Episode
#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
2:00:48
Published: Mon Mar 15 2021
Description
Silvio Micali is a computer scientist at MIT, Turing award winner, and founder of Algorand. Please support this podcast by checking out our sponsors: - Athletic Greens: https://athleticgreens.com/lex and use code LEX to get 1 month of fish oil - The Information: https://theinformation.com/lex to get 75% off first month - Four Sigmatic: https://foursigmatic.com/lex and use code LexPod to get up to 60% off - BetterHelp: https://betterhelp.com/lex to get 10% off EPISODE LINKS: Silvio's Twitter: https://twitter.com/silviomicali Algorand's Twitter: https://twitter.com/Algorand Algorand's Website: https://www.algorand.com/ PODCAST INFO: Podcast website: https://lexfridman.com/podcast Apple Podcasts: https://apple.co/2lwqZIr Spotify: https://spoti.fi/2nEwCF8 RSS: https://lexfridman.com/feed/podcast/ YouTube Full Episodes: https://youtube.com/lexfridman YouTube Clips: https://youtube.com/lexclips SUPPORT & CONNECT: - Check out the sponsors above, it's the best way to support this podcast - Support on Patreon: https://www.patreon.com/lexfridman - Twitter: https://twitter.com/lexfridman - Instagram: https://www.instagram.com/lexfridman - LinkedIn: https://www.linkedin.com/in/lexfridman - Facebook: https://www.facebook.com/LexFridmanPage - Medium: https://medium.com/@lexfridman OUTLINE: Here's the timestamps for the episode. On some podcast players you should be able to click the timestamp to jump to that time. (00:00) - Introduction (08:55) - Blockchain (11:52) - Cryptocurrency (14:42) - Money (18:56) - Scarcity (20:37) - Scalability, Security, and Decentralization (24:03) - Algorand (40:36) - Bitcoin (43:39) - Ethereum (45:10) - NFTs (48:34) - Decentralization of power (52:42) - Intelligent adaptation (55:25) - Leaders (58:31) - Freedom (1:01:31) - Privacy (1:04:15) - Bitcoin maximalism (1:08:01) - Satoshi Nakamoto (1:12:39) - One-way function (1:16:52) - Pseudorandomness (1:21:34) - Free will (1:23:39) - Will quantum computers break cryptography? (1:28:44) - Interactive proofs (1:35:38) - Mechanism design (1:43:04) - Favorite meal (1:46:18) - Book recommendations (1:53:15) - Advice for young people (1:55:48) - Fear of death (1:58:29) - Meaning of life
Chapters
In this podcast episode, computer scientist Silvio Micali discusses his work in cryptography, information security, game theory, and cryptocurrency.
00:00 - 06:52 (06:52)
Summary
In this podcast episode, computer scientist Silvio Micali discusses his work in cryptography, information security, game theory, and cryptocurrency. The conversation also covers the importance of having a balanced base of health to achieve success in any field, even if it involves taking risks.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The blockchain's transparent ledger system makes cryptocurrency transfers as real as physical transfers, creating a powerful and impactful money system.
06:52 - 17:49 (10:57)
Summary
The blockchain's transparent ledger system makes cryptocurrency transfers as real as physical transfers, creating a powerful and impactful money system.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
As the number of people involved in transactions increases, there is a need for scalability in order to save billions of people at any point in time.
17:49 - 24:49 (07:00)
Summary
As the number of people involved in transactions increases, there is a need for scalability in order to save billions of people at any point in time. Scalability involves supporting fast and secure transactions and inspection for validity in order to meet the growing demand for interaction between individuals.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The significant amount of work in Bitcoin ensures that only one solution is generated every 10 minutes, no matter how many people try to solve the puzzle.
24:49 - 32:00 (07:10)
Summary
The significant amount of work in Bitcoin ensures that only one solution is generated every 10 minutes, no matter how many people try to solve the puzzle. This is important for security purposes and prevents any invalid changes to the blockchain.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The importance of token majority in honest pages lies in the fact that it ensures agreement among token holders in a decentralized network.
