Princeton launches blockchain research initiative with $20M from crypto-alumni

Prestigious Princeton University has launched an initiative to study the “decentralization of societal power” through blockchain technology in an effort to explore the vast depths of it’s social capabilities.

For the launch, Bloomberg reported that Princeton’s Venture Forward campaign received $20 million in donations from high-profile alumni Peter Bridger from Fortress Investment, Ethereum co-founder Joseph Lubin, Pantera Capital CEO Daniel Morehead, and Galaxy Digital’s Mike Novogratz.

The initiative is designed to study the ways in which modern technology, especially blockchain, can interfere with and change social norms, just as other technologies such as the printing press and the internet have in the past. A 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 convene scholars across disciplines to understand the potential benefits and pitfalls of blockchain and other technologies, and their potential to disrupt centers of societal power.”

Princeton’s Venture Forward campaign 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 post from the university states that it will help it understand “the underlying engineering behind blockchain and related technologies,” discover new uses for blockchain in finance, voting, news, and elsewhere, and determine “the implications that such technologies could have for society.”

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 sat on the Blockstack PBC Board of Directors since 2019. Singh has embraced a “highly collaborative research” approach to determine how blockchain can “result in 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 in figuring out how to achieve consensus “among a distributed set of entities who don’t trust one another.” He added that while Bitcoin (BTC) has largely solved that problem, decentralization may well be a new turning point for society.

“The decentralization of trust may be just as powerful and transformative as the worldwide web. It may 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 Princeton has revealed its ongoing involvement in the blockchain industry. On March 2, a partnership with Metaverse and NFT project Radio Caca (RACA) and Princeton’s Blockchain Society was reported by Cointelegraph.

All Dutch and English crypto news!

Ethereum preparing a ‘bear trap’ ahead of The Merge — ETH price to $4K next?

Ethereum's native token, Ether (ETH), continues to face downside risks in a higher interest rate environment. But one analyst believes that the token's next selloff...

Bitcoin, ether (ETH) en dogecoin (DOGE) pieken terwijl de dollar wegzakt: eindelijk tijd voor opluchtingsrally?

De Amerikaanse dollar lijkt eindelijk wat zwakte te tonen en daarmee de bitcoin bulls wat ruimte te geven om hun ding te doen. Als resultaat...

Bitcoin Pizza Day merch delivers lightning-fast style

Celebrate the 12th Bitcoin Pizza Day together with Cointelegraph.  Many crypto bull runs ago, Laszlo Hanyecz, programmer and early Bitcoin (BTC) miner, made history on May...

Terra collapsed because it used hubris for collateral — Knifefight

The rise and fall of the Terra blockchain and family of related tokens is both one of the most convoluted and one of the most...

Beste exchanges

Koop je crypto bij Bitvavo