YouSaid · the spoken record
Silvio Micali
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- 120
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- 2021-03-15
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- 2021-03-15
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- 1
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“Yeah, so somehow you want to make sure that you need to work because you want to prevent you get one solution every 10 minutes say in particular example of Bitcoin so that it's very rare that two pages are added at the same time”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Makson always seems okay because sometimes I solve a puzzle before you do, sometimes you solve before I do or before somebody else solves it. It's okay.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Exactly. Assume it is me for what time being, and not that I want volunteer for the job, but then I would have more power than any absolute monarch in history, because I would have a tremendous power to say these are the transactions that the entire world should see, and whatever I don't write, this transaction will never see the light of day. I mean, no one had any such power in history. So it's very important to do that. And that is the quintessential problem in a blockchain. And people have thought about it to say it's not me, it's not you, but for instance, in proof of work, what people say is, they'll say, okay, it's not me, it's not you, you know what it is. We make a very difficult inventor a cryptographic puzzle, very hard to solve. The first one to solve it has the right to add one page to Valleger. Half of everybody else.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“In cryptography lane. But there is really a fundamental problem, which is really almost a social, seems a political problem, is to say, Chooses or publishes the next page of Voyager. VET is really the challenge. Miss Ledger, you can always add a page because more and more transactions to be written on there and somebody has to assemble this transaction, put them on a page and add to the next page. Who is the somebody who chooses the page and adds them?”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, to achieve it one at a time is perhaps a easy, even security, if nobody transacts, nobody loses money. So that is secure, but it's not scalable. Let me tell you, I'm a cryptographer, so I try to fight the bad guys. And what do you want is that a vessel lager that we discussed before cannot be tampered with. So you must think of it that is a special ink that nobody can er Then it has to be everybody should be able to read and not to alter the pages or the content of the pages. That's okay. But you know what? That is actually easy cryptographically. Easy cryptographically means you can use tools invented 50 years ago, which in cryptographic time is prehistory. We are cavemen working around and solve their problem.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. I took a little bit implicitly that the people transacting are actually very different. So if there is two people who can do fast transaction per second of each other, this is not so interesting. What we really need is to say there are billions of people and at any point in time fastens and fastens of them want to transact with each other and you want to support that.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, it really depends how many transactions you want, but remember Vetanom, I think I'm right now yet to go into at least a thousands of transactions per second, even if you look at credit cards, we are going to go from an average of 1,600 to picks of 20,000, something like this. But remember, it's not only a question of the transaction per se, but the value is that the transaction... Actually, being shared and visible to everybody, and the certainty that that is the case, I can print on my own printer way more transactions that nobody has the time to see or to inspect. That doesn't count, right? So you want scalability at this common knowledge level. That is the challenge.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“In writing, but in sharing and in inspection for validity. That's scalability. The world is big. The world wants to interact with the people want to interact with each other. And you better be prepared to have a ledger in which you can write lots and lots and lots of transactions in a special way very, very, very quickly.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“So remember, we said that a blockchain is a ledger and each page receives a gets transaction and everybody can write in these pages of a ledger. Nobody can be stopped from writing and everybody can read them. Okay, scalability means how fast can you write? Just imagine that you can write an entry in this spatial shared ledger once every hour. Well, you know, what are you going to do if you have an O1 transaction per hour? The world that doesn't go around. So you need to have scalability means here that you can somehow write a lot of transaction and then you can read them and everybody can validate them. And that is the speed and the number of transactions per second and the fact that they are shared, so you want to have this speed not only.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Very certainly a very useful part. So at some point in time, assume that I know money is something that all of a sudden we say daisies are money, the currency, then I offer you 10 daisies in payment of whatever goods and services you want to provide. But at the end of the day, if you know that you can cultivate and generate them at will, then perhaps you should not accept my payment. Here is a bouquet of daisies. So you need some kind of a scarcity inability to create suddenly out of nothing is unimportant. intrinsic necessity but it's much easier to accept one you know that there is a fixed number of units or whatever currency there is and therefore you Can mentally understand I'm getting this much of this piece of a pie and therefore I consider myself paid. I understand what I'm receiving.