Undergraduates at the Massachusetts Institute of Technology will be given $100 (£59) worth of bitcoins when they return to study this autumn, in an attempt to jumpstart a bitcoin ecosystem. The project is being led by Jeremy Rubin, 19, an undergraduate in his second year at the university, and Daniel Elitzer, an MBA student at MIT's Sloan School of Management. Between them, the pair have raised more than $500,000, principally from Alexander Morcos, an MIT alum who works in high-frequency trading in New York. "We decided to announce this project now to give students lead time," says Elitzer. "We want to issue a challenge to some of the brightest technical minds of a generation: ‘When you step on to campus this fall, all of your classmates are going to have access to bitcoin; what are you going to build to give them interesting ways to use it?'" "Giving students access to cryptocurrencies is analogous to providing them with internet access at the dawn of the internet era," adds Rubin. [Guardian]
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