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Algorand founder Silvio Micali wants to introduce the democratization of finance

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Cointelegraph’s Joseph Hall caught up with Algorand’s founder, Silvio Micali, as part of his on-site coverage of the Paris Blockchain Week Summit. Algorand is a blockchain that uses a pure Proof-of-Stake (PPoS) protocol, and the company was a major sponsor of the summit.

Micali first explained that the blockchain trilemma — which states that no blockchain can be both secure, scalable, and decentralized — is wrong. He confirmed that Algorand is actively working to solve this so-called trilemma by pushing the boundaries of scalability via its PPoS algorithm.

With Ethereum set to move from proof-of-work to proof-of-stake later this year, Algorand will be in direct competition with Ethereum. Originally, it was Ethereum co-founder Vitalik Buterin who coined the concept of the trilemma, and Micali recognized that in the case of Ethereum, “perhaps scalability was sacrificed for security.” However, since it is not yet known exactly what type of proof-of-stake Ethereum will adopt, Micali welcomes the competition.

“Competition is always good. I believe in democratization and meritocracy. There is room for collaboration.”

In keeping with the context of the conversation – the former home of the Paris Stock Exchange – Micali and Hall also discussed the role of institutions and regulation. Micali explained that “good regulations create better markets” and claimed that large institutions are beginning to understand that cryptocurrencies can be “a much safer way of transacting”.

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When asked about Algorand’s future, Micali said he expects more technology and increased scalability. He added that within the next year, “speculation will disappear and real-world use cases of blockchain will begin.”

He also admitted to looking forward to the democratization of finance. To him, this means that not only the elite but also the common man on the street have equal access to sophisticated financial tools at a fraction of the actual cost. He added that “we are fed up with the concentration of our wealth” and that he believes blockchain technology can level the playing field.