32:00 - 40:15 (08:15)
Summary
The importance of token majority in honest pages lies in the fact that it ensures agreement among token holders in a decentralized network. The majority of tokens being in honest ends is essential for the proper functioning of the economy for which the token holders have a significant stake in.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The use of NFTs can create a market for people's ideas and creations, as well as enable the exploration of different social constructs.
40:15 - 53:23 (13:08)
Summary
The use of NFTs can create a market for people's ideas and creations, as well as enable the exploration of different social constructs. Additionally, having a distributed system can result in a more stable and durable system in the long run.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The blockchain makes it impossible to cheat and provides a platform where transparency can be maintained in finance.
53:23 - 1:01:27 (08:03)
Summary
The blockchain makes it impossible to cheat and provides a platform where transparency can be maintained in finance. This could mean less reliance on the legal system and courts in financial matters.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The speaker shares their belief in human ingenuity and the need for different expressions within the cryptocurrency space, arguing against a monopoly or "winner takes all" scenario.
1:01:27 - 1:08:00 (06:33)
Summary
The speaker shares their belief in human ingenuity and the need for different expressions within the cryptocurrency space, arguing against a monopoly or "winner takes all" scenario.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
Cryptocurrency and its programmable money are gaining momentum and excitement due to their peer-to-peer interaction and potential financial impact.
1:08:00 - 1:12:39 (04:38)
Summary
Cryptocurrency and its programmable money are gaining momentum and excitement due to their peer-to-peer interaction and potential financial impact.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
This podcast discusses the concept of generating random bits and the idea of pseudo-randomness which can be as good as true randomness.
1:12:39 - 1:23:15 (10:35)
Summary
This podcast discusses the concept of generating random bits and the idea of pseudo-randomness which can be as good as true randomness. The discussion also covers the difference between generating random numbers using a function and using truly random bits.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The emergence of complexity in the world seems to be reliant on the one way function, but quantum computing challenges this.
1:23:14 - 1:28:50 (05:35)
Summary
The emergence of complexity in the world seems to be reliant on the one way function, but quantum computing challenges this. While it presents a challenge, there is hope that it can be absorbed if quantum computing becomes available.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The probability theorem states that if a person can win a game more than half of the time, then the theorem is true, and if they win no more than half of the time, the theorem is false.
1:28:50 - 1:35:47 (06:56)
Summary
The probability theorem states that if a person can win a game more than half of the time, then the theorem is true, and if they win no more than half of the time, the theorem is false.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
Mechanism design is the art of designing the rules of a game or an institution so that it promotes the desired behavior, despite the self-interest of the players.
1:35:47 - 1:43:29 (07:42)
Summary
Mechanism design is the art of designing the rules of a game or an institution so that it promotes the desired behavior, despite the self-interest of the players. In designing a game, while people attempt to maximize their self-interest, they achieve the desired social behavior.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
The language we use can impact the precision, elegance, and knowledge we convey.
1:43:29 - 1:53:12 (09:43)
Summary
The language we use can impact the precision, elegance, and knowledge we convey. In this podcast episode, the host discusses the role of language and recommends books that have had an impact on her life.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
In this podcast episode, the importance of living a beautiful and meaningful life is discussed, along with the ultimate motivator for achieving this - death.
1:53:12 - 1:59:01 (05:48)
Summary
In this podcast episode, the importance of living a beautiful and meaningful life is discussed, along with the ultimate motivator for achieving this - death. The role of love and compassion in connecting with others and finding purpose is also highlighted.
Episode#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
PodcastLex Fridman Podcast
Silvio Macaulay discusses how the journey towards a destination is more important than reaching the destination itself and how it can be meaningful in itself.
1:59:01 - 2:00:24 (01:23)
Summary
Silvio Macaulay discusses how the journey towards a destination is more important than reaching the destination itself and how it can be meaningful in itself.