Princeton highlights the importance of its Blockchain Center

Almost a year ago, Princeton University introduced a center dedicated to blockchain technology. Behind it stands an impressive posse: former students, crypto advocates including billionaire Mike Novogratz, and a $20 million donation. 

This endeavor obviously predates the recent cryptocurrency chaos. FTX’s founder, Sam Bankman-Fried’s trouble with the law and the company’s subsequent collapse was a later development. The scandal affected other cryptocurrency firms and triggered a decline in the price of Bitcoin, among other digital tokens. 

But the legendary university is not easily swayed. Princeton stated its Center for the Decentralization of Power Through Blockchain Technology, abbreviated as DeCenter, was established to investigate both the light and the dark in the twisted world of blockchain. 

The industry titans and academic leaders back the DeCenter

Andrea Goldsmith is Princeton’s dean of engineering and applied science – one of the co-directors of DeCenter. He stated that it’s crucial for universities to play a key role in technology development. They must utilize all cases and societal and ethical considerations for blockchain to have a positive legacy. 

Richard Lyons is chief innovation and entrepreneurship officer for the University of California at Berkeley. He thinks academia could serve as the middle ground between blockchain and the potential policies it might face. The impartial, objective role is exactly the part DeCenter was auditioning for. 

The center will have a primary focus on conducting research in three key areas. These are the progress of blockchain technology, the possible uses of blockchain, and its impact on society. Furthermore, the center intends to collaborate with external organizations, including blockchain startups.

Alongside Novogratz are the center’s other notable donors. Fortress Investment Group co-CEO Peter Briger, ethereum blockchain network co-founder Joseph Lubin and Pantera Capital CEO Daniel Morehead all joined in. Lubin and Novogratz are old pals. They were roommates at Princeton, both graduating with Jaswinder Pal Singh, a computer science professor who leads the center with Goldsmith. This is an A-class reunion like no other. 

DeCenter held an event with roughly 60 attendees. These included Dan Berkovitz, then general counsel for the Securities Exchange Commission and Commodity Futures Trading Commission Chair Rostin Behnam. The kickoff took place just weeks after FTX filed for bankruptcy in late November.