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There is little doubt that proof of labor, launched within the Bitcoin white paper, has stood the take a look at of time as a strong and resilient Byzantine Fault Tolerant consensus mechanism. However, many points could stop Nakamoto Consensus from securely scaling over the long run. The threat of validator centralization, community forking, block shortage and excessive power prices required to mine a block have all been extensively debated with no real looking long-term options so far. A brand new paper titled “”Algorand”” makes an attempt to addresses these issues.
We’re happy to be joined by Professor Silvio Micali, a pc scientist at MIT, who is thought for his work in most of the applied sciences blockchains depend on at present. As one of many co-inventors of zero-knowledge proofs, he has been embellished with quite a lot of prizes and awards, together with the Turing Award, which he obtained in 2012 for his work in cryptography.
Prof. Micali describes the idea of Algorand, another method to proof of labor which provides excessive safety ensures whereas permitting the community to scale with demand. Relying solely on a trivial quantity of computation to validate transactions, Algorand additionally reduces the likelihood of community forks to near-zero. It makes use of novel mechanisms to pick validators for blocks and enabling them to come back to consensus on them.
Topics mentioned on this episode:
- Professor Micali’s fascinating profession within the fields of laptop science and cryptography
- The technical limitations of proof of labor
- The excellent properties for a very decentralized, safe and scalable cryptocurrency
- Algorand’s new method to Byzantine consensus
- Algorand’s sturdy adversarial mannequin
- How validators are randomly chosen by the community
- How validators are chosen and the way they arrive at consensus
- How Algorand ensures a low likelihood of community forks
- How Algorand addresses the problem of scaling and block measurement
- Algorand’s roadmap and future plans
Links talked about on this episode:
- Jaxx: Wallets that Unify the Blockchain Experience Across Devices – http://jaxx.io
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Epicenter is hosted by Brian Fabian Crain, S?ƒbastien Couture & Meher Roy.