The Massachusetts Institute of Technology’s (MIT) Digital Currency Initiative (DCI) has revealed a new “Bitcoin Software and Security Effort” to foster research into bolstering the Bitcoin network’s defenses.
It has been reported that the open-source initiative has received support from a diverse group of crypto industry leaders, including Gemini’s Cameron and Tyler Winklevoss, MicroStrategy’s CEO Michael Saylor, Square CEO Jack Dorsey, and major European digital asset manager, CoinShares.
However, DCI said that Bitcoin’s ascent from an “obscure cryptographic toy” to a robust network that “secures on the order of $1 [trillion] of value” was due to the millions of hours invested into building the project by open-source developers.
Jean-Marie Mognetti, the chief executive of Coinshares, said:
“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.”
Likewise, the DCI’s four-year research and development program aims to “harden the Bitcoin network and steward the industry’s commitment to funding open-source software.”
The report stated:
“The objective of DCI’s new program is to contribute neutral, expert resources to improving the robustness of the Bitcoin protocol. Bitcoin’s security is foundational to the underlying technology’s continued evolution, as well as the broad realization of the public-good promises of digital currencies.”
Thus, MIT stated:
“Unlike traditional assets, Bitcoin is software running on a decentralized network. Bitcoin’s security is predicated on the accuracy and robustness of the software and hardware running it, and the actions of those participating in the network.”