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HomeCryptoCurrencyJack Dorsey and Michael Saylor fund MIT project to bolster Bitcoin

Jack Dorsey and Michael Saylor fund MIT project to bolster Bitcoin

The Massachusetts Institute of Technology (MIT), through its Digital Currency Initiative, announced a new project that would further strengthen security on the Bitcoin (BTC) network. The study center explained that the initiative will be developed in four areas in the next 4 years to “face new threats.” The proposal already has the support of relevant figures from the bitcoiner ecosystem, including the CEOs of MicroStrategy and Twitter.

The aspects that the American institute would work on in this area include: expand the MIT team of researchers and engineers from three to eight , build defenses against potential vulnerabilities, contribute improvements to the Bitcoin Core client, and formulate new software tools.

According to MIT, another goal of the project would be to help reduce “bottlenecks” in the ecosystem that could lead to centralization. On this point the proposal is to ensure that the knowledge already acquired is transmitted to new generations of developers, for example, to reinforce security.

«The research and development program (…) is designed to continue to strengthen the Bitcoin network and to maintain the commitment of the industry to finance open source software “, the institute highlighted in the statement posted on its website.

Millions of dollars in donations for MIT

The program began to receive donations that already amount to four million dollars. MIT expects to raise a total of about eight million dollars to complete its investigations in the stipulated time.

Among the contributors who have already contributed funds are the bitcoin and cryptocurrency exchange Gemini. The exchange house committed 1 million dollars that will be granted at a rate of 250,000 dollars each year for the next four.

Other relevant figures that They have contributed capital are: Michael Saylor, MicroStrategy; Jack Dorsey from Twitter; Fidelity Digital Assets, Meltem Demirors of CoinShares; Suhas Daftuar (Chaincode); Reid Hoffman, and Alex Morcos.

For years the institute has closely followed the development of Bitcoin as a digital system. The study center has emphasized network security, since it considers it crucial because it is decentralized schemes.

“The security of Bitcoin is essential for the continuous evolution of the underlying technology, as well as for the fulfillment of the promise of public good of cryptocurrencies,” the institute stressed.

Usually the security of Bitcoin is associated with the processing power of the network. That is, the more participants or miners there are, the system is considered more secure . CriptoNoticias reported two weeks ago that this computing capacity had reached new historical limits, reaching 176 EH / s.

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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