The initiative that seeks to improve MIT’s Bitcoin network will run for four years. The American educational institution has already received USD 4 million in donations.
In recent days, the Massachusetts Institute of Technology (MIT) announced a new project to further strengthen security on the Bitcoin (BTC) network. The educational institution explained that the objective of the initiative is “to face new threats.” They expect to develop it in four areas in the next 4 years. The proposal has already received the support of relevant figures from the Bitcoin ecosystem, among whom are the CEOs of MicroStrategy and Twitter.
The American institute would work on expanding the MIT team of researchers and engineers from three to eight. Furthermore, they would build defenses against potential vulnerabilities, contribute improvements to the Bitcoin Core client, and formulate new software tools.
Another objective of the project would be to contribute to the reduction of “bottlenecks” in the ecosystem that could lead to centralization. In this regard, the idea is to ensure the transmission of the knowledge already acquired to new generations of developers to strengthen security.
“The design of the research and development program aims to further strengthen the Bitcoin network. At the same time, it seeks to maintain the industry’s commitment to funding open source software,” the institute said on its website.
Millions of US Dollars in Donations to MIT
The donations that the program began to receive already amount to USD 4 million. MIT hopes to raise a total of about USD 8 million to complete its research in the time set.
Supporters who have already contributed funds include Gemini, a renowned exchange for Bitcoin and other cryptocurrencies. The firm committed to providing USD 1 million, at a rate of USD 250,000 each of the next four years.
Reputable figures such as Michael Saylor (MicroStrategy), Jack Dorsey (Twitter), Fidelity Digital Assets, Meltem Demirors (CoinShares), Suhas Daftuar (Chaincode Labs), Reid Hoffman (LinkedIn), and Alex Morcos (Hudson River Trading) have also contributed capital to the project.
The institute has been closely following the development of Bitcoin as a digital system for years. The educational institution has emphasized the security of the network, considering that it is crucial when dealing with decentralized schemes.
“The security of Bitcoin is critical to the continued evolution of the underlying technology. It is also important for the fulfillment of the promise of the public good of cryptocurrencies,” said the institute.
The security of Bitcoin is normally associated with the processing power of the network. In other words, a greater number of participants or miners in the system means that it is more secure. In recent weeks, this computing capacity reached new all-time highs at 176 EH/s.
The issue of security has played a relevant role in the cryptocurrency ecosystem since Bitcoin’s birth. For that reason, the interest of large institutional investors in the development of new cryptographic security systems has grown. The MIT initiative is just one of many that seek to protect users’ cryptocurrencies.
By Alexander Salazar
