 Hi, my name is Joe. I'm here today with Silvio Minkali, the founder of Algorand. Silvio, how are you doing today? I'm doing great, Joe. How about you? Yeah, very well, thank you. How's your conference going? I presume you've been to Paris many times? I've been in Paris many times. It's a special conference. I have lots of energy and I'm very delighted to see how many people participate and care about blockchain. It's a pleasure to see. Fantastic, of course. And Algorand is the blockchain that's known to solve the trial emma. Would you be able to explain to viewers the importance of firstly the trial emma and what it means to solve it? Okay. The trial emma famously stated that no blockchain could be at the same time secure, decentralized and scalable. Now, why is this important? It's important that the trial emma is false because where it to be true? Do you want to sacrifice security? Do you want to sacrifice scalability? No, unless you want to have a blockchain for friends and family only. Or do you want to sacrifice decentralization? If you want to sacrifice decentralization, why to have a blockchain at all? So I think that it's very important to solve it. It requires some more mathematics and the idea that we had to have a cryptographically fair lottery that somehow everybody which has a one-algo has a chance, equal chance to be selected for say a thousand token committee who is in charge of one block. And the next block is a different randomly selected one thousand token committee. And so this is scalable because of a selection takes a microsecond and if you are selected you propagate a proof of being selected. Mathematical very easy and easily checkable and very short proof and together with your opinion about the block and why is this secure because nobody knows in advance who is going to be selected and therefore nobody can corrupt in advance anybody and after and by the way everybody is also secretly selected and only you know that you've been selected when you propagate your winning ticket your proof that you are part of the committee of this block and your opinion about the block. So once it becomes publicly known who you are is too late to corrupt you because whatever yet to say your winning ticket and your opinion about the block is virally propagated through the network and nobody can put this into the bottle no more than the US government or any other government can put back in the bottle a message of virally propagated by say weak leagues. Very good wow okay quite an education for there for us Silvio thank you very much and of course one of the other key things about Algorand that is that it's a proof of stake blockchain now this this year is the year when the world's second biggest blockchain ethereum is supposedly moving from proof of work to proof of stake now Algorand was built specifically on proof of stake firstly why did you build on proof of stake and secondly what does it mean now that ethereum is moving from POW to POS all right a lot to unpack a job but let's do it one by one sure first of all proof of stake is a portfolio of approaches there is a delegated proof of stake there is a bonded proof of stake blah blah blah blah the Algorand version is a pure proof of stake which is really is a very different why did we choose you know pure proof of stake because of two things first of all is green in fact Algorand is the most powerful and sustainable blockchain there is and I think this is a very important in the world and actually our version of proof of stake pure proof of stake is really decentralized because if you ask me delegated proof of stake you select a bunch of people an elite club and you hope that they will remain honest for this foreseeable future I don't want to put you know the chances of having an ecosystem as important and as a big as a as a blockchain to be in the hands you know of the chosen few frankly delegated proof of stake is not good but we are the particular brand of pure proof of stake is point one of your question very good of your question you say we can tell you know it's very logical so you said this is the year that the theorem should launch it I thought it was last year actually if I think better it was the year before actually it was the year before this you know it's very polite but it's very factual and by the way you know I am we don't know what version this is going to be a proof of stake but let's remember that a buterin who made the petroleum says security decentralization and scalability cannot live together currently perhaps is fair to say that somehow scalability has been sacrificed in favor of security what is going to be sacrificed later I don't know but certainly you know if they want to use algorithm protocol then they can have a real free without problem so it's hard for me to comment what they're going to do yeah okay no it's really interesting I mean what would you say is the sentiment or the overall feeling among uh algorithm and other proof of stake blockchains with regards to ethereum's shift over is it something that you're concerned about or you know is it just another day I'll tell you competition is always good okay you don't like competition don't get blockchain because I really believe in democratization and meritocracy I really that's what is going to enable us the best of us to win the world does not need 6000 blockchains but it's not going to be a winner takes it all there is room to collaborate in competition with a few blockchain and by the way when things become a monopoly is never good for the world so we welcome competition makes us better and hopefully we'll make you know our competitors are better too by pushing them to improve themselves all the time