This initiative is very good, For me it proves a number of things, the people who have a
lot to lose are investing not only in Bitcoin itself but in the infrastructure, this is for the
good of all who use it.
This also will increase the attractiveness of Bitcoin fur further investment.
It also proves that they are staying in the space for the forseable future, particularly
Michael Saylor.
Topic: MIT announces 4-year project that seeks to strengthen the Bitcoin Network (Read 151 times)
February 27, 2021, 03:00:43 PM
February 27, 2021, 09:05:58 AM
Makes me think that nobody from these guys get it. What exactly needs strengthening? Security of Bitcoin is just the top you can get. I seriously wonder what are all these people thinking, they got so much money and seem they never tried to dig deeper into Bitcoin. Anyway, perhaps this will help the devs have some more donations.
February 27, 2021, 07:43:07 AM
What does this mean in layman's terms? Does the strengthening of the network make for a better network that doesn't experience network congestion? Does it make the transaction fees for bitcoin a little less expensive?
As far as I understand, the initiative is all about security so I guess it doesn't touch on network congestion as well as fees. It is still geared toward a better network but in terms of security more than anything else.
I haven't found a specific improvement the MIT team would do to the network but, as per the article, it includes "exploring new programming languages" as well as "pre-emptive investigations against possible attacks." Moreover, the "need for active blockchain monitoring" is also highlighted as more pressing than ever.
February 27, 2021, 05:42:54 AM
Well, this can be a good initiative and one that I personally look as a big vote of trust and confidence on Bitcoin, otherwise these rich people and the organizations they are representing will not be donating such huge of money (at least on my personal level) to the development of Bitcoin especially on its security. Though I am personally wary of big investors coughing out money for something all maybe because we usually view them with distrust, and they can have some hidden interest, I do welcome this news.
February 27, 2021, 03:20:02 AM
What does this mean in layman's terms? Does the strengthening of the network make for a better network that doesn't experience network congestion? Does it make the transaction fees for bitcoin a little less expensive? I am happy that they are trying to collaborate to make sure that the network grows and becomes stronger than ever, I hope that it will affect bitcoin in every aspect in a positive light.
No. Network congestion, transaction fees has nothing to do with it.
500k $ is an exceptionally subpolar sum compared to the investments made by the above people
February 27, 2021, 03:05:56 AM
What does this mean in layman's terms? Does the strengthening of the network make for a better network that doesn't experience network congestion? Does it make the transaction fees for bitcoin a little less expensive? I am happy that they are trying to collaborate to make sure that the network grows and becomes stronger than ever, I hope that it will affect bitcoin in every aspect in a positive light.
February 27, 2021, 01:17:14 AM
Crypto industry leaders such as Gemini's Cameron and Tyler Winklevoss, CEO of MicroStrategy Michael Saylor, CEO of Square, Jack Dorsey, and Principal European Digital Asset Manager, CoinShares have launched an initiative called the "Bitcoin Software and Security Effort", which will support the efforts of Enhancing the Bitcoin network and its security:
To support this initiative, Coinshares has announced a $500,000 donation to the project.
The more institutional money flows, the more initiatives we see that may support the security and development of the Bitcoin network.
The amount is still shy, but I expect more in the future.
Source ---> https://thedailychain.com/mit-announces-4-year-project-that-seeks-to-strengthen-the-bitcoin-network-security/
Quote
“As a beneficiary of the work of hundreds of developers who secure, upgrade, and maintain the open-source protocols that underlie the Bitcoin network and the applications built on top of it, we believe for-profit firms in the digital asset industry have an obligation to fund independent, neutral development efforts and research that advances the mutual interest of all ecosystem participants.”
To support this initiative, Coinshares has announced a $500,000 donation to the project.
The more institutional money flows, the more initiatives we see that may support the security and development of the Bitcoin network.
The amount is still shy, but I expect more in the future.
Source ---> https://thedailychain.com/mit-announces-4-year-project-that-seeks-to-strengthen-the-bitcoin-network-security/
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