The University of Edinburgh and the Tokyo Institute of Technology will open research labs focusing on blockchain technology. The project is sponsored
The University of Edinburgh and the Tokyo Institute of Technology will open research labs focusing on blockchain technology. The project is sponsored by Ethereum cofounder Charles Hoskinson.
IOHK, a Hong Kong-based cryptocurrency research and development firm, is investing up to $1 million in the two labs, as explained by Charles Hoskinson in an interview with Business Insider.
“After having discussions, they [the experts] said, actually we don’t have answers to a lot of these fundamental questions. We said, how do we get those answers? and they said, we need to write some papers, we need to do some basic research. Over time we started moving into the university research space”, said Hoskinson.
The two labs will research topics such as cryptography, smart contract and how cryptocurrency systems might be upgraded. According to Business Insider, up to 15 people will be working on the issues, with IOHK providing staff on the ground at each faculty.
The Edinburgh facility will be led by Professor Aggelos Kiayias, Chair in Cyber Security and Privacy at the University of Edinburgh and Chief Scientist at IOHK.
The research from the lab will be open source and patents will not be awarded. IOHK has granted funding to the Edinburgh and Tokyo labs in a period of two years. However, Hoskinson hopes to expand the project to other universities around the globe.
IOHK was set up in 2015 by Hoskinson and Jeremy Wood with a staff of around 50. Their main areas of expertise are related to building cryptocurrencies and blockchains for academic institutions, government entities and corporations.
“We’re making lots of money and we’re doing quite well.”, said Hoskinson as quoted by Business Insider.