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You may have heard about cryptocurrencies. Bitcoin, Ethereum, Litecoin, Ripple, Dogecoin (yes, based on the Internet doge meme): all are digital or “crypto” currencies that exploded on the socio-economic and financial scenes in the last decade, prompting wild investments and a wave of mainstream hype before the bubble burst last year. But they still persist, and blockchain, the technology that powers cryptocurrencies, is viewed as potentially revolutionary on a global scale....
Hold up — what exactly is a cryptocurrency? According to Zach Zager, it is a “peer-to-peer value exchange between parties who do not necessarily trust one another” and which “relies on cryptography (hence cryptocurrency), as opposed to trusted intermediaries, to guarantee the validity of transactions.” A succinct explanation, which is to be expected, seeing as Zager is teaching a class this semester at the ExCollege titled Cryptocurrencies and Blockchain. A double Jumbo who graduated with a BS in Engineering Psychology in 2017 and an MS in Innovation & Management in 2018, Zager currently works as a product manager at a cybersecurity company in downtown Boston. He enjoys learning about new technologies and how they impact the world, and “fell down the ‘crypto rabbit hole’ about a year ago.” Having been involved in education throughout his life — as a camp counselor, SAT tutor, and college TA — bringing his experience and skills back to campus seemed like a natural fit.
The greatest innovation of blockchain technology first conceived of in the creation of Bitcoin is that it allows for highly-scalable, decentralized consensus between participants who do not know or trust each other. Zach Zager
Contrary to some perceptions, cryptocurrency is far from belonging solely to young startups disrupting Wall Street or to experienced finance veterans delving into new technologies. Zager approaches it from a holistic perspective that allows him to ground the technology into other popular disciplines at Tufts, computer science being the obvious one — but also international relations and political science, citing the role that governments play in the financial market and the complex policies that cryptocurrency often challenges. “I noticed a gap in the university’s course offerings around a field that brings these and many other disciplines together,” he says.
Understanding the different interconnected spaces in which cryptocurrency operates is important to fully appreciate what Zager calls the “technological and philosophical underpinnings” of these assets. He is especially passionate about its potential to create a more connected world focused on privacy — an unavoidable topic these days. According to Zager, cryptocurrency technology can be used to protect our right to privacy and help fight against unwanted surveillance and illicit intrusions, whether by governments, corporations (think Big Data), or cybercriminals. He also uses an example of an immigrant family coming to the U.S. and the issues they might have in accessing services, like a bank account, as a different way that cryptocurrency can play a role in a modern world with more and more privacy complexities.
If you disagree with his assessment of cryptocurrency, Zager welcomes your thoughts with open arms. “One of my primary goals for the class is to empower students to form their own opinions and respectfully disagree with one another and myself,” he explains. “The nascent cryptocurrency and blockchain space encompasses many different industries and ideologies. The class has proven to be an open forum where we can openly discuss the real impact these assets might have. We want to look past the marketing and hype in order to identify what the world might look like one, five, and ten years down the line.”
Who knows how the field of cryptocurrency, still so relatively young and volatile, will evolve? Ultimately, Zager hopes that he will give his students the foundational skills to expand their knowledge and look beyond Bitcoin (or Dogecoin). “I hope this class empowers students to explore emerging technologies in the crypto space and beyond,” he says. “Cryptocurrencies are interesting, but there are so many developments going on in other areas like space exploration, bioengineering, and climate research. If this class creates a framework for students to continue learning about whatever fields most interest them, I'll know I've succeeded.”
About the Author
Max Lalanne is a senior majoring in Film & Media Studies. Born in Paris and raised in New Hampshire, when he's not writing for The ExPress, he's running his own daily newsletter, News in French. He plans to continue a career in media and publishing.
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