July 24, 2021

Crypto leaders back MIT’s four-year initiative to harden Bitcoin’s security

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The Massachusetts Institute of Technology’s Digital Currency Initiative has revealed a new “Bitcoin Software and Security Effort” intended to foster research into bolstering the Bitcoin network’s defenses.

The open-source initiative has received support from a diverse group of crypto industry leaders, including Gemini’s Cameron and Tyler Winklevoss, MicroStrategy’s CEO Michael Saylor, Square CEO Jack Dorsey, and major European digital asset manager, CoinShares.

In a blog post unveiling the project, DCI said that Bitcoin’s ascent from an “obscure cryptographic toy” to a robust network that “secures on the order of $1 [trillion] of value” was due to the millions of hours invested into building the project by open-source developers.

Coinshares announced a $500,000 donation to the project and chief executive Jean-Marie Mognetti hinted that perhaps other crypto companies should do likewise:

“As a beneficiary of the work of hundreds of developers who secure, upgrade, and maintain the open-source protocols that underlie the Bitcoin network and the applications built on top of it, we believe for-profit firms in the digital asset industry have an obligation to fundTitle: Crypto leaders back MIT’s four-year initiative to harden Bitcoin’s security
Sourced From: cointelegraph.com/news/crypto-leaders-back-mit-s-four-year-initiative-to-harden-bitcoin-s-security
Published Date: Fri, 26 Feb 2021 04:01:33 +0000