In a new interview, Algorand founder Silvio Micali emphasized the importance of new use-cases emerging for the Algorand blockchain.
Appearing on Coindesk.tv for a discussion on the future of crypto under new U.S. SEC Chair Gary Gensler, Micali was asked for his insight, having previously worked with Gensler at MIT.
"Let me tell you, Gary is a very intelligent man," Micali said. "I'm very hopeful somehow we'll have responsible growth of regulations. Regulations help everybody. Good regulations help everybody."
Micali went on to say that he was "very optimistic" for Bitcoin ETFs under the new SEC chair. The SEC is expected to broach potential regulations for a Bitcoin ETF soon.
Speaking about Algorand specifically, Micali emphasized that the blockchain network is designed for the long-term and is well-positioned for growth. Micali explained NFTs on Algorand, including the recent announcement by the Italian Society of Authors and Artists that they would manage four million NFTs on the Algorand blockchain.
"The technology is leading," Micali said. He explained how Algorand doesn't fork, an important feature for delivering NFTs. If a blockchain were to 'fork' or diverge into separate chains, it could potentially deliver duplicative NFTs — upending the whole point of unique art on the chain.
This doesn't happen on Algorand, Micali said.
Micali also stressed the ease of use of Algorand, explaining that one could mint an NFT "in a matter of minutes, not hours," a user-facing efficiency that other chains don't deliver.
Finally, Micali spoke about the use of stablecoins on Algorand like Tether and USDC. Recently Visa announced they are exploring accepting payments on-chain through USDC and Ethereum. Algorand is one of four blockchains that currently support USDC.
For these reasons, Micali believes that Algorand is well-positioned for the future.
You can view the interview in full here.
Silvio Micali is a computer scientist at MIT Computer Science and Artificial Intelligence Laboratory. He's been a professor at MIT since 1983, where his research centers on cryptography and information security. In 2012, he won the Turing Award, and in 2017, developed Algorand, a pure proof-of-stake consensus protocol that supports scalability and transaction finality for billions of users.