Massachusetts Institute of Technology launched the Digital Currency Initiative (DCI) in later part of 2018, a time when most the cryptocurrency market was fighting its worst bears since inception ever since DCI has been involved in extensive research and development on digital currencies.
The DCI aimed at providing sophisticated solutions for crypto companies to ensure mass adoption of cryptocurrencies. The MIT researchers conduct studies on various problems and challenges faced by digital currencies and lay down answers to all of those.
Earlier this year in January, the MIT, along with six other prestigious universities, was reported to be working on building a new cryptocurrency, which would have all the shortcomings of existing digital tokens covered. The MIT, via its DCI, joined the Distributed Technology Research (DTR), to develop a new digital currency with global acceptance and worldwide adoption.
The DCI has also managed to garner support from the crypto industry, who have come forward openly and contributed to the initiative. The MIT, known for its success in scientific research and innovation, offers courses designed specifically cater to the intellectual needs of the industry. Till date, the DCI has published research papers on various aspects of the crypto industry, including Bitcoin Vending Machines, Privacy-Preserving Auditing, Lightning Network Nodes, and Decentralized Web.
Crypto trading platform, BitMEX has recognized the efforts taken by the DCI and has donated an undisclosed amount to the initiative. The donation was made via BitMEX’s parent entity, HDR Global Trading.
HDR Global Trading Donates to the Massachusetts Institute of Technology’s Digital Currency Initiative In Support of Cryptocurrency Research
HDR Global Trading owns and operates BitMEX, the world’s largest cryptocurrency trading platform by volumehttps://t.co/zN6RV1MUPq
— BitMEX Research (@BitMEXResearch) May 28, 2019
While announcing the sponsorship, Chief Technology Officer of HDR Global Trading and Founder of BitMex, Sam Reed said,
Our company has always been energized by the potential of cryptocurrency. Our donation into research and development is about ensuring that the network is more robust. A stronger Bitcoin network will be beneficial to all, and we are very excited to be able to aid in its progress.
With growing competition and tightening government policies, the crypto industry needs continuous innovation to sustain the enormous market growth witnessed in the past few years. Institutions like the MIT, which are epitomes of scientific innovation, are extremely vital in such scenarios. Supporting such institutions has benefits for both sections.
In an official blog post, BitMex stated that
HDR Global Trading is proud to support Bitcoin research and engineering that will make Bitcoin stronger, improving Bitcoin’s robustness, scalability, and privacy.
Globally, regulators are tightening their grips on the crypto industry, and some have even stated cryptocurrencies to be a threat to monetary systems. Institutions like MIT, which have great credibility, can help governments understand cryptocurrencies comprehensively, which could resultantly ease the pressure on the market.