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- MIT’s Digital Currency Initiative recently announced a fresh four-year research and development program
- The program will focus on strengthening the Bitcoin network
- Bitcoin witnessed a plunge below $45,000 on the early morning of February 26
The MIT Media Lab encourages a platform for an interdisciplinary research network that unites diverse fields of interest and inquiry. The Media Lab, unique and specific, constitutes a comprehensive research program and a graduate degree proposal in Media Arts and Sciences.
MIT’s Digital Currency Initiative
MIT’s Digital Currency Initiative recently announced the release of a new four-year research and development program that will primarily focus on Bitcoin software and security efforts. The program will strengthen the Bitcoin network and fortify Bitcoin’s security and defensively support any vulnerabilities.
Until now, DCI managed to raise $4 million for the program. The target is to increase a total worth of $8 million. Benefactors involve Square’s Jack Dorsey, Cameron and Tyler Winklevoss, Gemini’s co-founders; Fidelity Digital Assets; and MicroStrategy’s CEO Michael Saylor, among others.
The multifold purpose of DCI’s research
The research of DCI will focus on communicating about the protocol risk attached to Bitcoin. The initiative is planning to add new specialists to its team. Moreover, it intends to impose Bitcoin’s shelters against system bugs by exploring safer programming approaches and reinforce the software against attacks.
The program also plans to explore Bitcoin’s long-term economic safety. It will examine specific aspects, like the solidity of a fee-based reward structure. It will find solutions to constrictions in development which is likely to take it forward to centralization.
The announcement noted that they need to take up crucial efforts to ensure that there is a systematic record and passing down of critical knowledge around the technology itself and around the key processes, to strengthen security and refine resilience.
Kraken
Meanwhile, Bloomberg reported that the cryptocurrency trading platform Kraken plans to raise new funding to escalate the exchange’s valuation to above $10 billion, or even over $20 billion, determined by the demand.
The institution is holding private talks with potential traders like General Atlantic, Fidelity, and Tribe Capital. However, the terms and conditions of the funding round, including the lead investors’ details, are not final yet. Kraken represents one of the biggest cryptocurrency trading platforms in the U.S. in terms of spot trading volume.
Bitcoin falls below $45,000
In other news, Bitcoin witnessed a plunge below $45,000 on the early morning of February 26. The value marks its lowest since February 11. Reports suggest that it hit a concerning low of $44,279 at 2:40 am EST. It surged with a little value over the weekend, paused at 45,190.875 on February 28.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
