MIT’s Digital Currency Initiative Raises $4M for Effort to ‘Harden’ Bitcoin
MIT’s Digital Currency Initiative Raises $4M .The Bitcoin research and development initiated the MIT labs digital Currency and which is spinning up every year. The MIT labs digital Currency initiative took from famous backers the sum of $4 million and some of these famous backers are Microstrartegy’s Michael Saylor, Twitter’s Jack Dorsey, CoinShare’s Meltem Demirors. Also, MIT labs digital Currency initiative also raised the money from plethora corporate entities such as Fidelity Digital Assets. MIT labs digital Currency initiative is quite prominent because it has made Bitcoin long term health protocol, the main area of focus.
It is imperative to add that the incoming years to come, latest four years, time, the security effort and Bitcoin software will commit their resources to Bitcoin core development, which is the main code-base of the network that is up to three-trillion dollar.
Also, another core mandate of the researchers of MIT is to probe the nitty-gritty of Bitcoin’s main features, for instance to verify how the stable the network has been after 21 million BTC mining subsidy exhausts.
Bitcoin having existed for almost 12 years, have proven to be amazingly strong. Bitcoin scattered network has only been down in its history and which the last was in 2013. A main group of maintainers patch bugs, ship updates and generally oversee the protocol. This work is primarily funded on the patronage model, with corporations supporting the work of developers, or as a labor of love.
Part of the Media Lab’s mandate is to help steward this unofficial development process, thereby helping to “reduce obstructions in the development ecosystem which might lead to centralization.”
As Bictcoin use increases, and it becomes more accepted into the society, it is expected that the security of the network ought to grow simultaneously with its growth.
Finally, according to MIT labs digital Currency initiative, “Yet, as a common good, there is none of the Bitcoin protector or guardian to take on this formidable task of increasing the security of the network,”