US Government Endorses Blockchain With $800,000 Award To Distributed Ledger Technology (DLT) Researchers

  • Researcher and software architect Subhashini Sivagnanam has received over $800,000 from the US government-backed National Science Foundation (NSF).
  • The funds will be used to help develop the Open Science Chain (OSC) project, a distributed ledger technology (DLT) based system for efficienctly managing data from scientific experiments. 

Subhashini Sivagnanam, a software architect and developer of the Neuroscience Gateway (NSG), has reportedly received $818,433 from the US National Science Foundation (NSF), in order to help fund the development of the Open Science Chain (OSC) project.

According to the award letter, the research funding will start on September 1st, 2018 and will continue until August 31st, 2021.

The NSF website noted that the OSC will be implemented using distributed ledger technology (DLT) and will allow researchers to work efficiently with data obtained from various scientific experiments and lab studies.

Distributed Ledger Technology (DLT) For Scientific Data

Public records state that the OSC project will aim to create 

"a web-based cyberinfrastructure platform built using distributed ledger technologies that allows researchers to provide metadata and verification information about their scientific datasets and update this information as the datasets change and evolve over time in an auditable manner."

National Science Foundation

Notably, the NSF is one of the world’s leading scientific research centers and has helped launch several US government-backed projects and studies. In July 2017, a researcher at Princeton University received over $400,000 from the US government to help fund his study on the application of mechanism incentives to blockchain-based digital currencies.

Improving Cyber-Infrastrucure

Earlier in January, 2017, the NSF announced its plans to help fund projects related to exploring the use of blockchain technology in improving cyber-infrastructure. The foundation had been looking to fund up to nine different projects, with each project receiving approximately $1 million from the federal government.

In its March, 2017 program solicitation called Cybersecurity Innovation for Cyberinfrastructure, the NSF noted,

"With the growing amount of remote instruments and the increasing amount of data being collected from multiple, often remote, wireless and mobile sensors, science is increasingly distributed and virtual. Solutions such as the introduction of blockchain technology are needed to ensure the integrity and confidentiality of data as it traverses multiple environments such as mobile, cloud, campus, and Internet networks."

National Science Foundation

In 2015, the research foundation had awarded about $3 million in funding for a cryptocurrency-related research study carried out by a group of scientists from University of California Berkeley, Cornell University and the University of Maryland.

Data Analytics Firm LongHash Refutes Tether Manipulation Causing Bitcoin's 2017 Bull Run

  • A new report by crypto analytics firm LongHash refutes Tether's manipulation of the market and bitcoin's price.
  • LongHash found that Tether's influence on BTC is strongest when bitcoin's price falls. 

A new report by crypto data analytics firm LongHash refutes the idea that Tether manipulated the market to create bitcoin’s 2017 bull run. 

LongHash’s report disputes the previously published controversial academic paper “Is Bitcoin Really Un-Tethered?,” which argues that stablecoin manufacturer Tether played a role in manipulating the market for bitcoin’s massive bull run at the end of 2017.

The academic paper, authored by the University of Texas professor John Griffin and Ohio State University Assistant Professor Amin Shams, also claimed that a single whale investor was responsible for kick-starting the BTC price bubble. 

According to the report, LongHash analyzed a metric called “Tether Purchasing Power” to determine its influence on bitcoin’s price, 

To measure the impact of Tether on the Bitcoin market, we calculated a metric called Tether Purchasing Power, which is defined as the market cap of Tether divided by the market cap of Bitcoin. It measures how many Bitcoins can be purchased with all the Tether supply in the market at its current spot price. The higher the ratio, the more potential manipulation could have been perpetrated with Tether.

LongHash determined that Tether’s impact on the market is strongest when the price of bitcoin falls rather than increases. Per LongHash, the data suggests that if Tether was using the USDt stablecoin to manipulate the market, it would be at its strongest when BTC's price falls. PEr its report, "Tether's potential influence on Bitcoin prices" would be "maximal during bear, not bull, markets."

The report concludes current evidence “to be lacking” in supporting Tether’s manipulation of the price of bitcoin.

Featured Image Credit: Photo via Pixabay.com