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#168 – Silvio Micali: Cryptocurrency, Blockchain, Algorand, Bitcoin, and Ethereum
Lex Fridman Podcast
Randomness - A Powerful Tool to Get Decentralization
When a large fraction of people are honest, then you can use randomness as a powerful tool to get decentralization. So what does honesty mean? And now we're into the social side of things, which is how do we know that a large fractions of people or participating parties are honest? That is an excellent question. We should realize that the same thing is for every other system. When you look at PUT for work, you realize that the majority of the mining power is in honest ends. What is the difference? In these other systems, you say the whole economy is secure if the majority of this small piece of economy are honest. But instead, in our approach, we say
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