It has been reported that IOHK, the company charged with the development of Cardano, donated $500,000 in ADA to the blockchain lab at the university earlier this year, as the State of Wyoming is known for its progressive crypto legislation, which allowed Caitlin Long, the former executive of Wall Street, to establish the first crypto-native bank in the US.
However, Hoskinson noted that the university was, “the first state institution in the entire United States to treat ADA like U.S. dollars.”
He said that working with an “up and coming university” provides a better return on investment with the entire donation being spent on blockchain-related initiatives, rather than extraneous projects.
“It’s very easy for people to go to Cornell or MIT or Harvard. And they have giant egos. And when you do business with them, they price those egos and talents accordingly. So, sometimes for every dollar you put in, you get like, 60 percent that goes to other stuff, like journalism or gender studies or whatever.”
It has been analyzed that the state and the university contributed funds to the project as well by extending financing to $1.3 million.
“So we put half a million dollars in ADA and they [Wyoming] matched it with half a million U.S. dollars. So then this university sweetened the pot a little bit. The [Cardano] foundation added some more money. So for a $500,000 investment/donation, we were able to get a $1.3 million grant.”
There are three main components to the lab’s activities:
- Software development
- Research on a new crypto-native microchip
As per the report, the blockchain courses offered at the school focus on Cardano, so that the students will graduate as Cardano-native developers.
Also, there are plans to pilot blockchain voting and identity in Wyoming, which could eventually roll out nationally:
“It’s going to be a place where a lot of blockchain pilots are going to come, for example, in the next 24 to 36 months. I think it would be quite easy for us to do. Voting pilots for voter registration and primary voting for both the Republican and Democrat Party in the state are done with a blockchain voting system.”
Thus, all of these projects are long-term and will go through multiple iterations before reaching their goals, but this is what Hoskinson believes, which will, eventually, make crypto a multi-trillion dollar industry.