WASHINGTON (7/31/15)--The National Science Foundation, a U.S. government agency that supports and funds scientific research, has awarded a $3 million grant to three American universities for research on cryptocurrencies.
Cornell, the University of Maryland and the University of California Berkeley will focus on developing new cryptocurrency systems, according to Elaine Shi, assistant professor of computer science at the University of Maryland (Bitcoin News Service July 30).
Students and groups that participate in the project are expected to come up with innovations such as new cryptocurrency designs and security properties, cryptographic protocols whose security properties are backed by enforceable payments in case of a breach, smart contract systems that are easy to program and formally verifiable, or high-assurance systems for storing and handling high-value cryptocurrencies and transactions.
The cryptocurrency research project is also expected to provide a platform for technologists, economists and social scientists. According to its organizers, they will also set up a speaker series that will foster collaborations to shape the future of digital currencies.
There have been several ideas on how digital currencies and their underlying technology could disrupt several industries. The primary goal of the project is to use these ideas to come up with concrete applications.