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Christian Catalini | |
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Born | |
Alma mater | Bocconi University (MSc, BSc) University of Toronto (PhD) |
Scientific career | |
Fields | Economics |
Institutions | MIT Sloan School of Management |
Doctoral advisor | Ajay Agrawal |
Website | www |
Christian Catalini is a co-creator of Diem [1] [2] [3] [4] [5] (formerly Libra), the Chief Economist of the Diem Association, [6] and the Theodore T. Miller Professor at the MIT Sloan School of Management. [7]
Catalini is known for his research on the economics of cryptocurrencies and blockchain technology, [8] [9] [10] [11] [12] [13] [14] [15] [16] and for the economical design of Diem. [17] [18] [19] His past research focused on the economics of crowdfunding, [20] [21] [22] [23] early stage capital formation, [24] [25] [26] the economics of science [27] [28] [29] and technology. [30] [31]
Catalini joined the faculty of MIT in 2013, and was appointed in 2018 as Faculty Research Fellow at the National Bureau of Economic Research in the Productivity, Innovation and Entrepreneurship Program. [32]
In 2013, Catalini co-designed with Catherine Tucker the MIT Digital Currency Experiment [33] that distributed $500,000 in Bitcoin to all MIT undergraduates. [34] [35] Catalini and Tucker published the results of their research study in Science. [8]
In 2017, Catalini founded the MIT Cryptoeconomics Lab, which brings together the fields of economics and computer science to study cryptocurrency protocols, their incentives and market design. Catalini is also a faculty advisor to the MIT Digital Currency Initiative (on leave), and an economic advisor to Algorand, a cryptocurrency startup founded by Silvio Micali.
In 2018, Catalini joined David Marcus' team at Facebook, Inc. to develop the economical design of Libra (now Diem). [36] Since 2020, he is seconded to the Diem Association as its Chief Economist. [6] At Diem, Catalini is focused on the economic, market design, growth incentives, and business model of the project. [6] [37]
In 2022, Catalini joined Coinbase Institute and sits on the Advisory Board. [38]
Christian Catalini was born in Ancona, Italy. He studied economics and business at Bocconi University in Milan (B.Sc. and M.Sc.). In 2013, Catalini earned a Ph.D. degree from the University of Toronto (Rotman School of Management) for research supervised by Ajay Agrawal. During his Ph.D., Catalini worked with Ajay Agrawal to establish the Creative Destruction Lab (CDL) at the University of Toronto, served as its Associate Director (2012-2013), [39] and then as a member of the CDL Strategic Advisory Board (2013-2018). [39] Since 2019, he is an Associate in the Creative Destruction Lab Blockchain Stream. [40]
Catalini is best known for some of his fundamental early work on the economics of cryptocurrencies and blockchain technology, crowdfunding, early stage capital formation, and the economics of science. His research on these topics has been featured in Nature, [41] [42] Science, [8] the New York Times, [43] [44] CNN, [45] the Wall Street Journal, [46] [47] the Economist, [48] [49] CNBC, [50] [51] [52] WIRED, [53] [54] [55] [56] [57] NPR, [58] Forbes, [59] [60] [61] Bloomberg, [62] [63] TechCrunch, [64] [65] the Financial Times, [66] the Chicago Tribune, [67] [68] the Boston Globe, [69] [70] VICE news, [71] [72] the Washington Post, [73] [74] [75] [76] [77] and Reuters [78] [79] among others.
In 2017, Catalini received the Ewing Marion Kauffman Foundation Junior Faculty Fellowship in Entrepreneurship Research. [80] In 2014, Catalini's thesis was awarded the Wiley Blackwell Outstanding Dissertation Award in Business Policy and Strategy [81] for “Three Essays on the Impact of Geographic and Social Proximity on Innovation”, [82] assigned by the Business Policy and Strategy division of the Academy of Management.
Catalini has presented his work at a variety of institutions including Harvard University, [83] MIT, [84] Yale University, [85] London Business School, [86] New York University, [87] UC Berkeley, [88] Stanford University, [89] the Council on Foreign Relations, [90] the Federal Reserve Bank, [86] the Federal Trade Commission, [91] the US Treasury, [92] the U.S. Securities and Exchange Commission, [46] the Commodity Futures Trading Commission, [93] the World Bank, [92] the International Monetary Fund, the World Economic Forum, [94] the White House OSTP, and a number of central banks and US and global regulators.
Proof of work (PoW) is a form of cryptographic proof in which one party proves to others that a certain amount of a specific computational effort has been expended. Verifiers can subsequently confirm this expenditure with minimal effort on their part. The concept was invented by Moni Naor and Cynthia Dwork in 1993 as a way to deter denial-of-service attacks and other service abuses such as spam on a network by requiring some work from a service requester, usually meaning processing time by a computer. The term "proof of work" was first coined and formalized in a 1999 paper by Markus Jakobsson and Ari Juels.
Namecoin is a cryptocurrency originally forked from bitcoin software. It uses proof-of-work algorithm. Like bitcoin, it is limited to 21 million.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.
