Bitcoin is a topic that captures the imagination of a lot of brilliant people, including technology experts and scientists. It should come as no surprise then when you hear MIT is setting up an initiative dedicated to Bitcoin research and future development. Our children are our future, and they may very well hold the future of Bitcoin in the palm of their hands.
MIT Media Lab
A little while ago, an announcement was made regarding the creation of the MIT Media Lab. The reason that name made the headlines was because three of the Bitcoin Core Developers joined the initiative to further development Bitcoin. That decision was made after the Bitcoin Foundation publicly announced they would no longer fund Bitcoin Core development.
Seeing how Bitcoin technology is disruptive, it should come as no surprise that MIT has shown a great interest in the project. Such an institute, which has made a name for itself in terms of technological development, has spawned some of the greatest technology pioneers of the previous century.
But the MIT Media Lab may very well serve a bigger purpose, as the team hopes to create a home for Bitcoin-related research and development in general. Now that Bitcoin’s “wild years” are of the past, it is time to give the disruptive technology a more mature status. And that can only happen through thorough research and development.
“There are problems that academia is good at solving that are tough to solve in other ways. We need a process that opens the doors to more people and exposes blockchain technology to more people.” Sean Neville, COO at Circle Internet Financial told the media in an interview.
Bitcoin Becomes a Hot Topic
Most people still associate Bitcoin with its famous increase in price, followed by a huge drop off in price over the last year and a half. But there is so much more to Bitcoin, and not just from an investment perspective alone. The underlying technology offers great potential, and most of its use cases have yet to be discovered.
That being said, we can see a growing interest in Bitcoin and the underlying technology since 2013. Even though that year will always be marked in the history books as the year of the Mt. Gox collapse, it also brought a lot of positive attention to Bitcoin as well. The result of that positive attention, we are starting to see, as more and more companies and services are adopting blockchain technology.
Despite the Bitcoin Foundation declaring near bankruptcy a few months ago, the change of power seems to have restored a bit of faith in Bitcoin. Despite Bitcoin Core developers no longer being funded by the Bitcoin Foundation, it was due time for the split between development and funding. A lot of people were getting worried the Bitcoin Foundation would use their monetary influence to determine the future of Bitcoin Core development, which will not be the case.
The MIT Digital Currency Initiative
Just over a month ago, MIT announced their Digital Currency Initiative, which has the main goal of supporting Bitcoin development and research. To take things one step further, the Digital Currency Initiative hired three of the main Bitcoin Core developers – Gavin Andresen, Wladimir van der Laan and Cory Fields – to continue their work on the Bitcoin Core client.
“The Internet had 20 years to spend in government and academic research labs before being fully commercialized, whereas Bitcoin, for example, has only been around for six years. Foundational research still needs to be done to help mainstream technology, and we want to help.” – Brian Forde of the Digital Currency Initiative told DigitalMoneyTimes.
Source: Boston Globe
Images courtesy of Shutterstock and MIT