Massachusetts Institute of Technology’s (MIT) Digital Currency Initiative (DCI) recently raised $4 Million to improve Bitcoin’s underlying technology. The list includes major investors- Jack Dorsey, Meltem Demirors, Michael Saylor, and Fidelity Digital Assets.
Since Bitcoin was first introduced, its development has been done by developers from around the world. Bitcoin’s underlying technology has been open source since its inception. But even when a large number of developers are at work, there are still some issues that can only be solved by properly investing in the technology and skilled workforce.
MIT claims the funds will help them to harden Bitcoin to make it future-ready. At present, there are some issues with the cryptocurrency. Also, Bitcoin’s security depends upon the software and hardware running it.
These issues can put off many people who would want to use Bitcoin for investment or transactions in the future. For that reason, the Digital Currency Initiative (DCI) is raising funds and has established a program known as Bitcoin Software and Security Effort.
We’ll be shedding light on this program in the next section.
What Is MIT’s Bitcoin Software and Security Effort?
Bitcoin Software and Security Effort is a four-year program that aims to harden Bitcoin and improve the functionality. The program will help to improve the core functionality of security, privacy, speed, and decentralization of the cryptocurrency.
Digital Currency Initiative will use the funds to employ experts in network and operating system security, programming, and many other sectors. Oftentimes developers around the world have ideas and solid plans to execute them. The only thing they lack is financial support. That issue won’t exist anymore because of the amount that Digital Currency Initiative (DCI) will invest.
Bitcoin’s underlying technology is Blockchain, which will also see major improvements. The use of Blockchain is not only limited to cryptocurrency. It can also be used to conduct fair elections and many other sectors that have a risk of illegal practices.
DCI believes that these funds will help to address the bottlenecks that arise during development. If bottlenecks arise in Bitcoin’s underlying technology, there is a high risk that the cryptocurrency might become centralized. This would defeat the purpose of Bitcoin, which is decentralization.
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