{"id":189378,"date":"2021-02-26T07:01:33","date_gmt":"2021-02-26T04:01:33","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-leaders-back-mits-four-year-initiative-to-harden-bitcoins-security\/"},"modified":"2021-02-26T07:01:33","modified_gmt":"2021-02-26T04:01:33","slug":"crypto-leaders-back-mits-four-year-initiative-to-harden-bitcoins-security","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-leaders-back-mits-four-year-initiative-to-harden-bitcoins-security\/","title":{"rendered":"# Crypto leaders back MIT\u2019s four-year initiative to harden Bitcoin\u2019s security"},"content":{"rendered":"

“# Crypto leaders back MIT\u2019s four-year initiative to harden Bitcoin\u2019s security <\/strong>”
\n<\/p>\n

The Massachusetts Institute of Technology<\/a>\u2019s Digital Currency Initiative has revealed a new \u201cBitcoin Software and Security Effort\u201d intended to foster research into bolstering the Bitcoin network\u2019s defenses.<\/p>\n

The open-source initiative has received support from a diverse group of crypto industry leaders, including Gemini\u2019s Cameron and Tyler Winklevoss, MicroStrategy\u2019s CEO Michael Saylor, Square CEO Jack Dorsey, and major European digital asset manager, CoinShares. <\/p>\n

In a blog post <\/a>unveiling the project, DCI said that Bitcoin\u2019s ascent from an \u201cobscure cryptographic toy\u201d to a robust network that \u201csecures on the order of $1 [trillion] of value\u201d was due to the millions of hours invested into building the project by open-source developers. <\/p>\n

Coinshares announced a $500,000 donation to the project and chief executive Jean-Marie Mognetti hinted<\/a> that perhaps other crypto companies should do likewise: <\/p>\n

\u201cAs 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 app<\/a>lications 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.\u201d<\/p><\/blockquote>\n

The DCI\u2019s four-year research and development program aims to \u201charden the Bitcoin network and steward the industry’s commitment to funding open-source software.\u201d<\/p>\n

The blog post noted that, \u201cThe objective of DCI\u2019s new program is to contribute neutral, expert resources to improving the robustness of the Bitcoin protocol. Bitcoin\u2019s security is foundational to the underlying technology\u2019s continued evolution, as well as the broad realization of the public-good promises of digital currencies.\u201d <\/p>\n

The post listed several key issues that MIT is exploring, including sustaining a senior team of Bitcoin developers, exploring new programming languages, and pre-emptive investigations against possible attacks, <\/p>\n

MIT also stressed the need for the network\u2019s security to grow and strengthen alongside increasing adoption, noting the challenge associated with coordinating a decentralized network:<\/p>\n

\u201cUnlike 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.\u201d<\/p><\/blockquote>\n

In July 2020, DCI researcher James Lovejoy warned that attempted 51% attacks \u2014 attempts to capture a majority share of nodes and thus control over the Bitcoin network \u2014 may be more plausible than previously thought.<\/p>\n

Lovejoy stressed the need for active blockchain monitoring in order to identify 51% attacks targeting proof-of-work blockchains, stating: \u201cYou need an active observer to be monitoring the network to check whether or not an attack occurs.\u201d<\/p>\n

\u201cUp until now we’ve been reliant on victims to tell us about whether they’ve been attacked. As you can imagine, if this results in insolvency or a loss of user funds, victims are often not super interested in revealing when an attack has taken place,\u201d he added.<\/p>\n