David Marcus is an American entrepreneur. He was the co-creator of Diem, a cryptocurrency project initiated by Facebook. He is the former president of PayPal and Vice President of Messaging Products at Facebook where he ran the Facebook Messenger unit from 2014 until 2018. In December 2017, Marcus was appointed to the Coinbase Board of Directors, from which he stepped down in 2018. In 2021, he stepped down from Facebook. As of May 2022 he is the co-founder and CEO of Lightspark, a cryptocurrency startup which works on bitcoin and the Lightning Network.
Litecoin is a decentralized peer-to-peer cryptocurrency and open-source software project released under the MIT/X11 license. Inspired by Bitcoin, Litecoin was among the earliest altcoins, starting in October 2011. In technical details, the Litecoin main chain shares a slightly modified Bitcoin codebase. The practical effects of those codebase differences are lower transaction fees, faster transaction confirmations, and faster mining difficulty retargeting. Due to its underlying similarities to Bitcoin, Litecoin has historically been referred to as the "silver to Bitcoin's gold." In 2022, Litecoin added optional privacy features via soft fork through the MWEB upgrade.
Catherine Tucker is the Sloan Distinguished Professor of Management at MIT Sloan, where she is also chair of the PhD program. She is known for her research into the consequences of digital data for electronic privacy, algorithmic bias, digital health, social media and online advertising. She is also a research associate at the NBER, cofounder of the Cryptoeconomics lab at MIT with Christian Catalini and coeditor at Quantitative Marketing Economics.
A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The timestamp proves that the transaction data existed when the block was created. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.
Crowdfunding is the practice of funding a project or venture by raising money from a large number of people, typically via the internet. Crowdfunding is a form of crowdsourcing and alternative finance. In 2015, over US$34 billion was raised worldwide by crowdfunding.
Gridcoin is an open source cryptocurrency which securely rewards volunteer computing performed on the BOINC network. Originally developed to support SETI@home, it became the platform for many other applications in areas as diverse as medicine, molecular biology, mathematics, linguistics, climatology, environmental science, and astrophysics.
Firo, formerly known as Zcoin, is a cryptocurrency aimed at using cryptography to provide better privacy for its users compared to other cryptocurrencies such as Bitcoin.
The Lightning Network (LN) is a "layer 2" payment protocol layered on top of Bitcoin. It is intended to enable fast transactions among participating nodes and has been proposed as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making micropayments of cryptocurrency through a network of bidirectional payment channels without delegating custody of funds.
Verge Currency is a decentralized open-source cryptocurrency which offers various levels of private transactions. It does this by obfuscating the IP addresses of users with Tor and by leveraging stealth transactions making it difficult to determine the geolocation of its users.
A Stablecoin is a type of cryptocurrency where the value of the digital asset is supposed to be pegged to a reference asset, which is either fiat money, exchange-traded commodities, or another cryptocurrency.
Cryptoeconomics is an evolving economic paradigm for a cross-disciplinary approach to the study of digital economies and decentralized finance (DeFi) applications. Cryptoeconomics integrates concepts and principles from traditional economics, cryptography, computer science, and game theory disciplines. Just as traditional economics provides a theoretical foundation for traditional financial services, cryptoeconomics provides a theoretical foundation for DeFi services bought and sold via fiat cryptocurrencies, and executed by smart contracts.
George Danezis, FBCS is a computer scientist and Professor of Security and Privacy Engineering at the Department of Computer Science, University College London where he is part of the Information Security Research Group, and a fellow at the Alan Turing Institute. He co-founded Chainspace, a sharded smart contract platform, and was Head of Research before it was acquired by Facebook. He currently works part-time as a Professor at University College London and as a blockchain researcher at Facebook.
Diem was a permissioned blockchain-based stablecoin payment system proposed by the American social media company Meta Platforms. The plan also includes a private currency implemented as a cryptocurrency.
Algorand is a proof-of-stake blockchain cryptocurrency protocol. Algorand's native cryptocurrency is called ALGO.
One environmental impact of Bitcoin is that it worsens climate change. This is because bitcoins are made using electricity partially generated by gas and coal-fired power plants. When burned, coal and natural gas emit greenhouse gases, which heat the Earth and change the climate. As of 2022, such bitcoin mining is estimated to be responsible for 0.1% of world greenhouse gas emissions. A second environmental impact is the air pollution caused by coal-fired electricity generation, and a third is the e-waste due to the short life expectancy of bitcoin mining equipment.
Wakefield Scott Stornetta is an American physicist and scientific researcher. His 1991 paper "How to Time-Stamp a Digital Document”, co-authored with Stuart Haber, won the 1992 Discover Award for Computer Software and is considered to be one of the most important papers in the development of cryptocurrencies.
Tokenomics, also known as Token economics, is the study of parameters that determine the characteristics of cryptocurrencies (cryptos) or cryptographic tokens to create economic value. Both cryptocurrency and tokens are the subclasses of digital assets that use the technology of cryptography. Crypto is the native currency of a blockchain, and it is developed directly by the blockchain protocol. Tokens are created through a blockchain-based organization or application. For example, Ether (ETH) is the native crypto of Ethereum, while Axie Infinity Shards (AXS), the governance tokens of the game Axie Infinity, lives on Ethereum, and users can use them to play games. In both cases, tokenomics acts as an incentive mechanism and monetary policy of the supply and demand of certain crypto or token. Tokenomics rule how and when a new crypto or token should be generated or removed from the system. Once the tokenomics is written into a smart contract, the system is automated.
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