Development of digital currencies is now in reliable hands – Media Lab of Massachusetts Institute of Technology (MIT) starts up a new project known as Digital Currency Initiative. It will be managed by Brian Forde, former senior adviser for mobile and data innovation at White House.
Many prominent bitcoin researchers and scientists including Gavin Andresen, chief developer at Bitcoin Foundation, will be involved. Digital Currency Initiative will team up leading specialists from all over the world to solve the most challenging problems and such cooperation promises to provide stable bitcoin development and regulation.
As MIT Media Lab Director Joi Ito noted spheres of activity of Digital Currency Initiative and Bitcoin Foundation are quite similar. The thing is that reputation of the latter was damaged by ineffective expenses and unthoughtful decisions which practically led to the state of bankruptcy. Now that MIT stepped forward in bitcoin development, it has all chances to take the lead in this sphere. It seems to be successful alternative for bitcoin community.
Gavin Andresen admits that he is happy to join the team of Digital Currency Initiative and insists that working at MIT is surely the best way to apply knowledge and experience for bitcoin development – foundation can’t provide funds necessary for supporting bitcoin researchers any more. He scouts the idea that Bitcoin Foundation has ever been a center of bitcoin development but expresses hope that due to united efforts of leading scientists and developers this role is destined for Digital Currency Initiative.
According to Andresen bitcoin has now a great potential to develop. Many people still don’t have trust in it and that is the target for hard work. Despite the volatile position of digital currencies nowadays he sees clear progress in launching new venues and attracting experts for bitcoin development. He underlines the importance of existing consumer protection laws as it is simply impossible for bitcoin scientists to personally deal with all organizations they work with every day.
Brian Forde, director of Digital Currency Initiative, expresses the hope that this new project is actually what bitcoin community needs – it will increase trust in digital currencies and will boost international commerce by providing access to critical financial services and creating new ones for elimination of barriers. He stressed their strong intention to provide excellent working conditions for bitcoin researches who contribute to development of digital currency space.
We will necessarily keep you informed about further successes of Digital Currency Initiative.