Bitcoin’s solution is not elegant, says Algorand CEO

The CEO of Algorand Foundation said he is a huge fan of Bitcoin but the cryptocurrency is lacking in certain aspects. 

The CEO of Algorand Foundation discussed various aspects of the cryptocurrency space during a recent interview with the LA Times. During the interview, Silvio Micali said Bitcoin’s solution isn’t elegant.

When asked about his thoughts on Bitcoin, Micali said;

“I bought into the main idea. The idea is beautiful, but somehow the solution is not exactly elegant. We all aspire to beauty and elegance in what we do. Bitcoin absorbs as much electricity as a small country, and we are going to consume as much electricity as roughly 10 homes. [Algorand uses a so-called pure proof-of-stake method for validating blocks of transactions, versus bitcoin’s far more energy-intensive proof-of-work system.]”

Micali added that the blockchain space is still in its early stages and has a long way to go. He stated that there are various generations of blockchain technologies working simultaneously. He said;

“We are in a very divided world. We have blockchain 1.0, 2.0, 3.0, 4.0 — which I believe Algorand is — coexisting during the same time. So that is very unique. If you look at the Industrial Revolution … you have more and more sophisticated [technologies], so usually not all these things coexist. We are at a very unique moment in which there are extremely sophisticated blockchains like ours and when there are very early generation blockchains who continue to be there simultaneously.”

The Algorand CEO added that;

“The moment the blockchain starts to be used for transactions, the few blockchains that are really capable of transacting at a very low cost, they’re going to emerge, in my opinion. When traditional finance starts getting on the blockchain, you’re going to see the blockchains that are really used in a massive and transactional way are going to accelerate. And a few store of values [like bitcoin] will maybe stay.”

Algorand is one of the leading cryptocurrencies in the world. The Algorand Foundation recently signed a partnership agreement with football governing body FIFA and has become the official blockchain partner for the upcoming FIFA 2022 World Cup.

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