A researcher from Princeton University received over $40K from National Science Foundation (NSF) in a federal funding in order to study mechanism incentives and their applications in cryptocurrencies sector, CoinDesk reported.

Researcher and assistant professor at Princeton Seth Weinberg, will be working on the study project titled ‘Duality-based tools for simple vs. optimal mechanism design and applications to cryptocurrency’. NSF awarded the grant that was worth $450,000 on 28th June, 2017.

“A secondary focus of this project is to apply these theoretical foundations to resolve cryptocurrency incentive issues arising within Bitcoin, an emerging cryptocurrency. While bitcoin has remained largely immune to traditional security breaches, numerous incentive issues have been discovered which could undermine its future security if not properly addressed,” NSF website stated.

The research will have only a part on the study of cryptocurrency and its primary focus lies on the design of algorithmic mechanisms and the theoretical incentives at play. NSF previously in the year 2015, awarded $3m to the Initiative for Cryptocurrency and Contracts (IC3). The organization has also backed blockchain-based cybersecurity-related research.