MIT: 3 Big Blockchain Initiatives

MIT has never stood stand still in the presence of change and opportunity. Their Media Lab Currency Initiative is at the forefront of Blockchain and Bitcoin research. With the fracture of the founding core team, MIT stands to become the universal hub for research and development.

The initiative has a team of 22 people and—currently—seven research projects. It nurtures three startups that use cryptocurrency and blockchain in a variety of novel ways. Blockchain research now sits alongside transparent robots that eat real-world fish, solar nebula research, and other imaginative, futuristic projects in progress at the university.

The initiative has already funded the work of bitcoin protocol developers and has supported research, going far beyond bitcoin—even partnering with Ripple Labs and developing enterprise data projects.

Now, the MIT Media Lab Digital Currency Initiative is working on 3 big Blockchain ideas:

  1. Shattering online ‘echo chambers’
  2. Improving blockchain privacy
  3. Building central bank currencies

The DCI is led by former White House advisor and research director Neha Narula. Read about the three BIG blockchain projects at CoinDesk

Ellery Davies co-chairs Crypsa and The Bitcoin Event. He is columnist & board member at Lifeboat Foundation,
editor of AWildDuck and will deliver the keynote address at the 2017 Digital Currency Summit in Johannesburg.

Can Bitcoin Flourish with a Capped Supply?

The answer may be counter-intuitive: Not only can Bitcoin be widely adopted under a supply cap, its trust and integrity are a direct result of a provably limited supply. As a result, it will flourish because it is capped.

Everyone Can Own and Trade a Limited Commodity, IF…

…if it is both measurable and divisible. Bitcoin has a capped supply just as gold has a capped supply. Although both assets will be mined for some time into the future, there is only so much that will ever be uncovered. Thereafter, the total pie cannot grow.

But the transaction units will continue to grow as needed, because the pie is divisible into very, very tiny units:

There will eventually be 21 million BTC and each coin is divisible into 108 units. This yields (21 million * 100 million), or 21 trillion exchangeable units. And, it can be divided further by consensus.

As Bitcoin is adopted—whether as a simple payment instrument, an investment asset or even as national currencies around the world—each unit of the limited supply simply rises in value. If thought of as a currency, with a value established by supply & demand, it leads to a deflationary economy.

But, Isn’t Deflation Bad for the Economy?

It’s common to associate deflation with economic ills. One need only glance back at the the last century to conclude that deflation coincides with wars, joblessness, recession and a crippling concentration of wealth. Perhaps, just as bad, the tools used to pull a nation out of deflation often force governments to cherry pick beneficiaries of stimulus spending.

But it is important to note that deflation plays no role in causing these things. On the contrary, it is an effect rather than a cause… In fact, when a supply cap is introduced as a designed control input for monetary policy, all sorts of good things follow. I address these in various answers at Quora. Dig in:

Ellery Davies co-chairs Cryptocurrency Standards Association. He was host and producer of The Bitcoin Event in New York.

Who is Ellery? A Wild Duck

In the before time, man was differentiated primarily by physical prowess. In the middle time, we were differentiated by wealth or poverty. But in the age of information and intellect, individuals are defined by their ability to communicate effectively and by their opinions…

I write with verve and panache. I am also one very opinionated, idiosyncratic SOB.

To my colleagues, I am in need of Valium. To my superiors, I am a wild duck that needs to be controlled and channeled. To my subordinates, I am in need of patience. To my ex-wife, I am sometimes a jerk. And to my offspring, a hero, but–at the same time–very, very weird.

When you reach the half-century mark, you are entitled to opinions and habits. But those fortunate enough to leave a positive legacy in their wake have learned to revisit and reassess opinions. They should never become so entrenched that they become inflexible in light of new ideas and alternate assumptions.

Ellery is my Nom de Plume. I’m not ashamed of my Clark Kent reality, but here, in A Wild Duck, I more freely express opinions.

I have led high-tech startups, run support organizations, designed missiles, and taught fencing (not the fence that surrounds your yard…but rather the sport in which you don head gear and poke oponents in the heart with a foil).

I love Star Trek, Euclid and classical music, but also relish in Doo Wop and Calypso. I kvell over the combination of Stilton cheese with a dry Cab. It is one of my 5 Raison d’être (a fundamental purpose for existence). My taste in woman is utterly unconventional, yet I love my family unconditionally.

I am Ellery Davies. The Blog starts here…
For a quick vitae, see Ellery’s interests. —
Or f
or Dogbert’s thoughts on the meaning of “Fungible”, click here.