Blockchain research institute and accelerator Cryptic Labs is adding two Nobel Prize winners to its roster of advisors. The additions, Sir Christopher Pissarides and economist Dr. Eric S. Maskin, are both professors at the London School of Economics and Harvard University, respectively. They will work with Cryptic Labs’ Chief Scientist Dr. Whitfield Diffie, a recipient of the 2015 Turing Prize for his contributions to cryptography.
Awarded the Nobel Prize for Economics in 2007 for his groundbreaking work in mechanism design theory, Dr. Eric S. Maskin will give substantial knowledge of this theory to figure out how projects can devise more efficient token economics. According to him, to unlock the potential of blockchain technology is to find the proper incentives to drive a business model, and this means looking at the past the value of the coins themselves.
In an interview, Dr. Maskin said, “As with any technology, it will take time to parse how economic theories will adapt. I believe that the missing element in the blockchain space is an academic focus on applications of the technology beyond cryptocurrencies. This will allow experts to truly understand and demonstrate the potential for the technology to transform various industries.”
Sir Christopher Pissarides, who was awarded the Nobel Prize for Economics in 2010, will share his expertise on macroeconomic trends. With their combined knowledge, these two experts will work to satisfy the industry’s disparity in economic perception.
Cryptic Labs Chief Scientist Dr. Whitfield Diffie said in a recent report, “Cryptic Labs was founded to explore solutions for the issues that constrain the broad adoption of blockchain technology. Our initial focus has been the challenges of security and proper implementation of cryptographic methods. The addition of the economics Nobel laureates as advisors enables Cryptic Labs to offer blockchain companies insights and guidance on their economic and incentive models. The economics of blockchain remains an important aspect of the industry that is not well understood.”
Serving “as a bridge between university, venture capital and industry in this global exchange of ideas practical solutions and resources,” Cryptic Labs is “a commercial accelerator focusing on security, economics, privacy, and trust to advance the viability of the blockchain. To companies in our accelerator we offer collaboration on research, talent acquisition and mentorship,” as stated on the organization’s website.
The two new additions to the advisory are the next leap in the lab’s success. Expecting the lab “to serve … both emerging blockchain companies or established enterprises seeking to subject their strategy to rigorous theoretical scrutiny.” Dr. Diffie said that the lab is brewing some “specific projects” and will be announced “in the coming weeks.”