“Bitcoin is not the technology that is going to make a real difference for the world,” said Micali in an interview with Télam and other media, in which he recognized BTC the merit of “having been the first” to apply blockchain technology, but that does not mean that it stops being a “centralized”, “dirty” and insecure platform.
“I am a great defender of the power of blockchain and I believe that Bitcoin has the merit of being the first but it is not the type of blockchain that I aspire for the world, it is not a platform that brings transparency and economic growth and opportunities for the whole of the society”said Micali.
In this regard, he added: “With Bitcoin you can only do speculation. I can only buy Bitcoin at the beginning of the year and later sell it and hope it will be at a higher price.”
Micali charged against the low level of operations that the Bitcoin platform allows (barely 16 per second) that are “too few if I want to use that network to buy bread or make financial transactions”, the fact that only “two mining pools control most of the issuance” and its high demand for energy to run the supercomputers that keep the grid running around the world.
“This is the opposite of decentralization. It is an extremely centralized network, very expensive, harmful to the environment and for only one asset: Bitcoin itself. Therefore, it is not the technology that is going to make a real difference for the world. Being a store of value at the end of the day is not enough, “said Micali.
One year after the beginning of the global euphoria for cryptocurrencies, which led Bitcoin to triple its highest historical price and the crypto market as a whole to exceed 2.5 trillion dollars of quotation, the Italian mathematician assured not to be interested in it. The price of ALGO or that of BTC, but in the applications that will be given to blockchain technology in the way in which people and companies carry out daily transactions in the world.
“I think you should be able to put all kinds of assets on a blockchain such as financial, real estate or all kinds of assets. But if you have a network with only one asset (as in the case of Bitcoin) you should not be surprised when it becomes a speculative game”, he assured.
Instead, Micali’s interest is that blockchain technology can provide infrastructure for economic development and streamline processes that today are very expensive: “6% of global gross product goes into financial friction. It is too much. There is a great opportunity to improve. “
Visiting the region, Micali met this week in Uruguay with its president, Luis Lacalle Pou, and with the head of government of the City of Buenos Aires, Horacio Rodríguez Larrreta, with whom he spoke about the possibilities of applying blockchain technology in different government functionalities, such as the case of Colombia, where your health passport runs on the Algorand platform.
The changes that these new technologies are bringing, such as the possibility of encrypting and individualizing assets of all kinds -from commodities to works of art-, carrying out smart contracts for immediate settlement or accessing collateralized loans are on the way to becoming common currency in the coming years. .
In this regard, he stated: “I think that the window of time that regulators have is not infinite because people are going to want to do operations of this type, no matter what the regulators say and, if nothing is done, what there will be is a bad blockchain. occupy that place and the problem for regulators is that, in this case, they will not have an office to close. “
One of the changes that most attracts Micali is the possibility of making “bidirectional payments” through blockchain, that is, a single transaction in which the person who offers a good and who pays for it receives what they want in just seconds. with a very low cost per operation.
“There is a very clear difference between unilateral or bidirectional payment. In Algorand I know that if I pay you something, in 4.4 seconds I will receive what I wanted with a cost for the operation of a fraction of a cent. I can pay you in whatever you want: in dollars, in euros or whatever you want. Therefore, it will be the payer who wants to access this type of services, because with these they ensure that they will get what they paid for, “explained Micali.
“Once this is understood, who would choose one-sided payments again?” Asked the mathematician.
Attracted by the multiple projects that were arriving from Argentina, Micali recently decided to invest in Agrotoken, a local company that provides agricultural producers with the possibility of tokenize -digitalize and unequivocally identify an asset on a blockchain- their soy, wheat and corn crops. in order to be able to sell them when they want immediately in very small units, since each token represents one ton of each grain and can be divided into up to 10,000 parts.
“I fell in love with the vision and with a billion dollar opportunity.”Micali said about the Argentine product that, he asserted, “is something revolutionary for the world.”
“It allows the producer liquidity to get a handful of grains that he can sell and that he can move for a fraction of a penny. It is very efficient. I think this will be a great boost for the Argentine economy,” he said.
Source From: Ambito
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