MIT Professor: Blockchain Can Allow for More Inclusive, Borderless Economy
Blockchain can allow for the creation of a borderless economy,
Massachusetts Institute of Technology (MIT) professor Silvio Micali claimed in a interview on Bloomberg’s Daybreak Asia, Jan. 21. Speaking on the show, Micali outlined three major properties of blockchain systems that must function simultaneously to enable a more inclusive and borderless economy — security, decentralization and scalability. According to MIT’s Ford Professor of Engineering, until recently, only two of those three basic properties could have been achieved simultaneously at any time.
When asked about scalability in particular, Micali stressed that a decentralized system really needs superior technology to provide the same level of participation and confidence that is enjoyed by centralized systems. When asked about security breaches in blockchain systems, Micali stated that centralized systems are far more vulnerable to hacking attempts, pointing to the frequency of security and privacy breaches that repeatedly take place among centralized institution of various sorts. The professor expressed optimism about blockchain in terms of security, noting the level of security built into the concept of
a trustless system:
“Only a true decentralized system, where the power is really so spread that is going to be essentially practically impossible to attack them all and when you don’t need to trust this or that particular node, is going to bring actually the security we really need and deserve.”
Recently, a group of major United States universities, including MIT, Stanford University and the University of California, Berkeley, announced the launch of Unit-e, a cryptocurrency project touted as a “globally scalable decentralized payments network.” Earlier in January, MIT Technology Review issued an article claiming that 2019 will become the year when blockchain technology finally becomes normalized.
Article Produced By
ICOs Raised $160 Million in First Half of January, Report Says
Initial coin offerings (ICOs) completed
in the first half of January have raised around $160 million. The figure was provided in a report by ICO rating service ICObench shared with Cointelegraph on Jan. 18. ICOs completed by Jan. 15 have managed to raise about 33 percent of the combined amount raised in the previous month of December. Half of that sum was secured by just one project, the report notes. According to ICObench, the number of fundraisers that are set to take place in January is more than 150, a figure similar to the past seven months, excluding December.
In January, the combined hard cap — the maximum amount of money that a project can secure from investors during an ICO — amounts to more than $4 billion. As per the report, three fundraisers out of the five largest this month have reached or almost reached their hard caps. ICObench also reported that the number of ICO listings has continued to decline in January, suggesting that the phenomenon is losing its popularity. In terms of amount of funds raised, Canada has been leading during the first half of the month, with a combined figure of $80 million. However, when it comes to the actual number of projects, the United States ranked first.
ICO statistics by country in the first half of January 2019.
On Jan. 16, major crypto exchange BitMEX released a report claiming that ICO teams have lost 54 percent of value of the initial $24 billion worth of tokens allocated to themselves due to the decline in coin prices.
Article Produced By