Crypto.com (CRO), the cryptocurrency exchange, has announced that it will financially support an MIT study of the Bitcoin (BTC) network. The study will focus on analyzing the long-term economic resilience of Bitcoin and exploring new tools to secure the network.
Crypto.com funds research
Singapore-based exchange Crypto.com has announced that it will financially contribute to cryptocurrency research at the MIT Media Lab, a renowned laboratory at the Massachusetts Institute of Technology (MIT) specializing in the study of multimedia and technology.
The amount of the grant was not disclosed, but we do know that it will be spread over 4 years to support MIT’s study called “Bitcoin Security Initiative”. The analysis will include the security of the Bitcoin network (BTC) as well as the open source development of the protocols that underpin the network.
Eric Anziani, COO of Crypto.com, said:
“We are thrilled to further support blockchain research around the world with such an esteemed institution and to help accelerate the world’s secure transition to using cryptocurrencies.”
This is not an isolated initiative for Crypto.com, which was in fact one of the “Platinum Sponsors” of the MIT FinTech Conference that took place from February 24 to 26. This event brought together students and key figures from the cryptocurrency ecosystem to discuss the revolution brought about by Web 3.0.
Moreover, Crypto.com is a member of the Blockchain Association of Singapore (BAS), where it collaborates with Ledger, Visa, Algorand (ALGO) or Tezos (XTZ), among others, in order to perfect blockchain technology and promote its development in Singapore.
The study in detail
The MIT Media Lab’s study will be spread over 4 years and aims to bring together players in the ecosystem (we’ll note the presence of Jack Dorsey), developers and researchers in order to study, in particular, the risks associated with the use of decentralized protocols whether from a security point of view or from a financial point of view.
“The security of Bitcoin depends on the accuracy and robustness of the software and hardware that run it, as well as the actions of those who participate in the network. […] Ensuring that critical knowledge, not only about the technology itself, but also about key processes, is systematically recorded and passed on is critical to enhancing security and improving resilience.”
The analysis will also include studying Bitcoin’s long-term economic resiliency, especially in the face of inflation, as well as looking for new automation tools and exploring new programming languages.
Recall that Crypto.com has its own “Research & Insights” research team that employs academic researchers to publish its monthly report that brings together analyses of the cryptocurrency market as a whole and the security of digital assets.
Crypto.com’s native token, CRO, is currently priced at $0.40. It ranks 19th in the cryptocurrency rankings with over $10 billion in market capitalization.
