Theoretical computer scientist and Columbia University professor Tim Roughgarden has been named head of a new encryption research division at Andreessen Horowitz (a16z).
Roughgarden's work experience includes more than three years as a professor of computer science at Columbia University in New York City and 14 years at Stanford University. He has also been a research partner at a16z since February last year.
a16z is one of the most active venture capital firms in the crypto space, with a fund reportedly worth around $9 billion. Under the direction in part of the firm’s new division, Roughgarden said the firm’s funding of cryptocurrency research will “exponentially grow over the next few years.”
"We are currently at an exceptional moment, witnessing a new multidisciplinary field (powered by web3) blooming before our eyes. We have a wealth of opportunities to shape this field through research and education."
As a VC firm’s research lab, a16z’s crypto research arm represents a new funding model for fundamental research — one that seems obvious in hindsight (the long-term focus fundamental research must have had with the company closely linked to their business model).
— Tim Roughgarden (@Tim_Roughgarden) April 21, 2022
The company highlighted Roughgarden's experience in computer science, research and economics, as well as his cryptocurrency and blockchain course at Columbia University, as one of the "best and most popular" introductions to cryptocurrencies online. Roughgarden was one of the first to conduct a formal analysis of the fee mechanism for Ethereum’s EIP-1559 upgrade.
According to a16z, the research team will form a cross-cutting lab to collaborate with its portfolio companies and others to address “important problems in the field,” increase user adoption of cryptocurrencies, and advance Web3 science and technology.
Dan Boneh, a professor of computer science and electrical engineering at Stanford, will also join Roughgarden's team as a senior research advisor. Boneh has worked with a16z for four years as a portfolio research advisor and teaches applied cryptography at the Stanford Blockchain Research Center.
The company notes that "new entrepreneurial ideas for Web3 applications or protocols often uncover new research challenges" that are important to address in order to solidify the future of blockchain and cryptocurrencies.
These challenges include infrastructure scaling and development, token economics that benefit all participants, and ways to build token economics in Web3 applications such as social media and games.
"With the advent of Ethereum and other fully programmable blockchains, web3 opens up an extremely rich design space for innovation. This is an area we are only beginning to explore."
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