The National University of Singapore (NUS) has established a research lab to look into cryptocurrencies and blockchain technology.
The think tank called ‘Cryptocurrency Strategy, Techniques, and Algorithms’ or CRYSTAL Centre will work on providing scientific clarity and rigour on the emerging technologies.
The research areas will include fundamentals of trading and analysis of cryptocurrencies, peer-to-peer network designs and applications.
It will also extend to scalable consensus protocols, verification and testing techniques, privacy-preserving tools and safe programming language design.
The lab has been founded by a team of NUS professors, including co-directors Prateek Saxena and Keith Carter. The lab also houses professors for program language design and verification, distributed computing algorithms, security and market economics.
According to an NUS statement, the founding team has already published several research papers on blockchain in the past two years.
In fact, previous research from CRYSTAL Centre’s founding team has led to the creation of companies in the blockchain and cryptocurrency space, including high throughput blockchain platform Zilliqa, decentralized liquidity network Kyber Network and enterprise blockchain company Anquan.
Zilliqa and Kyber Network are sponsoring the lab together with industry players NEO Global Capital, Quantstamp, Tateru, Chainfund, and the X-Order Institute.
‘We hope to make debates in the community more scientifically-grounded. The goal is improve interaction between those armed with intuition and those with scientific rigor,’ Saxena wrote in the statement.
‘We hope to draw attention to unforeseen scientific challenges, both near-term and long-term,’ he added.
Security continues to be a key issue for investors in cryptocurrencies amid high-profile hacks on exchanges and platforms.
While several private banks in Asia are experimenting with blockchain technology, and a growing number of high-net-worth individuals are investing in cryptocurrencies, they have all cited security as a major concern.