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The Power of Randomness: Algorand and the Future of Blockchains
Real Vision senior editor Ash Bennington hosts Silvio Micali, founder of Algorand, to discuss Micali's journey into crypto, the founding of Algorand, the power of randomness, zero knowledge proofs, and future of evolvability of blockchain protocols. When Micali discovered Bitcoin and Buterin's blockchain dilemma—that no blockchain can all at once be decentralized, secure, and scalable—he knew there had to be way to solve this problem. He explains that in cryptographic systems, it's easy to spread communication and messaging, but verifying if a message has been received or achieving common knowledge is difficult, which can prevent the achievement of security and trust in the system. For Bitcoin, Micali states that the blockchain has an ad hoc mechanism to reach agreement on a common block; on the other hand, Algorand uses a Byzantine Agreement on the block, utilizing the strongest form of consensus and mitigating the risk of "bad actors". It also prevents the block from ever forking and, thereby, ensures that a block appearing on the chain will remain there forever, and this provides users the confidence to transact without worry of loss. Filmed April 16th, 2021. Key Learnings: Contrary to Bitcoin where miners represent the decision makers in achieving a secure blockchain, Algorand utilizes what Micali calls pure proof of stake where members of the network are randomly elected, who then vote and represent the direction of the system. At the basis of Algorand is a cryptographic lottery that prevents the ability to change probability, ensuring fair selection and randomness to the system. Micali believes that a blockchain that functions well is built on the foundation of transparency, security, decentralization, and ultimately, trust, and a blockchain that can achieve that can truly transform finance. With randomness at the core of Algorand—from driving consensus on the block to password protection and true decentralization—Micali believes a system that diminishes the probability of bad actors and builds trust is the best way to achieve that ideology.

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Soramitsu: Building A Rational Economic System
Sebastian Moonjava joins Makoto Takemiya, CEO of Soramitsu, to discuss Takemiya's journey into crypto, the founding of Soramitsu, the importance of XOR, efficient supply allocation, governance, and the future of the space. Takemiya started Soramitsu with the goal of using blockchain solutions to help solve different inefficiencies in society. Sora is a decentralized economic system that aims to rationalize the allocation of capital across economies because most crypto economic systems such as Bitcoin do not have a rational way to allocate newly minted tokens. Typically, central banks have economic units that work to plan allocating credits in the economy, and this creates the world as we understand it today with productive economic growth. In Takemiya's view, creating a decentralized way to manage this is important—centralized systems can lead to moral hazard where individual parties can use the system for their own gain. When Takemiya first began engaging in the blockchain space, everyone was focusing on Bitcoin and Ethereum; however, he feels that the crypto space should not be winner takes all. He states it is important that there are different blockchains that serve different ecosystems with their own politics and governance, and it is equally important to provide a protocol for them to all work together, which is why Sora was built on top of DOT and Kusama. Filmed on April 29th, 2021. Key Learnings: In order to create a successful digital asset, protocol, or system, Takemiya states that one needs a clear understanding of macroeconomics and data—without this, there is no way to build a rational economic system. XOR is the native token of the Sora network; however, Takemiya states that the token aims to be much more than that as a store of value and a medium of exchange. While other currencies have attempted to do this, he feels that the economics are strong as higher volatility becomes difficult to use the currency in daily lives. With XOR’s utilization of a binding curve to manage the token supply, the protocol is able provide a clear and transparent way to manage the circulating amount of money. Takemiya says with a token-binding curve, users are able to have a smart contract that allows them to put in a reserve token and receive newly minted or allocated tokens, which achieves stabilization. As the smart contract provides clear buy and sell functions, a margin of 20% is created to help stimulate secondary markets, achieving a rational economic system that allows for real world application.
Real VisionMay 06, 2021
Tail Wagging the Dog: How Options Gamma Drives Equity Price Action
Imran Lakha of Options Insight and Brent Kochuba of SpotGamma are veterans of the options market, and they join Real Vision to shed light on how options exert a hidden pressure on the stock market. Most associate the phrase “gamma squeeze” with GameStop, but Kochuba notes that gamma squeezes are very common, noting the various ways in which dislocations in dealer gamma can drive price action in indices such as the S&P 500 but also in single-name equities like Tesla and Apple. He describes his quantitative method to identify levels of gamma resistance in single-name equities and index futures, using detailed charts levels to spot what he names "call walls" and "volatility triggers." Kochuba and Lakha make sense of the drastic transformation the options market has undergone over the past year, and they speculate on the future of this highly sophisticated asset class. Lastly, Lakha shares with Kochuba his findings in the nascent world of crypto derivatives. Filmed on May 3rd, 2021. Key learnings: The explosion in single-stock option volumes means that options are now playing a huge role in driving price action in the equity market. Kochuba argues that this new environment offers the venturesome trader an opportunity to exploit the option market makers' to hedge their exposure. Lakha notes that Bitcoin and Ethereum exhibit call skew, which offers opportunities that are rarely seen in traditional capital markets.
Real VisionMay 05, 2021
Jared Dillian: The "Value Rotation" Has Just Begun
Jared Dillian of The Daily Dirtnap returns to Real Vision to share his analysis on the latest financial news. In a live interview with Real Vision editor Jack Farley, Dillian makes sense of the the soaring prices of lumber, copper, and live hogs; commodity backwardation; and the latest economic data. Dillian provides a strategic update on his bearish bond thesis and interprets yesterday’s serious nosedive in U.S. tech stocks. Dillian incorporates the ongoing fiscal and monetary stimulus into his inflationary framework and makes several key points about the minimum wage.
The Global Impact of Bitcoin Education
Real Vision crypto editor Ash Bennington welcomes Cory Klippsten, founder of Swan Bitcoin, to discuss his journey into crypto, the founding of Swan Bitcoin, Bitcoin education, the development of layer 2 solutions and beyond, and how Bitcoin can help or harm the world. Since leaving Google in 2013, Klippsten has spent his time operating in Silicon Valley, working with startups to advise and raise capital through seed A and B stages. It was through tech and these connections that he found Bitcoin in 2017. Through his evaluation, Klippsten found that the Bitcoin project was sound and worth building his own company, Swan Bitcoin, to help others safe, easily, and quickly enter the space. Swan Bitcoin encourages self-custody and education into the space. Klippsten views Bitcoin as the third leg of the stool in one's "set it and forget it" wealth building plan with the first two being a 401K and a mortgage. According to Klippsten, by creating a baseline of automatic reoccurring purchases, auto dollar-cost averaging (DCA) or, as he calls it, getting paid in Bitcoin, is a great way to build a solid foundation for oneself. Filmed April 29, 2021. Key Learnings: It is clear to Klippsten that Bitcoin is the new global money. If Bitcoin’s market cap continues to rise, Klippsten predicts that more and more people will hold their wealth in Bitcoin. Where there is friction going back and forth between bitcoin and traditional units of exchange over the next 10 years, it will eventually become easier to exclusively transact in bitcoin. Further, Klippsten believes that Bitcoin holders will be much more comfortable spending bitcoin once the expectation of its meteoric rise begins to taper. Once it reaches a $20 trillion market cap, which he expects over the next decade, this shift will occur, and by 2035, most goods and services will be able to be purchased with Bitcoin globally. Klippsten identifies that there is a direct line between one's understanding of Bitcoin and how much a user is willing to allocate their assets to it. It is through education that Klippsten feels Bitcoin and its usage will continue to grow.

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