An advisor to the Algorand cryptocurrency project just won the Nobel Prize
By Bob Garcia
Paul Milgrom is one of several economic advisors for the blockchain and cryptocurrency solution
Economist Paul Milgrom, an advisor to the Algorand blockchain platform, just won a Nobel Prize for his work on auction markets. Working with his Stanford colleague Robert Wilson, Milgrom designed new types of auctions, such as radio frequencies. Algorand, which was founded by Silvio Micali, has prominent economics researchers, game theory experts, and several Turing Award winners, within its fold, now it can also claim a Nobel Prize winner.
Milgrom “analysed the bidding strategies in a number of well-known auction formats, demonstrating that a format will give the seller higher expected revenue when bidders learn more about each other’s estimated values during bidding,” according to a press release from the Royal Swedish Academy of Sciences. He was brough in as an advisor on September 22, saying the economist would “bring deep expertise across a range of modern microeconomic theory to the Algorand team and extended community.”
The blockchain platform raised $60 million in a June 2019 token sale. USDC stablecoin also joined the Algorand blockchain last month, and the Marshall Islands will soon offer its state-sponsored cryptocurrency supported by the Algorand blockchain. Algorand is able to support 1,000 transactions per second, while rival Ethereum slower and, therefore, more expensive.
When he joined Algorand as an advisor in September, Milgrom said that it was”thrilling to be a part of a visionary team that is delivering on what may lead to widespread blockchain adoption.”
Cryptocurrency just keeps breaking new barriers, and it will be interesting to see where this all leads in the future.