fantastic so you mentioned a keyword that collaboration we're here today at paris blockchain week and algorand is one of the key partners um what does it mean for algorand to have you know these to be in such a place as the the former stock exchange to be in communication with institutional partners you know what is the importance of this collaboration now with institutions well I believe that institution the world over a national institution only big financial institutions will benefit tremendously for uh um coming on the blockchain on the public blockchain let's remember people were afraid of the internet which was public says who maintains it everybody uses it so I think that you know the institution we are ready for institution on algorand we have the scale and we by the way we have that technology we never fail to produce a block we never a outage and I think we have we are green we produce a block after a block after a block every 4.4 seconds we are ready and we welcome our institution to bring in and in in this environment like uh the the stock exchange I think we welcome regulation too by the way I think you know good regulations make a better market but the important thing is for regulation to be good and not just a premature or wrong this can actually create damage but fantastic yeah I mean what would you say are the common pain points or the hurdles that you come across in conversation with these institutions is there something that keeps coming up that you're like ah why don't they understand this yet or why is it they keep getting stuck on this point well you know it is um look big institutions are by definition have a lot of inertia yep and so that is in my opinion is not that they don't understand but they do understand but they think they take more time to bring over the entire institution institution don't want to break into whoever goes on the blockchain who doesn't they would like to move together this will take a bit of time but I think that you know they understand now that is a much more secure way to transact yep you can actually um we are geared in Algorand to have all the technology to be compliant with good regulations when they come I believe that clarity is always welcome and and but I think the security the cost of the transaction going down and really the ability to have settlements in seconds with finality rather than in two days should be appreciated by everybody yeah yeah and absolutely okay so let's look forward let's let's consider your vision for the sector I mean we're sat here next to a bear I mean the coin telegraph teddy bear there's it's no sign that we're in a bear market okay it's just a nice emblem yeah that's exactly um what what are you most looking forward to in 2022 2023 well what is going to happen in 2023 first of all we are going to deploy even more and better technology and we are going to even increase our scalability in expectation what is going to come okay I think this is going to be the year in which speculation will disappear and a real world use of the blockchain will start and big institutions um nations and even new institutions that are there really the blockchain and this technology brings into existence okay so we are going to be not anymore of a speculation but actually real use cases okay and in my opinion for this is important that technology ought to be stellar yeah because you know when you hear about how much you know 12 hours a month if the blockchain is down today and my blockchain is for speculation only say who cares I speculate tomorrow yes if the real application healthcare application financial application it better be that the service is always up 24 by 7 in fact every few seconds new block and life continues with prosperity and opportunity for all yeah it feels like we're on that cusp of you know speculation becoming real real life use case right yes um you mentioned institutions there nations is there anything that you'd like to you know let's slip today ah no no no not sleep no I'm a cryptographer okay okay very good fantastic um but I I love the future okay very good I mean um is there anything that gets you really excited in this space you know if we take an even longer term you know 10 years out from now is there something that you're really excited to see come to fruition so I believe ultimately what makes me excited about of this entire field Joe is really the democratization of finance okay so I really think that uh I'm here we are here but I certainly am here with Algorand to make sure that the person on the street the common person on the street as the same as access to the same extremely sophisticated financial tool at a fraction of the actual cost that right now only they lead us that for me is what is going to unlock really opportunities for everybody and and the growth of everybody else because I think we all get sick and tired of the concentration of our wealth and I think the blockchain can actually level the playing field by creating a platform where everybody's welcome is very low cost very secure I think this is a the real excitement excitement for this field there are all kinds of uses I want to I'm say the planet we certainly want to help the planet but this to me is the human centric version of it is the democratization of finance is a really a big win for us yeah it cannot be overstated can it it's that important world concentration and the climate yes of course um is there anything else you'd like to comment today or like to shine a light on chain to everyone and we are working for you very hard and uh we are making a better world join us fantastic great note to finish on thank you so much Sylvia and enjoy the rest of the conference cheers