Despite crypto winter and the bear crypto market, in which several from the crypto industry collapsed, including FTX, which was once the biggest crypto exchange in the world and now is nothing, blockchain technology is continuing to flourish in education. On the 1st of February, Aptos Labs, the company behind Aptos Blockchain, awarded a $50,000 grant to Professor Lorenzo Alvisi of New York’s Cornell University.
Professor Lorenzo Alvisi earned his Ph.D. from Cornell University in 1996 and currently teaches computer science. Moreover, the professor also conducts research into distributed game theory and computing. Regarding the reason behind this $50k award to Professor, in a statement, Avery Ching, the co-founder & CTO of Aptos Labs, said that they’re very happy to support the work of Professor Lorenzo’s students who not only research novel blockchain systems but also create real-world. Avery said that the students of Professor Lorenzo made applications and scalable use cases to benefit the industry’s future.
According to the announcement, the $50k grant will fund student research in growing blockchain performance for a client-centric framework. This research from the student in scaling blockchain will help in building the abstraction of a secure, decentralized append-only log, fault-tolerant, and Byzantine-tolerant database. Byzantine-tolerant databases continue operating if some nodes fail due to malicious. According to Aptos Labs’ co-founder, blockchain education stays a core value of Aptos’ mission.
Launched in October 2022 and founded by Avery Ching and Mo Shaikh, Aptos is a layer-one blockchain. Aptos uses parallel execution, which makes transactions fast and cheap. Due to these features, Aptos raised $150 million in funding led by FTX and Parafi. And in July, it raised another $200 million, led by Multicoin Capital, Andreessen Horowitz, and Haun Ventures.
It’s not the first time that a blockchain company donated funds to educational institutions, but in 2018, Ripple committed $50 million to universities for blockchain research. And in 2020, IOHK donated $500,000 worth of Cardano to the University of Wyoming for the same purpose of blockchain research.