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Inflation. Not everybody believes it. There is at least we are not going to exaggerate blatantly. And therefore you receive it because you know that somebody else will accept it, will have a faith in the currency and so on and so forth. But the weather is gold, whoever is livestock, whatever it is, money is really a shared belief.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“At all, because after all, gold has some industrial value. Nobody denies it. It's a metal. It doesn't oxidate. It has some good things about it. But does this industrial value really represent the value which now is traded? No. So gold is another way to express our belief. I give you an ounce of gold, you treat it like, oh, somebody else will want this for doing something else. So it is really this notion of this. Money is a mental construct. And is shared is a social construct, I really believe. And so some people feel that it's physical, so very foreign gold exists. They print their own money and you believe that they are not going to exaggerate it within them.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Exchange, you give me a fazzant ship. What am I going to do? Eat them all? No, I had to feed them. And if I don't feed them, they die and my value is zero. So in receiving this livestock, I must believe that somebody else will accept them in return for something else.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Money is a social construct, in my opinion. And this has been somehow people always felt that somehow money is a way to allow us to transact, even though we want different things. So I have... And when you have one cow and I want the cow, but you are looking for blankets instead, you know. So to have money is really simplifies this. But at the end of, and that's why a bit was invented, and you start with gold, you start with coinage, then you start with Czech. But at the end of the day, money is essentially a social construct because you know that what you receive, you can actually spend with somebody else. And so there is a kind of a social pact and social belief that you have. At the end of the day, even barter is requires this belief that other people are going to accept the quote-unquote currency you offer them. Because if I'm a mason and you ask me to build a wall in your field, and I did, and you in a...”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Or do I have the money at the moment of a transaction? You really see because the ledger is always updated, what you see is what I see, the merchant sees. You know where the money, so it's the most powerful money system there is because it is totally transparent. And so you know that you have been paid and you know that the money is there. You have not to second guess anything else.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Great. Cryptocurrency is a currency that is on such a ledger. So imagine that on the ledger initially you know that somehow say you and I are the only owner each one let's give it ourselves a billion each of whatever this unit then I start writing on the ledger I give 100 of these units to my sister you give this much to my aunt and then and then now because it's written on valid jagger and everybody can see my sister can give 57 of these units that she received from me to somebody else and so and that is money and that is money because you can see that somebody who tenders your payment as really the money there right you don't have any more of a doubt when you want to sell an item if I got you a check is the check covered”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“And if you do it instead of a quarrels in a centralized system, I put a bit, say, oh, congratulations, Alex, you won, and your prize is $12,570. I don't know. So if instead of this common knowledge is a very powerful tool for humanity.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. If it is not decentralized, how can it be common knowledge? If only one person or a few people, a villager, you don't have Vallager, you have to ask, you know, what is on page 7 and how do you know that whatever they tell you is on page 7, they tell the same thing to everybody else. And so this commonality is extremely powerful. Just to give you an example, assumo Veta, you do an auction, okay? You have work very hard, you build a building, and now you want to auction off. Makes sense because you want to auction worldwide, better yet you want to tokenize the building and sell it in parcels. Now, everybody sees the bids, and you know that everybody sees the bids. You and I see the same bids, and so as everybody else. So you know that a fair price has reached and you know who owns what and who has spent how much.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what is extraordinary about this is this common knowledge thing that I think is really a first for humanity. I mean, if you look at communication, like right now you can communicate very quickly images, of photos of photos. But do you have a certainty that whatever you have received has been received by everybody else? Not really. And so there's a commonality on knowledge and the certainty that everybody can write, nobody has been prevented from having whatever they want. Nobody can erase. Nobody can tier a page of a ledger. Nobody can swap page. Nobody can change anything. And that is immutable comma record is extremely powerful.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source
“So, a blockchain, think of it, is really a common database distributed. Think about it as a ledger in which everybody can write an entry in a page. You can write, I can write, and everybody can read, and you have a guarantee that everybody has the same copy of the ledger that is in front of you. So whatever you see on page 7, anyone else sees on page 7.”
2021-03-15 · Lex Fridman Podcast · #168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum · IDENTIFIED FROM THE TRANSCRIPT · source