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Despite the harsh crypto winter that has devastated several industry names, blockchain technology continues to thrive in education. Aptos Labs, the company behind the blockchain of the same name, announced a $50,000 grant award Wednesday to Professor Lorenzo Alvis of Cornell University in New York.
Alvisi, who earned his Ph.D. from Cornell in 1996, teaches computer science and conducts research on distributed computing and game theory.
“We are excited to support the work of Professor Alvisi’s students as they not only research new blockchain systems but develop use cases and real-world applications that can scale to benefit the future of the industry,” Avery Ching, CTO and co-founder of Aptos Lab . said in a statement.
According to the announcement, the grant will fund student research into improving blockchain performance using a “client-centric architecture,” further stating that it will involve “building a secure, fault-tolerant, decentralized append-only abstraction. log over a Byzantine tolerant database.”
Byzantium tolerant computer systems can continue to operate even if some nodes fail or act maliciously.
According to Ching, blockchain education remains a “core value” of Aptos’ mission.
Aptos is a layer one blockchain launched in October 2022 by Aptos Labs, a company founded by Avery Ching and Mo Shaik, who previously worked on Meta’s (then Facebook) Novi Diem wallet. Aptos uses parallel execution, which the company claims makes transactions fast while keeping them cheap.
Last summer, Aptos raised $150 million in funding led by FTX and investors, including Parafi, in late July, after raising another $200 million in March through a strategic round that included Andreessen Horowitz, Multicoin Capital, and Haun Ventures.
Blockchain companies have a long history of donating funds to educational institutions. In 2018, Ripple committed $50 million to universities, including Princeton and the University of Texas, through the University Blockchain Research Initiative. In 2020, IOHK, the cryptocurrency company behind Cardano, donated $500,000 worth of Cardano (ADA) to the University of Wyoming to help fund blockchain research.
“This collaboration with Aptos will help our team understand how to allow existing blockchain-based applications to take full advantage of our new architecture,” said Alvisi in a statement posted on the school’s website. “Aptos Block-STM, which is at the forefront of today’s scalable blockchain execution engine, is a great example of bringing the concurrency advantages that databases offer to the blockchain.”
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