MIT creates blockchain digital currency plan to protect freedom and privacy

Although Bitcoin has become a way to transfer funds from one person to another anywhere in the world, people realize that there is still a lot of undiscovered and worthy research in the protocols and technical procedures related to cryptocurrencies.

Now, MIT has created the Digital Currency Initiative (DCI), which will focus on cryptocurrency and its underlying technology, blockchain. MIT has long been following the instructions of DCI's research director Neha Narula to advance advanced technologies to protect freedom and privacy. He said,

“MIT has a long history of supporting technologies that provide users with privacy and freedom, rich in useful features and with strong guarantees of stability.”

While we can all agree that the Internet is a wonderful thing, there are now signs that a few monopolies control a large amount of data, which is causing concern. By using a censorship-resistant model similar to Bitcoin and other cryptocurrencies, it may be possible to solve this problem, as well as other real-world issues. Narula explained this in a recent speech. The full potential of the Internet has yet to be realized.

“Instead of interoperable data structures, we have data silos. Instead of freedom and access, we have controlled app stores. We’ve gone through this huge change in the electricity grid, and now some businesses are not used to control.”

Narula was fascinated by Bitcoin and realized the impact it could have on the world because of its ability to enable two parties to reach consensus without trust, which was unheard of in the past. So far, the plan has focused on integrating itself with the community, establishing a baseline, and then positioning itself according to the surrounding environment.

Meanwhile, DCI will continue to raise awareness of cryptocurrencies through seminars, support Bitcoin conferences such as Scaling Bitcoin, and sponsor students interested in related industries. While the past year has been spent learning and developing cryptocurrencies, the coming year will see the company working to create practical solutions to challenges faced in multiple areas.

DCI's ongoing projects include:

Create decentralized monetary policy through technologies such as decaying assets and in-protocol inflation. Develop new financial models in developing countries, implement smart asset securitization, and explore new ways to mine cryptocurrencies to ensure fair and open access to the system.

DCI's future work will involve not only research, but also the involvement of experts and industry leaders. Narula noted in her blog post,

“We will bring together experts in areas such as monetary policy to conceive a new financial architecture. To support new application paradigms, we will work together to build an open and interoperable data structure that guarantees security, confidentiality, and integrity to all participants.”