Blockchain research firm and accelerator Cryptic Labs has just taken on two Nobel-winning economists as advisors.
Announced in a press release Monday, joining the firm's economics advisory board are Dr. Eric S. Maskin and Sir Christopher Pissarides, who will "provide insights in incentive mechanisms, game theory and macro-economic policies."
Dr. Maskin, currently a professor at Harvard University, will bring to the company his knowledge of game theory and mechanism design, in particular advising on how blockchain projects can develop user incentives. Dr. Maskin won the 2007 Nobel Prize in Economics for laying the foundations of mechanism design theory.
He said in the press release:
"I think that blockchain technology is potentially important for a modern economy. Most discussions of blockchain technology focus on technical issues. I am more interested in the economic value such technology can bring."
Sir Pissarides – who was awarded the 2010 Nobel Prize in Economics for his work on the "analysis of markets with theory of search frictions," according to Wikipedia – will advise the company and its clients based on his on understanding of macroeconomics.
"Blockchain is the most exciting development in financial markets in recent years," he said.
Cryptic Labs' co-founder and managing director, Humphrey Polanen, commented: "For the first time in the industry, Drs. Maskin and Pissarides will offer unparalleled expertise and insight to the blockchain industry, providing nuanced understandings of behavioral economics to our clients."
While previously blockchain startup Prysm Group did add Nobel laureate Oliver Hart to its senior advisory board in early August, adding two laureates on the same day would seem to be something of a blockchain industry record.
Nobel Peace Center image via Shutterstock
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
ResearchEconomicsNobel PrizeCryptic Labs
Crypto Firms to Congress: We Need Clarity on Blockchain Token Rules
Some 80 representatives from the cryptocurrency and traditional finance industries trekked to Washington, D.C. on Tuesday with a singular message for U.S. lawmakers: we need regulatory clarity on cryp
Japan Regulators Seek Answers in Wake of Zaif's $60 Million Crypto Hack
Japan's top financial regulator is seeking answers from the operator of the Zaif cryptocurrency exchange, a situation that comes days after the trading site disclosed that it lost millions of dollars
Google to Allow Ads for 'Regulated' Crypto Exchanges Next Month
Search engine giant Google has revealed that it will begin allowing cryptocurrency exchange advertisements in the U.S. and Japan, starting in October.
In a new update to its advertising policies, G
Bitcoin Takes a Step Toward Becoming a 'Multi-Network' Cryptocurrency
A proposal to radically expand the capabilities of bitcoin such that it would be able to add vast new features to its limited supply of cryptocurrency has arrived on testnet.
Paul Sztorc, director
Music-Sharing Startup Audius Gives New Details on Twin Crypto Tokens
Soon after closing a $5.5 million funding round, music-focused blockchain startup Audius is revealing just how its network will operate when it launches in roughly a year.
As previously reported, t
Mt Gox Trustee Has Sold $230 Million in Bitcoin, Bitcoin Cash Since March
The trustee for the now-defunct cryptocurrency exchange Mt. Gox has revealed new details about the pace of cryptocurrency sales as part of the firm's bankruptcy and rehabilitation process.
Bearish Cross Hints at More Losses Ahead for Bitcoin Price
Bitcoin (BTC) is on the defensive, having breached crucial support on Monday and could suffer a deeper drop, courtesy of a bearish crossover between key moving averages.
As of writing, BTC is chang
Over 75 New Banks: JPMorgan Expands Blockchain Payments Trial
A major blockchain payments trial launched by JPMorgan, Australia's ANZ and the Royal Bank of Canada has just gained over 75 new banks as participants.
As reported by CoinDesk, the three banks set