Blockchain research institute and accelerator Cryptic Labs has announced the addition of two Nobel Prize winners and also university professors to its team of advisors. The move will enables it to offer blockchain companies insights and guidance on their economic and incentive models, says Cryptic Labs Chief Scientist Dr Whitfield Diffie.

Wide blockchain adoption

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,” adds Diffie, who won the 2015 Turing Prize for his contributions to cryptography.

The two new team members are economists Dr Eric S. Maskin who is a Harvard University Professor, and Sir Christopher Pissarides, a Professor at London School of Economics.

Dr Eric S. Maskin

Masking was bestowed the Nobel Prize for Economics in 2007 for his pioneering work in mechanism design theory. He brings a vast knowledge of this theory to work out how projects can devise more effective token economics.

Maskin believes that releasing the potential blockchain technology will aid in finding incentives to create a proper business model by analysing the past uses of cryptocurrencies.

“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,” Masking says.

Sir Christopher Pissarides

Pissarides was awarded the Nobel Prize for Economics in 2010. He will help Cryptic Labs with insight on macroeconomic trends.

Cryptic Labs main purpose is to act as “a bridge between universities, venture capital and industry in this global exchange of ideas practical solutions and resources,” says Diffie. He also says Cryptic Labs is “a commercial accelerator focusing on security, economics, privacy and trust to advance the viability of the blockchain”.