The Digital Currency Initiative (DCI) of the Massachusetts Institute of Technology (MIT) has raised $ 4 million from major investors to develop the underlying Bitcoin code and study the key elements of the network.
Initiated by the MIT Media Lab, DCI members began developing a multi-year project dedicated to Bitcoin research and development. The program has raised $ 4 million from major investors including Meltem Demirors of CoinShares, Jack Dorsey of Twitter and Michael Sayl of MicroStrategy, as well as corporate entities such as Fidelity Digital Assets. A key area of the initiative is exploring the long-term performance of Bitcoin.
According to the project description, over the next four years, Bitcoin Software and Security Effort will devote resources to the development of the codebase of the Bitcoin network. MIT researchers will explore issues related to the core characteristics of Bitcoin, such as the stability of the network after the release of 21 million BTC. Media Lab plans to partner with major Bitcoin developers to help “reduce the number of bottlenecks in the development ecosystem that can lead to centralization.”
“As the use of Bitcoin and its popularity in society grows, the security of the network must grow and strengthen. However, there is no single network patronage structure to take on this challenging task, ”the group said.
The Media Lab missed its $ 8 million funding target, but the initiative received approval from the Bitcoin community. Recall that in August last year, the Boston Federal Reserve Bank announced that it will study 30 blockchains for the digital dollar initiative in conjunction with the MIT Digital Currency Initiative.