Renowned Economist joins Algorand as an Advisor
The strength of a project relies on its group: One of the Renowned Economist and also an Algorand Advisor named Dr. Paul R. Milgrom just won a Nobel price award. This kind of news proves that the Algorand Blockchain is full of a brilliant mind. I know many of you are wondering who is this certain Renowned Economist?
Just about last month when the Algorand is thrilled to announce that a Renowned Economist, Dr. Paul R. Milgrom has joined its distinguished list of advisors and will bring deep expertise across a range of modern microeconomic theory to the Algorand team and extended community. The Algorand is also the one who announced that Milgrom would be joining its advisor team and stating that the economist would “bring deep expertise across a range of modern microeconomic theory to the Algorand team and extended community.”
Upon joining the team Dr.Milgrom state that “I am honored to be advising one of the most advanced and high performing blockchain platforms available today,”
He also mention that “It is thrilling to be a part of a visionary team that is delivering on what may lead to widespread blockchain adoption. I look forward to bringing my experience and knowledge to advance Algorand and the community it serves."
In additional facts about the Renowned Economist, Dr. Paul Milgrom is a professor of Humanities and Sciences in the Department of Economics at Stanford University and professor, by courtesy, at both the Department of Management Science and Engineering and the Graduate School of Business. In 2020, Milgrom was named a Distinguished Fellow of the American Economic Association. According to the Distinguished Fellow citation, Milgrom "is the world’s leading auction designer, having helped design many of the auctions for radio spectrum conducted around the world in the last thirty years, including those conducted by the U.S. Federal Communications Commission (ranging from the original simultaneous multiple round auctions with activity rules to the recent incentive auction for repurposing broadcast spectrum for modern uses). His applied work in auction design and consulting has established new ways for economists to interact with the wider world. He is also a theorist of extraordinary breadth, who has provided (and still continues to provide) foundational insights not only into the theory of auctions (including his 1982 paper with Weber) but across the range of modern microeconomic theory."
This fact makes many Investors and Users see that the economist is one of several high-profile advisors for the Algorand blockchain platform. The platform is a proof-of-stake blockchain platform founded by zero-knowledge proof inventor Silvio Micali and he also boasts a team of advisors that includes MIT economics researchers, game theory experts, several Turing Award winners, and AngelList co-founder Naval Ravikant.
As of now Algorand raise $60m last June 2019 leads to a top-three market cap forecast. The Algo, native token of Ethereum competitor Algorand, is not yet listed on exchanges, but that hasn’t stopped many of the investors from speculating that the blockchain start-up will be a major new play. The investors and its users also believes that the Algorand is a next generation blockchain platform due to the noticeable increased adoption across financial organizations and central bank digital currencies in particular and with purpose-built functionality built directly into layer-1, Algorand's pure proof-of-stake blockchain is proving a compelling option for sophisticated applications of the future.
How did Dr. Milgrom won a Noble Price Award?
This year the Nobel Price in Economic Sciences has been awarded to Paul Milgrom together with his Stanford colleague and co-awardee Robert Wilson, Milgrom designed new types of auctions for markets that don’t typically lend themselves to auctions, such as radio frequencies.
According to the Judges, “Paul Milgrom formulated a more general theory of auctions that not only allows common values but also private values that vary from bidder to bidder. He analyzed the bidding strategies in a number of a well-known auction format demonstrating that a format will give the seller higher expected revenue when bidders learn more than about each other estimated values during bidding”
To share my conclusion with you I never encounter other projects that have One Nobel Prize laureate and two Turing award winners and as I can see the mind behind the Algorand project are very rare and outstanding. It's also a smart idea of having Paul Milgrom as an Advisor, he can contribute or share a lot of his experience and expertise that might bring the platform on top.
Source:
https://www.cnbc.com/2020/10/12/nobel-economics-prize-awarded-to-paul-milgrom-and-robert-wilson.html
https://www.algorand.com/resources/blog/paul-milgrom-joins-algorand-advisor