Singapore, Asia, September 19, 2024, Chainwire
Harvard students and alumni launch groundbreaking native blockchain project at Harvard Innovation Labs to address global debt crisis
- Launch of the “New Bretton Woods Project” (NBW): A Harvard-led initiative, soon to be incubated at Harvard Innovation Labs, that addresses the global debt crisis through decentralized finance (DeFi) solutions.
- Bitcoin native stablecoin: NBW is developing a Bitcoin-backed stablecoin through the BeL2 infrastructure, which offers stability while preserving the decentralization and security of Bitcoin.
- Economic disruption and resilienceThe project aims to reshape global finance by leveraging Bitcoin and DeFi to promote economic stability and empower users in the face of rising global debt.
In a bold step to transform the global financial landscape, the Digital Economy Research Initiative, led by a dynamic group of Harvard students and alumni, has officially launched the “New Bretton Woods Project” (NBW). This pioneering blockchain-based initiative has secured membership at Harvard’s prestigious Innovation Labs and is set to begin incubation there in the coming weeks. NBW aims to address the growing global debt crisis by offering innovative, technology-driven solutions.
The project focuses on developing a native Bitcoin stablecoin that harnesses the transformative potential of decentralized finance (DeFi). Built on the innovative BeL2 infrastructure, NBW aims to reshape global financial systems, opening up new possibilities for debt management and financial stability across nations.
With the power of DeFi and blockchain, NBW is poised to disrupt the status quo and offer a bold new path to economic resilience in the face of one of the greatest challenges of our time. This initiative signals not just a step, but a leap towards a decentralized, stable, and secure economic future.
The project rethinks Bitcoin not just as a store of value, but as the foundation of a decentralized financial system. Using BeL2 (Bitcoin’s second layer solution), the NBW project enables smart contracts for building Bitcoin-backed stablecoins, allowing users to participate in decentralized finance while preserving Bitcoin’s core principles of decentralization and security.
“Harvard Innovation Labs will help us turn our vision into reality,” said Jacob, a New Bretton Woods (NBW) Senior Fellow at Harvard University. “Our goal is to create a Bitcoin-based ‘New Bretton Woods’ system that provides stability through the utility of a stablecoin. This stablecoin allows users to bypass Bitcoin’s price volatility while retaining the potential for long-term profits, making the product practical for everyday use.”
Bitcoin’s native stablecoin will be fully backed by Bitcoin, allowing users to experience the stability of fiat currency without liquidating their Bitcoin holdings. This offers a balance between algorithmic security through the use of Bitcoin miners and the opportunity for long-term growth.
The BeL2 infrastructure enables decentralized financial applications, where Bitcoin remains secure on the mainnet. Bitcoin can be used as collateral for Layer 2 applications such as decentralized exchanges, lending, and stablecoin issuance. The NBW team ensures that all Bitcoin-related settlements are done on the Bitcoin mainnet for maximum security. Instead of transferring assets between chains, messages are sent to Ethereum-compatible networks to issue stablecoins, bridging technologies and supporting a robust decentralized economy.
“Financial empowerment comes from both freedom and stability,” added Sasha Mitchell, COO of BeL2. “By offering a Bitcoin-backed stablecoin on the BeL2 platform, NBW is giving people a way to protect their wealth and access new financial opportunities, especially during times of economic volatility.”
“This initiative comes at a crucial time, as global debt reaches record levels. By combining Bitcoin’s decentralized structure with the stability of a pegged currency, the project offers a financial system that mitigates the risks of traditional economies, highlighting the real benefits of security and financial sovereignty. Our stablecoin is not just another digital currency; it is a tool for global financial stability,” said Jacob, a core member of the NBW project. “We believe that offering a decentralized and stable currency helps people and communities meet the growing challenges posed by the global debt crisis.”
The NBW team invites those who share their vision of a decentralized and secure financial future to explore how they can contribute. Whether you are a developer, investor, or policymaker interested in sustainable financial solutions, this project offers a unique opportunity to shape a future centered on security, accessibility, and freedom.
About the New Bretton Woods (NBW) Project
The project is led by the Digital Economy Research Initiative, a team of Harvard students and alumni. NBW will be incubated at Harvard Innovation Labs in the coming weeks. The team, which focuses on bridging the gap between traditional finance and decentralized systems, is committed to advancing financial inclusion and economic stability.
About Harvard Innovation Labs
Harvard Innovation Labs is a collaborative ecosystem that supports entrepreneurship across Harvard University. It provides resources, mentorship, and funding to students, faculty, and alumni as they develop practical solutions in fields such as technology and finance.
About BeL2
BeL2 is Bitcoin’s second-layer solution that enables decentralized finance (DeFi) while maintaining the security of Bitcoin on its main chain. By giving users the ability to lend, borrow, and trade without intermediaries, BeL2 ensures financial freedom while preserving Bitcoin’s core principles of decentralization. With BeL2, users retain full control over their Bitcoins while simultaneously gaining access to new financial opportunities.
ContactMedia LeaderRoger DarashahElastos[email protected]
This article was originally published on Chainwire
