Princeton launches blockchain research initiative with $20 million worth of crypto elders
The prestigious Princeton University has launched an initiative to study the “decentralization of societal power” through blockchain technology with the aim of exploring the vast depths of its social capabilities.
For the launch, Bloomberg reported that Princeton’s Venture Forward campaign received $20 million in donations from high-profile alumni Peter Bridger of Fortress Investment, Ethereum co-founder Joseph Lubin, Pantera Capital CEO Daniel Morehead, and Mike Novogratz of Galaxy Digital.
The initiative is designed to study the ways in which modern technology, particularly blockchain, can interfere with and change social norms, just as other technologies such as the printing press and the internet have done in the past. One March 11 video from the university states that “we are at a very early stage in understanding the opportunities and challenges” associated with cryptocurrency and blockchain.
“The initiative will bring together scholars from across disciplines to understand the benefits and potential pitfalls of blockchain and other technologies, and their potential to disrupt centers of societal power.”
Princeton’s Venture Forward countryside is an engagement and fundraising campaign to build community and alumni engagement, seek critical philanthropic support for the University, and share Princeton’s defining principles and their impact on the world.
The university believes that focusing on decentralization will promote growth in three areas of study. an official Publish from the university says it will help him understand “the underlying engineering of blockchain and related technologies”, discover new uses for blockchain in finance, voting, news and elsewhere, and determine “the implications that these technologies could have for society”.
#PrincetonU launches initiative on blockchain and its potential for disruption and redistribution of power in society, supported by Peter Briger, Jr. ’86, @ethereumJoseph ’87, @dan_pantera ’87 and @novogratz ’87 in a major gift combined with #VentureForward: https://t.co/MZyEfSApL2 pic.twitter.com/w85CHzMPh4
— Princeton University (@Princeton) March 10, 2022
Princeton’s School of Engineering and Applied Science will take on the work of the new initiative led by Professor Jaswinder Pal Singh, who has served on Blockstack PBC’s board since 2019. Singh has taken a “highly research collaborative” to determine how blockchain can “have the most benefit and the least harm,” according to a statement from the university.
Singh commented that computer scientists have faced a long, uphill battle to figure out how to achieve consensus “among a distributed set of entities that don’t trust each other”. He added that while Bitcoin (BTC) has largely solved this problem, decentralization could well be a new turning point for society.
“The decentralization of trust can be just as powerful and transformative as the global web. It can transform existing systems and lead to new applications that we cannot even imagine today.
Related: Cambridge University launches crypto research project with IMF and BIS
This is the second time in as many weeks that Princeton has revealed its continued involvement in the blockchain industry. On March 2, a partnership with the Metaverse and NFT Radio Caca (RACA) project and the Blockchain Society of Princeton was reported by Cointelegraph.