Bitcoin Security: MIT’s long term project backed by crypto authorities

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TL;DR Breakdown

  • Major firms show interest in MIT’s long-term project. 
  • Coinshares donates $500,000 to the Bitcoin security project.  

In a bid to enhance Bitcoin security, the Massachusetts Institute of Technology, MIT, has created a new initiative to benefit crypto authorities. The crypto community has embraced the initiative called Bitcoin Software and Security Effort. 

This long-term project intends to ensure a strong defense in blockchain technology,  with primary interest focused on Bitcoin security. Major investors of the crypto market, including Micheal Saylor, the CEO of MicroStrategy, and Cameron of Gemini, have shown full support for MIT’s initiative. 

Coinshares CEO: Bitcoin security project should be funded  

During the unveiling of the long-term project, the Digital Currency initiative was quick to laud the transformation of Bitcoin from being a mere asset to a great store of value, adding that the reason for this transformation was due to the hard work of its project developers. 

The implication of this speech via a blog post asserts that a project may not work effectively if developers are not putting in enough effort. However, these developers will need funds to do this. As per funding for MIT’s initiative, Coinshares recently donated $500,000. CEO Coinshares, Jean-Marie Mognetti, later stated that more companies should invest in the project. 

MIT’s Bitcoin security project explained

According to DCI’s blog post, the project will run for four years, and it will ensure that the Bitcoin network will be secured while also expanding MIT’s fanbase. Bitcoin security is essential to the development of blockchain technology, and if success is attained, many people will have no option other than to embrace Bitcoin and other cryptocurrencies.

The main objective of MIT’s Bitcoin security project is to ensure that individuals fully trust the Bitcoin network, and this can only be achieved if professional developers are utilized. MIT has, however, promised to make use of expert resources towards making this objective a realistic target.