File 026360
Email Chain About MIT Media Lab Digital Currency Initiative (File 026360)
Email correspondence between Jeffrey E. and Joichi Ito regarding MIT Media Lab's launch of a Digital Currency Initiative to support Bitcoin core developers after the Bitcoin Foundation's collapse.
Summary
Joichi Ito announces MIT Media Lab's Digital Currency Initiative, which provided funding to Bitcoin core developers Gavin Andresen, Wladimir van der Laan, and Cory Fields after the Bitcoin Foundation's financial collapse in April 2015. The initiative aims to establish a neutral research hub with support from prominent faculty including Ron Rivest and Simon Johnson. Ito discusses hiring Brian Forde from the White House to lead the initiative and mentions plans to create an academic network with Stanford, Princeton, and Hong Kong UST.
From: jeffrey E. [jeevacation@gmail.com]Sent: 4/25/2015 5:06:32 PMTo: Joichi ItoSubject: Re: Digital Currency Initiativegavin is clever\On Sat, Apr 25, 2015 at 10:57 AM, Joichi Ito < wrote:FYIUsed gift funds to underwrite this which allowed us to move quickly and win this round. Thanks.- Joi> Begin forwarded message:> From: Joi Ito> Subject: Digital Currency Initiative> Date: April 25, 2015 at 10:25:09 AM EDT> To:> As Bitcoin and Digital Currencies have started to become an important trend, the Media Lab has launched aninitiative in the space.> I wrote a blog post on why I think Blockchain/Bitcoin are like the Internet:http://joi.ito.com/weblog/2015/01/23/why-bitcoin-is-.html> The way that Bitcoin is organized currently is that there are five core developers and around a hundredcontributors to the core code. The five core developers are like Linus Torvalds of Linux. They decide whatchanges are made to the core code. One of the five is the lead developer, Wladimir, and one is the ChiefScientist, Gavin.> Gavin, Wladimir and Cory (an important contributing developer) were being paid out of a non-profitorganization called the Bitcoin Foundation. A few weeks ago, it "blew up" when one of the board membersdeclared the foundation "bankrupt". ( https://bitcoinfoundation.org/forum/index.php?/topic/1284-the-truth-about-the-bitcoin-foundation/ ) Many organizations scrambled to step into the vacuum created by thefoundation and "take control" of the developers. We moved quickly talking to all of the various stakeholdersand the three developers decided to join the Media Lab. This is a big win for us.> According to the WSJ Blog:> http://blogs.wsj .com/moneyb eat/2015/04/24/bitb eat-tackling-bitcoin-pric e-swings-with-eye-on-emerging-markets/>> It's official, more or less: MIT's famed Media Lab has become the principal home and funding source forthe small team of developers responsible for maintaining and improving bitcoin's core software.>>>> Gavin Andresen, who bears the title of Chief Scientist for the six-person core development team,announced on his blog Wednesday that he and two other core developers, Wladimir van der Laan and CoryFields, had moved to the MIT Media Lab's new Digital Currency Initiative, ending their previous status asHOUSE OVERSIGHT 026360employees of the Bitcoin Foundation. The three other core developers, who draw salaries from differentemployers, will continue in that status.>> The usually rather feisty community has been overall very supportive and I think it is because of our strongresearch focus and our neutral position.>> The initiative has strong support from faculty across campus including crypto guru Ron Rivest and formerChief Economist of the IMF, Simon Johnson as well as faculty at the Media Lab, Sandy Pentland and AndyLippman.>> More about initiative here:>> http://joi.ito.com/weblog/2015/04/15/announcing-mit-dci.html> https://medium.com/@medialab/launching-a-digital-currency-initiative-238fc678aba2>> I hired one of Megan's former colleagues from the White House, Brian Forde who was in charge of figuringout Bitcoin at the White House and brief the POTUS on Bitcoin to run the initiative and he is doing anamazing job so far.>> https://newsoffice.mit. edu/2015/brian-forde-media-lab-director-digital-currency-0415>> Fred and Reid on the Advisory Council have been super helpful in helping us navigate this. AdvisoryCouncil member Jim Pallotta is also active in this space and joined our first and very successful dinner withMedia Lab Member (sponsor) companies to kick off a special interest group for our companies.>> I am in discussions with Stanford, Princeton and Hong Kong UST to create an academic network forresearch. We are also participating in a policy network with Stanford, Harvard and Oxford.>> Happy to follow with more information for anyone interested in learning more or getting involved.>> - Joiplease noteThe information contained in this communication isconfidential, may be attorney-client privileged, mayconstitute inside information, and is intended only forthe use of the addressee. It is the property ofJEEUnauthorized use, disclosure or copying of thiscommunication or any part thereof is strictly prohibitedand may be unlawful. If you have received thiscommunication in error, please notify us immediately byreturn e-mail or by e-mail to jeevacation@gmail.com, anddestroy this communication and all copies thereof,including all attachments. copyright -all rights reservedHOUSE OVERSIGHT 026361