Cryptic Labs, a research lab for blockchain, security, privacy, and trust, has recently added two Nobel-winning economists as advisors.
The recent addition to the firm’s economics advisory board are Dr. Eric S. Maskin and Sir Christopher Pissarides. They will “provide insights into incentive mechanisms, game theory, and macroeconomic policies.”
Dr. Maskin who is currently employed as a professor in Harvard University will contribute with his expertise in the game theory and mechanism design. Specifically, he will be overseeing how blockchain projects can develop user incentives. It is worth noting that Dr. Maskin won the 2007 Nobel Prize in Economics for laying the foundations of mechanism design theory.
During the press release, he said: “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 is now the School Professor of Economics & Political Science and Regius Professor of Economics at the London School of Economics, will focus on advising the company and its clients based on his understanding of macroeconomics. He was awarded the Nobel Prize in Economics in the year 2010 for his work on the “analysis of markets with the theory of search frictions.”
He said, “Blockchain is the most exciting development in financial markets in recent years.”
In behalf of the Cryptic Labs, the co-founder and the managing director of the company, Humphrey Polanen said, “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.”
Although it is not surprising that companies are now enlisting the help of Nobel laureates for their companies’ advantage, such as the case earlier this year (August) when blockchain startup Prysm Group solicited the services of another Nobel laureate, Oliver Hart, for their senior advisory board. However, what is remarkable about this move is the addition of two on the same day which has never been seen before on the blockchain industry record.