Crypto Leaders Back MIT's Four-Year Plan to Improve Bitcoin's Protection
Cryptocurrency Broker – Ollie
Crypto business leaders are putting their weight behind a long-term project of the MIT Digital Currency Movement to improve Bitcoin's protection.
The Massachusetts Institute of Technology's Digital Currency Program has launched a new "Bitcoin Software and Security Effort" aimed to help research into improving the protections for trading Bitcoin.
The open-source project has gained funding from a diverse community of Crypto business executives, like Gemini's Cameron and Tyler Winklevoss, MicroStrategy CEO Michael Saylor, Square CEO Jack Dorsey, and the leading European digital asset manager, CoinShares.
In a Blog Post announcing the software, DCI said that Bitcoin's growth from an "obscure cryptographic toy" to a stable network that is capable of securing a market cap of $1tn was attributable to the millions of hours spent by open-source developers in developing the project. Coinshares declared a $500,000 contribution to the initiative, and Jean-Marie Mognetti, Chief Executive Officer, indicated that other crypto firms should do the same.
DCI's four-year research and innovation initiative seeks to toughen the network and control the industry's contribution to supporting open-source applications. The blog post stated that the goal of the current DCI initiative is to devote impartial, expert resources to enhancing the reliability of the Bitcoin protocol. Bitcoin's stability is central to the continued development of the technologies underpinning it.
MIT also emphasized the need for the protection of the network to develop and improve alongside increased adoption, noting the difficulty of organising a decentralised network.
In comparison to conventional properties, Bitcoin is a software operating on a decentralised network. The security for investors when buying Bitcoin is dependent on the consistency and robustness of the software and hardware operating it, and on the behaviour of those involved in the network.
In July 2020, DCI researcher James Lovejoy cautioned that 51% of attempts—trying to grab a majority share of nodes and thereby dominate the Bitcoin network—may be more realistic than previously believed.
Most cases up to now, have been dependent on the victims telling us if they've been targeted. Whether this ends in insolvency or lack of consumer money, victims are not active in disclosing that an assault has taken place.
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