MIT Bitcoin Club was based this year and is aimed to provide forums and meetings where Bitcoin-related ideas, projects, programs, events, and businesses can be studied, discussed, and developed, saying that “Bitcoin has the potential to be not just a digital currency, but the future of money.”
Yesterday, on the 29th of April MIT Bitcoin Club announced promising information – two high-potential students have developed an idea of ambitious Bitcoin Project at MIT. Moreover, the project received a funding over $500,000.
It money from funding are planned to be distributed in a form of modern digital currency to all 4,528 undergraduates. Meaning that each undergrad student will get almost $100.
The funding is being provided by MIT alumni and support from the Bitcoin community.
The project aimed to create independent ecosystem for digital currencies at the Institute. They want to involve a range of activities and studies to figure out how students use bitcoins they receive. The way student actually are going to use it is a mystery for now.
Two heroes who helped to develop the project are students at the Institute – Jeremy Rubin and Dan Elitzer. Rubin studies computer science while Elitzer is a student of the MBA program and president of the MIT Bitcoin Club.
“Giving students access to cryptocurrencies is analogous to providing them with internet access at the dawn of the internet era,” said Rubin.
It will be the first time when such a widespread access to Bitcoin is going to be taken. Nevertheless, MIT campus will become the first place in the world taken such a study.
The distribution of digital currency is scheduled to fall 2014.
“We decided to announce this project now to give students lead time. We want to issue a challenge to some of the brightest technical minds of a generation: ‘When you step onto campus this fall, all of your classmates are going to have access to bitcoin; what are YOU going to build to give them interesting ways to use it?’” explained Elitzer.