IOHK Grants University of Wyoming $500K in ADA Tokens to Launch a Cardano Blockchain Research Lab
Cardano’s parent company, the IOHK, has funded $500K worth of ADA tokens to Wyoming University. This will be allocated to the establishment of a new research lab focusing on blockchain development for industry applications.
IOHK plans to capitalize on this position by scaling its academic print in blockchain tech engineering. The firm has previously invested in other universities; Tokyo Institute of Technology, University of Athens and University of Edinburgh are among the higher learning institutions that currently host an IOHK blockchain lab.
The University of Wyoming (UW) will however offer a more practical approach in developing smart contracts on cardano’s blockchain. According to the official announcement on Feb 14, the UW blockchain center is set to provide tools as well as an applied lab to facilitate new innovations on cardano. In addition, IOHK included a verification tool to authenticate and map out counterfeits riding on cardano’s reputation.
Charles Hoskinson, founder and CEO of IOHK, has since detailed on the practicality of this partnership with UW;
“This is a very applied laboratory, where instead of doing peer theory, we're actually building real-life things and writing real software that will enter production very quickly.”
Wyoming’s Blockchain Prospects
Wyoming is among the few states with a crypto-friendly legislation especially on digital assets recognition. It is therefore no coincidence that Hoskinson and his team are seeking to establish a significant presence within this state. Furthermore, the newly launched UW blockchain lab will receive $500K from the state of Wyoming to hit the $1 million mark in funding.
Neal Theobald, UW’s acting president, welcomed the support from IOHK and Wyoming state noting that it would place them at a better position in blockchain innovation. He also added that UW is proud to be at the forefront of a new tech that is promising and exciting. As it stands, IOHK intends to expand its knowledge and resources in blockchain traceability, supply chain processes with the help of research from UW university.