Aptos Labs Gives Grant Of $50K For Blockchain In Higher Education

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Even though the crypto winter has proven to be quite harsh and has seen several companies shut down their operations, the same does not apply to blockchain technology, as it has continued to thrive in education.

The company behind the Aptos blockchain, Aptos Labs, announced on Wednesday that it would give a $50,000 grant to Professor Lorenzo Alvisi of New York’s Cornell University.

The grant

The professor got his Ph.D. from Cornell back in 1996 and is currently teaching computer science there. He also conducts research into game theory and distributed computing.

The co-founder and CTO of Aptos Labs, Avery Ching, said that they were delighted to be able to support the work of Professor Alvisi’s students.

He said that they had decided to do so because they are not just researching novel blockchain systems, but also developing scalable and real-world applications and use cases for benefitting the industry’s future.

The announcement dictated that the grant would be aimed at funding student research related to scaling blockchain performance that uses a ‘client-centric architecture’.

It said that this would help in developing a database that is decentralized, fault-tolerant, and secure, along with being Byzantine-tolerant.

Blockchain education

A computer system that is Byzantine-tolerant is capable of operating even if some nodes start acting maliciously, or fail.

Ching said that blockchain education remained an important part of the company’s mission. It launched the Aptos blockchain in October of last year.

Aptos Labs was co-founded by Avery Ching and Mo Shaikh, with the latter working on Diem’s Novi wallet of Meta.

The layer-1 blockchain uses parallel execution and Aptos claims that this allows quick execution of transactions without increasing the cost.

In late July last year, Aptos conducted a funding round through which it raised $150 million. FTX had led the funding round and there were other investors, like Parafi.

This was after March’s funding round in which it had raised $200 million, which included investors like Haun Ventures, Multicoin Capital, and Andreessen Horowitz.

Fund donation

There is a long history of blockchain companies making donations to educational institutions. Ripple also donated to universities in 2018.

The company’s University Blockchain Research Initiative had donated $50 million to the University of Texas and Princeton, amongst others.

The crypto firm behind Cardano, IOHK also made a donation in 2020 worth $500,000 Cardano tokens to the University of Wyoming for the purpose of blockchain research.

Alvisi said their team would be able to use Aptos’ assistance for understanding how their novel architecture could be used by existing blockchain-based apps.

The statement from the professor was posted on the school’s website. He said that the scalable blockchain execution engines were headed by ‘Aptos’ Block-STM and it would bring the advantages of databases to blockchains.


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