The Massachusetts Institute of Technology (MIT) run MIT Labs’s Digital Currency Initiative has raised a $4 million research and development program to protect the Bitcoin network. The initiate has also already attracted high-profile industry leaders from Jack Dorsey, Michael Saylor, Winklevoss twins among others. As part of the project initiative, experts in the fields of network and operating system security, compilers, programming languages, and more will join the effort.
MIT’s Digital Currency Initiative will embark on a four-year research and development program as part of its new Bitcoin Software and Security Effort project.
The move comes in an effort to protect the Bitcoin network and boost up the industry’s efforts to fund open-source software.
The Bitcoin Software and Security Effort project aims to strengthen Bitcoin against potential attacks by building up long-term defenses while improving upon the automation and battle-test the network.
The program backers include leading Bitcoin proponents and industry players such as Twitter CEO Jack Dorsey, MicroStrategy CEO and an MIT graduate Michael Saylor and Cameron and Tyler Winklevoss, founders of cryptocurrency exchange Gemini.
Other crypto firms that have contributed to the funding include Fidelity Digital Assets and CoinShares.
The Digital Currency Initiative, the MIT Media Lab’s crypto research was initially founded in 2015. The DCI will use the $4 million raised from the proceeds to hire five extra researchers and engineers, bringing its developer team from three to eight.
Meanwhile, Dorsey has also launched its own Bitcoin development initiative through Square Crypto unit, which is seeking to improve the Bitcoin user experience for ordinary participants.
Just this week, Dorsey contributed 1 BTC to the Brink initiative, a donation-funded Bitcoin network R&D drive. The Human Rights Foundation, Kraken, and Gemini cryptocurrency exchanges were also among supporters of the Brink initiative.