The Moscow Institute of Physics and Technology announced plans to launch Russia’s first public blockchain. The new network will be able to be used in both commercial and non-commercial projects.

In addition to MIPT, other leading Russian universities are also participating in the project. Representatives of the Institute of Physics and Technology announced plans to launch a public blockchain at the third congress of young scientists.

“The development of blockchain in Russia depends on two factors: the availability of public networks and their decentralization, which minimizes risks for users. If one element of the network does not work for one reason or another, the network will continue to live, and this circumstance will not affect other participants. A similar citywide network project already exists, for example, in China. The time has come to do something similar in Russia – a progressive and user-friendly public network,” said MIPT Rector Dmitry Livanov.

The developers emphasized that the blockchain will be different from other networks existing in Russia. According to them, the network will be based on Proof-of-Stake consensus, and the validators will be independent – they will be universities and research centers.

A special decentralized autonomous organization (DAO) will be created to manage the network. At the same time, the developers are going to make the first year of using the network free, and then project creators will have to pay transaction fees.

Let us recall that it was MIPT that became the first higher education institution in Russia to launch a graduate student training program in blockchain.