Academics have been expressing their doubts about the cryptocurrency industry for a long time. However, almost all major academic institutions in the world have now established an independent research committee to work on blockchain-related technologies. Recently a big advance has been made in this regard, as reported by media outlets.
Eight of the most prestigious universities in the world have joined hands to combat the lack of funding and skills afforded to the DAO or decentralized autonomous organizations. It is worth noting that DAO is a technology that allows any computer-generated program like an online transaction ledger to operate without the presence of any centralized operator.
When it comes to DAO, there are a host of new applications and use cases that are still not fully utilized. To explore the full potential of the aforementioned DAO, researchers have received funding from BitDAO. BitDAO is the largest autonomous blockchain operator in the world, and it is governed under the supervision of BIT token stakers.
The blockchain departments that have joined hands to make the transition possible include names like MIT, Harvard, Oxford, UC Berkeley, USC, Tsinghua University, Penn state university, among others. The grant of $2.5 billion awarded by BitDAO has allowed the academics to establish the EduDAO directive for running research projects on blockchain and work on disruptive Web3 tools.
DAO Governance has Started to Gain more Popularity Among Investors
Lately, more developers have started to explore the DAO platforms for creating interesting blockchain innovations. EduDAO acknowledges that there is a lot of work to be done in this regard. The EduDAO will also be able to provide $11 million and $33 million grants for the most promising project proposals from its members.
It seems that while Bitcoin has been performing at APEX, blockchain technology has merely scratched the surface of its true potential. Blockchain has introduced products like NFTs and Web3, and academics want to ensure that they are prepared to deal with all the aspects of the emerging technology that can change the way financial systems work.