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Anyone in the field of research would always long for the biggest and the most coveted honor which is the Nobel Prize that recognizes the extraordinary contribution to different fields. Paul Milgrom also hoped for and now with his Stanford colleague and co-awardee Robert Wilson, this vision just became a reality! Milgrom and his counterparts designed new types of auctions for markets that under usual circumstances do not lend themselves to auctions like radio frequencies.
But, what’s in there for the world of cryptocurrencies?
We are all aware of how Algorand, a proof-of-stake blockchain platform takes pride in its team of advisors including MIT economics researchers, game theory experts, several recipients of the Turing awards as well its AngelList co-founder Naval Ravikant. But now among all these prominent and prolific teams, it can add even a Nobel laureate to its team! The Royal Swedish Academy of Sciences awarded the Nobel Prize for Economic sciences to Paul Milgrom who happens to be one of the advisors to Algorand.
In one of the press releases, it said that Milgrom’s work involved evaluating the bidding strategies in a number of well-known auction formats. It then led to the demonstration of the format which intended to give the seller higher expected revenue when bidders would learn more about each other’s estimated values during the bidding.
On September 22’nd Algorand made an announcement that Milgrom would be a part of its core advisory team. Their motive to usher in the services of a prominent economist was to bring his expertise across a range of his deep-set knowledge and expertise in modern-day microeconomic theories and principles. The Alogrand team and the community benefit were pictured before deciding to take him on board for the fundamental role.
On being a part of the team, Milgrom said,
“It is thrilling to be a part of a visionary team that is delivering on what may lead to widespread blockchain adoption.
Alogrand is a blockchain platform that had raised approximately $60 million from a 2019 token sale which took place in June of last year. It has added several feathers to its caps especially when USDC stablecoin was expanded in the Algorand Blockchain last month. The blockchain has several projects it can boost about for instance the Marshall Islands have stated that it will be issuing its state-based and sponsored crypto on the blockchain. From social media projects Props to gold investment platform Meld, all have chosen Algorand as its partner and all this over Ethereum which is suffering due to speed and fees issues.
People also look at what leadership and team the organization offers before they decide to put their money in it. Algorand already had a bountiful team in terms of skill sets, knowledge, experience, and reputation. But with the addition of a Nobel Laureate, it has set new benchmarks in the industry for spending their resources on a team that no other network can boast of. Algorand also supports 1000 transactions per second considered exceptional by all standards!