Cardano IOG Invest $4.5 Million In Stanford University To Launch Blockchain Research Hub

The latest in a string of academic research outposts around the world, Input Output Global (IOG), the company that built the Cardano blockchain, has invested $4.5 million in a blockchain hub at Stanford University.

Along with Stanford, IOG has established research facilities and joint ventures with the Universities of Edinburgh, Wyoming, Athens, and Tokyo Institute of Technology. Charles Hoskinson, the creator of Cardano, gave $20 million to Carnegie Mellon University (CMU) last year in order to launch the Hoskinson Center for Formal Mathematics.

Stanford University is situated in Palo Alto, California, and is a hub for technological advancement. In 2018, the university established a Center for Blockchain Research under the direction of two academics who specialize in cryptography, Dan Boneh and David Mazières.

Tim Harrison, vice president of community and ecosystem at IOG, stated that IOG and Stanford had been working together for some time. “Before the research center, we gave $500,000 to support their efforts to study the scalability of blockchains.” Through a mail, Harrison said that Stanford is a perfect location for the hub because it is one of the top academic institutions in the world. Harrison also mentioned that this project is to fund researchers from multiple disciplinary backgrounds throughout the time period of 3 years. Faculty, undergraduate, and graduate students are all eligible to submit proposals. By November, the initial round of financing proposals must be submitted.

David Tse, a professor of engineering at Stanford, is the chairman of the steering committee said

“The Research Hub will significantly increase Stanford’s involvement in both basic and applied blockchain research.”

 

The IOG’s ambition requires collaboration with universities like Stanford to establish blockchain research centers, according to CEO Charles Hoskinson. In a statement, Hoskinson claimed that the Research Hub will “give a new layer of validity to our sector that we haven’t always been afforded” and that blockchain development will “grow even quicker” as a result of the new learnings that will emerge.

All the decisions for the blockchain hub will be taken by a steering community. As mentioned by Stanford the key responsibilities of this steering community will be: – 

  • Deciding on the research agenda
  • Putting out a request for bids
  • Going over submitted ideas
  • Choosing the ideas that will receive financing
  • Review sponsored projects’ progress and consequences
  • The first call for proposals goes live in September 2022, and it has a November 2022 submission deadline.

What is Cardano IOG?

IOG stands for Input Output Global which was earlier known by the name IOHK and was founded by Charles Hoskinson and Jeremy Wood in 2015.IOHK is one of the world’s pre-eminent blockchain infrastructure research and engineering organizations. They are an organization dedicated to the highest standards of academic rigor and evidence-based application development that is fully decentralized and allows for remote work. For clients in the public, private, and government sectors, the company develops high-assurance blockchain infrastructure solutions. It is also the driving force behind the decentralized and smart contract platform, Cardano.

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