To Disrupt Finance

April 15, 2022 9:49 pm

The founder of Algorand, Silvio Micali, recently spoke at the Paris Blockchain Week Summit as the Algorand Foundation was one of the main sponsors of the event.

Micali specifically talked about the prominent issue of whether or not a blockchain network is able to be secure, scalable, and decentralized all at the same time.

This has been a topic that many investors within the crypto community has pondered on for a while as it seemed like there were a lack of choices that fit this criteria.

The founder stated that this notion was false and that Algorand’s goal is to solve this issue using its PPoS algorithm which would hopefully usher in a new era of democratized finance.

CoinTelegraph reports:

With Ethereum set to transition from proof-of-work to proof-of-stake later this year, Algorand will stand in direct competition with Ethereum.

It was originally Ethereum co-founder Vitalik Buterin who coined the concept of the trilemma, and Micali recognized that “perhaps scalability was sacrificed for security” in Ethereum’s case.

However, since it’s not yet known exactly which type of proof-of-stake Ethereum will take on, Micali welcomes the competition.

“Competition is always good. I believe in democratization and meritocracy. There is room to collaborate.”
Appropriate to the setting of the conversation — the former home to the Paris stock exchange — Micali and Hall also discussed the role of institutions and regulation.

Micali stated that “Good regulations make for better markets” and asserted that large institutions are slowly understanding that cryptocurrency can be “a much more secure way to transact.”

As for the future of Algorand, the founder stated that the focus will be consistently on the technology of the blockchain and focusing on increased scalability.

He believes that right now there is still a lot of speculation and doubt, but that will all disappear in time once real world use cases are actually implemented in real life.

The other issue right now is being able to get the financial tools in the hands of common people in order to be able to democratize finance.

Blockchain technology could be the key to doing that which would redistribute wealth and level the playing field instead of just favoring large institutions.

The network has recently seen some impressive developments which includes the launch of Algoracle which is a native oracle service to bootstrap the expansion of the Algorand ecosystem.

NewsBTC.com reports:

Algoracle facilitates this process by providing the network with a decentralized bridge to connect smart contracts with real-world data.

This service is critical for the expansion of any blockchain-based ecosystem.

Data from Token Terminal indicates that Ethereum, one of the largest networks in terms of dApps numbers, saw an explosion in its monthly revenue.

This growth was recorded from April 2020 when it stood below $1 billion to its current $14 billion.

Simply put without an oracle, there is no growth. At its yearly high, Algorand saw as many as 1.8 million active addresses.

These users will support the network’s next era of adoption, but they need the tools and services that will enable it. Algoracle is the bridge that will make it happen.

The more use cases that Algorand can support through these projects, the greater the importance of network scalability.

And it seems that the founder of Algorand has a plan to address that.

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