Cryptic Labs Adds Two Nobel Prize-Winning Economists to Advisory Board

Blockchain research institute and accelerator Cryptic Labs is adding two Nobel Laureates to its team of advisors. The additions, economists Dr. Eric S. Maskin and Sir Christopher Pissarides, are professors at Harvard University and the London School of Economics, respectively. They join Cryptic Labs' Chief Scientist Dr. Whitfield Diffie, who won the 2015 Turing Prize for his contributions to cryptography.

Awarded the Nobel Prize for Economics in 2007 for his seminal work in mechanism design theory, Dr. Maskin will bring extensive knowledge of this theory to puzzle out how projects can devise more effective token economics. To Dr. Maskin, unlocking the potential of blockchain technology means finding the proper incentives to drive a business model, and this means looking past the utility of the coins themselves.

"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," he told Bitcoin Magazine.

Sir Christopher Pissarides, on the other hand, who was awarded the Nobel Prize for Economics in 2010, will provide insight on macroeconomic trends. With their combined expertise, these two authorities will work to fill in the industry's gaps in economic knowledge.

"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 an important aspect of the industry that is not well understood," Cryptic Labs Chief Scientist Dr. Whitfield Diffie told Bitcoin Magazine.

Acting "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," the organization's website states.

The new additions to its advisory board is the next step in the lab's growth. 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 Cryptic Labs will announce some "specific projects" it's working with "in the coming weeks."

This article originally appeared on Bitcoin Magazine.