Cointelegraph’s Joseph Hall sat down with Silvio Micali, founder of Algorand, as part of its on-the-ground coverage of Paris Blockchain Week Summit. Algorand is a blockchain that uses a pure proof-of-stake (PPoS) protocol, and the company was one of the main sponsors of the summit.

Micali started by explaining that the blockchain trilemma — which claims that no blockchain can be both secure, scalable and decentralized — is false. He affirmed that Algorand is actively working to solve this so-called trilemma by pushing the limits of scalability via its PPoS algorithm.

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.”


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