With a grant from four graduates, including Mike Novogratz and Joe Lubin, the institution intends to explore new applications for blockchain technology.
Princeton University has undertaken a project to investigate societal power decentralization. This will be accomplished via blockchain technology, with the goal of delving into the enormous depths of its social capabilities.
Princeton’s Venture Forward campaign collected $20 million in donations for the launch. It came from Fortress Investment’s Peter Bridger, Ethereum co-founder Joseph Lubin, Pantera Capital CEO Daniel Morehead, and Galaxy Digital’s Mike Novogratz, among others.
The Initiative’s Purpose
The goal of the program is to look into how modern technology, particularly blockchain, might affect and change societal standards. Other technologies, such as the printing press and the internet, have had similar effects in the past.
The university issued a video on March 11th. It added that they are only at the beginning of their grasp of the benefits and drawbacks of cryptocurrencies and blockchain technology.
The effort will bring together academics from many fields. In order to discuss the possible benefits and drawbacks of blockchain and other technologies. This includes the potential for them to destabilize societal power centers.
Venture Forward is a community and alumni engagement and fundraising effort at Princeton University. It also seeks crucial financial funding for Princeton and shares the university’s fundamental ideas and their global significance.
Decentralization Promotes Growth in Areas of Study
Focusing on decentralization, according to the institution, boosts growth in three areas of study. According to a university statement, it will assist the university in understanding the underlying engineering of blockchain and similar technologies. Second, look for future blockchain applications in finance, voting, news, and other areas. Lastly, determine the societal ramifications that such technology may have.
Professor Jaswinder Pal Singh of Princeton’s School of Engineering and Applied Science will lead the new endeavor. Since 2019, he has served on the Board of Directors of Blockstack PBC.
Singh has taken a very collaborative research approach to see how blockchain may provide the most benefit. However, making sure causing the least harm. He stated that computer scientists have had a difficult time figuring out how to reach consensus among a distributed group of entities that do not trust one another. While Bitcoin (BTC) has essentially fixed that problem, he believes decentralization could be a new turning point for society.
Decentralization of trust has the potential to be as powerful and transformative as the internet. It has the potential to change existing systems and lead to new applications that we have yet to envision.
It has the potential to disrupt existing systems and lead to new uses that we haven’t thought of yet. Cointelegraph reported on a relationship between Metaverse and NFT project Radio Caca (RACA) and Princeton’s Blockchain Society on March 2.