U.S. Government To Fund Cryptocurrency Research

The National Science Foundation has awarded $3 million in grants to three American Universities in order to further explore the technology behind cryptocurrencies.

Cornell, the University of Maryland and the University of California Berkeley will work jointly on the Initiative for Cryptocurrency and Contracts (IC3), a program designed to further the developing industry.

Science And Technology

As more and more startups join the cryptocurrency community, many believe that more work needs to be done in order to address the concerns surrounding digital currency transactions. IC3 is aiming to do just that by using scientific research to help shape the industry's future.

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Blockchain Projects

One major initiative of IC3 is developing the use of blockchain outside of financial transactions. Many see blockchain, the ledger-like technology that powers bitcoin, as a powerful way to facilitate transactions in other industries. IC3 is set to focus on developing smart contracts, or contracts that are facilitated using blockchain. The research is expected to explore potential security risks while also creating a system that allows people to connect without the need for a third party intermediary.

Expanding The Industry

The project is also expected to help find new ways to integrate cryptocurrencies into everyday life. Many are hoping that the dedicated research will make digital currency transactions safer, and thus more appealing to the general public. The program could also lead to further regulation, which some say is essential to mainstream adoption.