Cardano Parent Firm IOG Invests $4.5mln in Blockchain Research Centre of Stanford University
Input Output Global (IOG), the blockchain firm backing Cardano (ADA), has collaborated with one of the world’s best universities to strengthen its commitment to intense scientific work. The blockchain business just committed $4.5 million to establish a comprehensive blockchain research center at Stanford University.
On August 30, IOG signed a cooperation agreement with Stanford University to spend $4.5 million during the next three years to establish a research institute that would concentrate on rolling out new blockchain-related initiatives. In recent years, IOG has garnered significant academic interest throughout the world. The creator of Cardano (ADA) has created research centers and collaborative initiatives with the Universities of Edinburgh, Wyoming, Athens, and Tokyo.
As per the official blog article, the ‘Stanford IOG Research Hub’ will launch the following month, enabling basic blockchain study. Using a multi-faceted approach, the research institute will improve the blockchain sector’s collection of scientific information and give scholars the chance to interact with the blockchain space.
A supervisory board will be established to supervise the research centre, including the debut of concepts, evaluation of submitted ideas, selection of funding-eligible projects, and promotion of a streamlined center for block chain technology. The initial request for ideas will be issued in September 2022, with the submission deadline planned for November 2022.
Professor David Tse, chairman of the committee, stated, “I am glad for this assistance. The Research Hub will provide a big push to Stanford’s involvement in both basic and applied blockchain work.”
Tim Harrison, vice president of Community and Ecosystem at IOG, claimed after the revelation that IOG and Stanford have previously collaborated. In December of 2017, Input Output contributed $500,000 to the university to finance the development of “Verifiable Digital Fountains,” a scaling mechanism that enables massive amounts of data to be processed with low connection.
CEO Charles Hoskinson stated that IOG’s aim is aligned with the establishment of blockchain research centres with renowned universities such as Stanford. In a release, he stated, “With the Research Center, blockchain development may expand even more rapidly, given the fresh insights that will surface, and the centre will provide an additional layer of legitimacy to our industry that we have not always had.”