The founder of Algorand (ALGO) said that crypto assets with a single core feature will survive the next decade as blockchains become the main tools used by traditional financial institutions.
Silvio Micali, professor of computer science and cryptography at the Massachusetts Institute of Technology (MIT), said in a new interview with the Los Angeles Times that digital assets with low transaction costs will survive in the future:
“As soon as blockchain is used for transactions, I think there will be several blockchains that can transact at very low cost. As traditional finance starts to migrate to the blockchain, you will find that blockchains that are used in a really large and transactional way are accelerating. And a few stores of value [like Bitcoin] maybe will stay.”
According to the Algorand Foundation, a transaction on the smart contract platform costs 0.001 ALGO.
Micali also says that one of Algorand’s strengths is its high energy efficiency. According to him, Algorand consumes less energy.
“Bitcoin absorbs as much electricity as a small country and [Algorand] consumes about 10 homes.”
Michali also states that we live in an era where cutting-edge and outdated crypto projects co-exist, drawing comparisons with both the Industrial Revolution and early human history.
“We are in a very divided world. We are in a very special moment where there are highly sophisticated blockchains like ours and very early generation blockchains that continue to be there at the same time. As if Neanderthal and Homo sapiens lived together.”
