Should incentives in blockchain systems be a last resort? The developer of the Algorand proof-of-stake system thinks so, but other experts disagree.
“Can you say anything about incentives in Algorand?”
That question was directed to Silvio Micali, an MIT professor who had just delivered a keynote on his theoretical proof-of-stake (PoS) system at the Financial Cryptography and Data Security conference in Malta, yesterday. And the Turing-award winner’s answer set a few back on their heels.
“Incentives are the hardest thing to do,” Micali said.
In 30 years as a cryptographer, he had spent the last 10 working on just that issue.