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Universities Building Foundation for Educated Blockchain Generation

  • Darryn Pollock
    ⭐ Features

    If Bitcoin and Blockchain are seen as tools of the next generation, it makes sense for the universities to get behind it, and they are

Universities Building Foundation for Educated Blockchain Generation
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Blockchain adoption has been spotty at best, driven up into the mainstream through the financial potential of Bitcoin and other cryptocurrencies. However, the fractured nature of the entire ecosystem is seeing different levels of adoption ebbing and flowing.

There are big drives to see the advancement of Blockchain in a number of sectors, as well as a whole other wave of adoption for cryptocurrencies in the financial sector. But it must be admitted that the adoption is somewhat stalled currently.

However, the next wave of adoption seems to be predicated on an unlikely institution, that of higher education and universities across the globe. So often seen as stuffy and rigid in the take on changes and advancements, universities are actually building a good foundation for Blockchain adoption and putting their money where their mouth is.

For those who attend universities, they are building to be the leaders of the future and are primed to change the world — thus, it makes sense that they should be offered a chance to advance in a potential revolution that is Blockchain. There have been many instances of higher learning institutions having offered Blockchain course, but it is more than that now.

Institutions as big as Harvard and MIT are seeing their endowment funds investing in cryptocurrency funds. It is an indication of not only a belief in Blockchain being a part of the future but also that cryptocurrencies have value, as well as future growth.

The importance of providing for the future

There is a real juxtaposition that occurs at universities since they are seen as old and traditional in their makeup; yet, they educate future world leaders and thinkers. These thinkers are also being educated on what will come, not what is now, so there has to be some sort of understanding.

“We are not teaching people how to use today’s Blockchains — tomorrow’s Blockchains will look nothing like today’s,” Associate Professor of Computer Science at Cornell Emin Gün Sirer said.

This was after getting a Ph.D. level Blockchain course that brought in way more students who were more keen to learn than expected.

“Usually when you have five to a dozen students in such a class, you’re teaching a popular class,” Sirer explained.

But when the professor showed up on the first day to teach he was shocked as 88 students were waiting. “It was pretty interesting to see that level of interest,” he added.

Students are hungry to learn this new space, and while they clearly are of an age and space to understand its importance, it is also good to see that those who are providing the education are also accepting that this technology needs to be further explained and taught.

Putting their money where their mouth is

Endowment funds at universities have recently been in the news as they have decided to put trust and faith into cryptocurrencies as a possible way to earn good returns from their investments.

It has been reported that the endowments of Harvard University, Stanford University, Dartmouth College, the Massachusetts Institute of Technology, and the University of North Carolina have recently made investments into at least one cryptocurrency fund.

“Universities have historically followed two investment strategies with their endowment funds: most have followed a very conservative strategy of investing in household names and solid sectors, while a few savvy schools have taken on risky bets in emerging areas, to big gains,” professor Sirer added.

“There’s no greater show of support for an emerging area than what we are seeing here. All else will follow from the people voting with their money,” Sirer said. “I’m excited to see universities beginning to understand the importance of this new area, and hope that they will follow up with greater numbers of courses and interdisciplinary programs on Blockchain technologies.”

A new dawn

The Blockchain and cryptocurrency space is full of passion and excitement but is not founded on too much currently, it has a shaky base. However, the fact that universities are looking to teach and educate on the subject, as well as put money into it, show huge support for this emerging technology.

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Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?

  • Yuri Molchan
    ⭐ Features

    Stablecoins show hardly any volatility compared to Bitcoin and altcoins, many are hoping that they will be able to bridge new crypto economy and regular fiat money

Question of the Day: Can Stablecoins Accelerate Cryptocurrency Adoption?
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Contents

Bitcoin, the father cryptocurrency, emerged in hope that it will remove all intermediaries in electronic commerce that cut off their share of payments. BTC was perceived as a P2P way to replace fiat cash in an electronic format, which would enable one party to pay another without any financial institution or payment platform which would demand its share of a transaction as a reward for its services.

What is wrong with Bitcoin

For quite a while Bitcoin was performing the way the crypto community expected. But the situation changed later – BTC rate became weaker, thus bringing down its financial and economic reliability, when it gets to be used as a regular means of payment.

You cannot have a currency that would cost like a British castle today, a gram of gold – tomorrow and a pack of French fries the day after.

At that point practical fintech minds came up with an idea of creating something which would become a breakthrough in the universe of crypto – a so-called stablecoin.

Will stablecoins solve the volatility problem?

Technically, stablecoins are protected from the volatility roller-coaster that Bitcoin and other cryptos love to ride. They are programmed to keep their prices stable and investors now are largely attracted to this new type of digital assets.

Stablecoin does not show any volatility in its monetary value, since it has a fixed connection to an asset it is pegged to. The major goal of using stablecoins is taking the best from decentralized crypto coins and combining it with a constant value. Thanks to it, stablecoins can be used as a reliable means of trade.

Asset-pegged stablecoins

Asset-backed ones get their value from an asset as can be understood from the name. An asset provides the necessary value to a coin, as well as the necessary legitimacy.

A great example of an asset-pegged stablecoin is Tether (USDT). In spite of a series of scandals at the end of last year, it remains the most popular stablecoin in the crypto market.

Recently, it has partnered with the Tron Foundation to launch a Tron-based stablecoin.

Other examples are TrueUSD (TUSD), USD Coin (USDC), the Gemini Dollar (GUSD), and the Paxos Standard (PAX). They are all pegged to the USD.

Crypto-backed stablecoins

Some digital coins work in a similar way to fiat-backed ones, however, they are pegged to collateral crypto. That means that crypto assets that ensure the value of such stablecoins are stored in a wallet similar to escrow.

A good example of a crypto-pegged token is Maker, which is ranked 16 on CMC.

Algorithmic stablecoins

Even though, stablecoin can be interesting at first thought but the way they are built goes against the principle of decentralization that crypto coins have as a foundation. Thus, many crypto fans and evangelists are positive that stablecoins must be linked towards not a centralized asset but a computer algorithm which takes value from a balance between supply and demand.

Basis is now considered the most promising algorithmic stablecoin of all.

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Can stablecoin ensure smooth future for the crypto industry?

The primary goal of all crypto assets was and remains to come up with virtual asset that would be liquid enough and not vulnerable to market volatility. From this point of view, stablecoins are a dream of all crypto fans and evangelists of a decentralized economy.

Apart from the potential to conduct crypto transactions smoothly, experts believe it can bridge the two worlds – fiat and crypto, bringing them a mutually beneficial coexistence. However, that may take time.

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