29 April 2014

MIT Project to Distribute $500,000 in Bitcoin to Undergraduates


MIT


A couple of Massachusetts Institute of Technology (MIT) students have managed to raise $500,000 in bitcoin for a curious cryptocurrency project.


The pair intend to distribute the money to every single MIT student this fall: each undergrad will receive $100 in the digital currency.


The project was launched by Dan Elitzer, the founder and president of the MIT Bitcoin Club, and Jeremy Rubin, a sophomore studying computer science. Their goal is simple – to create an ecosystem for digital currencies at MIT.


Cryptocurrency research in a tech savvy micro-ecosystem


It’s not just another bitcoin-related publicity stunt. Elitzer and Rubin have already prepared a range of activities and they plan to work with professors and researchers in an effort to study how MIT students will use the cash they receive.


While it sounds like a fun project, it is rather serious. The team hope to spur academic and entrepreneurial activity at MIT.


With thousands of tech savvy students on campus, backed by world-class teachers and researchers, MIT is probably one of the best places in the world to launch such a project.


Rubin and Elitzer say they want to help MIT continue its long tradition as the preeminent educational institution at the forefront of emerging technologies.


The funding is coming from MIT alumni and the bitcoin community. The team has already raised more than $500,000, which is enough to cover the cost of the project and the distribution of $100 in bitcoin to all 4,528 enrolled at MIT.


Will MIT become the biggest BTC playground yet?


The team hopes to distribute the bitcoins this fall, making the MIT campus the first place in the world with widespread bitcoin access.


As far as the general public goes, bitcoin adoption remains very limited. However, the college campus could soon see a few thousand students eager to spend their free bitcoins. Rubin added:



“Giving students access to cryptocurrencies is analogous to providing them with internet access at the dawn of the Internet era.”



The organizers admit they still don’t know how students will use their bitcoin, but that’s largely the point. The programme offers a unique opportunity to study behaviour, spending habits, identify potential problems and alternative uses for bitcoin.


Best of all, we are talking about MIT students, who know a thing or two about tech and innovation.


Marcio Jose Bastos Silva / Shutterstock.com


MITUSA



April 29, 2014 at 12:02PM



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