The Philadelphia Inquirer: Cryptography pioneer Silvio Micali on where crypto is headed

jim bell jdb10987 at
Mon May 9 23:31:21 PDT 2022

The Philadelphia Inquirer: Cryptography pioneer Silvio Micali on where crypto is headed.
"About 40 years ago, Silvio Micali and his colleague Shafi Goldwasser wanted to figure out how to play poker together on their phones. They needed a way to ensure that neither could know the other player’s hands.
The two computer science graduate students at the University of California-Berkeley drew up what Micali calls "the first secure encryption scheme the world has ever seen." For their invention, which proved vital to the modern internet, they were awarded the A.M. Turing Award, considered computing's equivalent of the Nobel Prize.

Today, Micali, 67, is focused on another application of encryption: the blockchain, which is the foundation of bitcoin and other cryptocurrencies. At the Milken Institute Global Conference last week , the MIT professor promoted Algorand, a blockchain he developed that he says is greener, faster and more secure than other protocols.

Blockchains are typically described as public ledgers where transactions are recorded on an open network. Validating a set of transactions to add to the ledger is one of the biggest security challenges. Algorand says it uses a novel approach involving the random selection of its users to ensure blocks of transactions are more resistant to hacks, which cost cryptocurrency holders a record $14 billion last year by one tally."
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