Klaytn, one of the dominant interoperable blockchain ecosystems in the Web3 industry, has announced the launch of a $20 million fund to create a Blockchain Research Center (BRC) program. The fund aims to back research projects for the continuous development of its blockchain technology over the next four years, to deepen blockchain capabilities and support industry growth.

The research center will operate on an open model, where research conducted will be publicly disclosed as research papers or open-source software, and external researchers will be able to participate in ongoing research projects or submit their own proposals. A portion of the fund has also been set aside for engagement efforts, to raise awareness for its projects and results.

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Application to the BRC program is open to universities and research consortiums that would like to establish a research hub to conduct diverse research on the blockchain, with a focus on blockchain technology and ecosystem. The Request For Proposal (RFP) will be open from 14 April 2022 to 13 June 2022.

This initiative of establishing the BRC is led by Sangmin Seo and Neo Yiu, two leading blockchain academia and cryptocurrency industry leaders. The BRC program aims to be the bridge between university researchers and industry leaders.

“Blockchain technology has seen huge adoption from both retail and institutional players, and it is the result of years of dedicated research to enhance the tech. We see BRC as being at the forefront of efforts to understand, improve and accelerate the impact of this technology,” says Sangmin Seo, Director of Klaytn Foundation.

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The source of funding for the BRC program will be drawn from the Klaytn Improvement Reserve (KIR), a funding reserve that supports the development of public infrastructure and services that contribute to the blockchain ecosystem. A committee of blockchain experts will be established to oversee and provide advisory to the projects. As advocates of open source blockchain technology, BRC will organise regular seminars to allow knowledge sharing by research projects to all its network, and create opportunities for learning, collaboration and cross-pollination of ideas.

“We are standing at the cusp of the next frontier and Blockchain Research Center aims to fill a critical need to advance the discourse on blockchain,” says Neo Yiu, Head of Technology Advocacy at Klaytn Foundation.

More information about the Blockchain Research Center program is available here, or you may contact our representatives for further details.