IOHK Invests $ 500,000 To University Of Wyoming’s Blockchain Research And Development Lab
IOHK, the software company behind Cardano, declared on Feb. 14 a donation of $500,000 in Cardano (ADA) to help and promote the University of Wyoming’s (UW) Blockchain Research and Development Lab.
Professor James Caldwell, Assistant Professor Mike Borowczak, and Philip Schlump will co-direct the Advanced Blockchain Research and Development Lab.
Professor Borowczak stated that IOHK’s donation would be applied to aid faculty and graduate students in enhancing practical applications for real-world blockchain use cases. He stated:
“This funding is meant to directly stimulate and develop a highly qualified workforce in the blockchain sector. Student researchers from undergraduate and graduate levels are at the core of this initiative. Our research and development lab focuses on grounding all work in theory while developing real-world products.”
IOHK, which was established by Ethereum co-founder ‘Charles Hoskinson,’ is built around the ethics of peer-reviewed academic research.
The company is authorized to open-source software development, like hardware for authentication, cryptography, and measures against duplication. For instance, New Balance is utilizing IOHK’s Cardano blockchain to validate its products for customers.
According to Professor Caldwell, IOHK’s donation will mainly help with researching practical applications of blockchain technology, like tracking the provenance of goods, supply chain management, and the advancement of smart contracts. He told:
“Our group of researchers will work on several projects related to advanced smart-contract development, hardware design, and verification for cryptographically secure authentication devices.”
Professor Caldwell also mentioned that UW’s Blockchain R&D lab would work in association with IOHK, stating that the team will be operating jointly with Hoskinson and others on the IOHK research team. He emphasized:
“We expect to send students to visit the Blockchain Technology Laboratory at the University of Edinburgh, which serves as the global headquarters for IOHK’s various university collaborations. This arrangement should work well, since IOHK is at the cutting edge of blockchain technology, and their research model and goals fit perfectly with an academic Computer Science Department.”
Professor Borowczak further noted that while UW has been providing blockchain-linked courses from Jan. 2018 (“Rock The Blockchain Vote” being the first), the university has been capable of supporting students on an educational level. The investment from IOHK will ultimately enable this to evolve. He stated:
“Our students now have the opportunity to help define, develop, and improve the future landscape of blockchain technology. Many research funding opportunities are developing in the blockchain space – the difficulty is finding mutually beneficial partnerships that enable, balance, and respect academic research, student development, and the need for industry return on investment. This partnership leverages the strength, capabilities, and needs of our students, researchers, and IOHK partners.”
IOHK’s remarkable donation to UW also presents Wyoming’s potential as one of the foremost and most accepting regions in the world for the development of blockchain technology.
In Jan. 2019, Wyoming enacted two house bills to build a regulatory framework to promote blockchain and cryptocurrency innovation. Following this, the Wyoming task force outlined a bill to determine digital currencies as legitimate forms of money.
Lately, Wyoming formed a series of rules for “blockchain banks,” which directed cryptocurrency-focused features like airdrops, forks, and staking.
A former member of the Wyoming Blockchain Task Force, Caitlin Long, declared that IOHK’s donation would not only benefit advance university research but will also help the state of Wyoming as a whole. She responded:
“IOHK’s $500,000 donation, in the native Cardano cryptocurrency, ADA, will not just fund research into real-world uses of blockchain technology, but will also develop Wyoming further as a talent hub for software engineers, trained in the most advanced software development methods in the world.”
Charles Hoskinson, IOHK Founder, also noted that Wyoming’s supportive business environment and optimistic attitude towards blockchain was another cause for funding in UW. He stated:
“The Wyoming Blockchain Taskforce’s supportive business environment and the excellence of the University of Wyoming’s science research is what led IOHK to choose to invest here. We are incorporated here as a business and are very happy to play a small part in helping embed Wyoming’s position at the global heart of blockchain-based innovation.”