Harvard Launches New Bitcoin Blockchain Project to Address Debt Crisis

[PRESS RELEASE – Singapore, Asia, September 19th, 2024]

Harvard Students and Alumni Introduce Revolutionary Native Bitcoin Blockchain Initiative at Harvard Innovation Labs to Address the Global Debt Crisis

• Introduction of the “New Bretton Woods Project” (NBW): A Harvard-led endeavor that will soon be nurtured at Harvard Innovation Labs, aimed at addressing the global debt situation through decentralized finance (DeFi) solutions.
• Bitcoin-Backed Stablecoin: NBW is working on a Bitcoin-supported stablecoin utilizing BeL2 infrastructure, ensuring stability while maintaining Bitcoin’s decentralization and security.
• Economic Transformation and Resilience: The initiative seeks to redefine global finance by utilizing Bitcoin and DeFi to encourage economic stability and empower individuals in response to the increasing global debt.

In a significant move to revolutionize the global financial landscape, the Digital Economy Research Initiative, driven by an enthusiastic group of Harvard students and alumni, has unveiled the “New Bretton Woods Project” (NBW). This innovative blockchain-based initiative has secured its place in Harvard’s esteemed Innovation Labs and is scheduled to commence incubation shortly. NBW aims to confront the escalating global debt crisis by delivering cutting-edge, technology-oriented solutions.

Central to the project is the creation of a native Bitcoin stablecoin, harnessing the groundbreaking power of decentralized finance (DeFi). By leveraging the pioneering BeL2 infrastructure, NBW aims to transform global financial systems, unlocking fresh avenues for debt alleviation and financial stability among nations.

With the expansive potential of DeFi and blockchain technology, NBW is set to challenge established norms, presenting a bold new pathway toward economic resilience in the wake of one of the most pressing challenges of our era. This initiative represents not just an incremental change, but a significant leap toward a decentralized, stable, and secure economic future.

The project reimagines Bitcoin not merely as a store of value but as the cornerstone of a decentralized financial ecosystem. Through BeL2—Bitcoin’s second-layer solution—the NBW initiative facilitates smart contracts for the construction of Bitcoin-backed stablecoins, empowering users to participate in decentralized finance while upholding Bitcoin’s essential attributes of decentralization and security.

“Harvard Innovation Labs will assist us in realizing our vision,” stated Jacob, Lead Member of New Bretton Woods (NBW) at Harvard University. “Our aim is to establish a ‘New Bretton Woods’ framework anchored in Bitcoin, offering stability through the utility of a stablecoin. This stablecoin permits users to circumvent Bitcoin’s volatility while retaining the potential for long-term gains, making it suitable for everyday transactions.”

The native Bitcoin stablecoin will be comprehensively supported by Bitcoin, allowing users to experience the reliability of fiat currency without the need to liquidate their Bitcoin assets. This provides a blend of algorithmic security facilitated by Bitcoin miners and the prospect for long-term appreciation.

The BeL2 infrastructure supports decentralized finance applications, where Bitcoin remains secure on the primary network. Users can utilize Bitcoin as collateral for Layer 2 applications, including decentralized exchanges, loans, and the issuance of stablecoins. The NBW team guarantees that all Bitcoin-related transactions occur on the Bitcoin primary network for optimum security. Instead of moving assets among chains, communication is routed to Ethereum-compatible networks for stablecoin issuance, merging technologies to foster a robust decentralized economy.

“Financial empowerment is rooted in both freedom and stability,” remarked Sasha Mitchell, Head of Operations at BeL2. “By introducing a stablecoin backed by Bitcoin on the BeL2 platform, NBW is providing individuals with a way to safeguard their wealth and access new financial opportunities, particularly during times of economic upheaval.”

“This initiative emerges at a pivotal moment as global debt reaches unprecedented heights. By amalgamating Bitcoin’s decentralized structure with the stability of a pegged currency, the project presents a financial system that mitigates the perils of traditional economies, underscoring the tangible benefits of financial security and sovereignty. Our stablecoin is not just another digital currency; it’s a means to achieve global financial stability,” stated Jacob, Lead Member of the NBW project. “We believe that providing a decentralized and stable currency empowers individuals and communities to navigate the escalating challenges posed by the global debt crisis.”

The NBW team welcomes those who share their vision for a decentralized and stable financial future to explore ways to contribute. Whether you are a developer, investor, or policymaker interested in sustainable financial solutions, this project provides a unique opportunity to help craft a future centered on security, accessibility, and liberty.

About the New Bretton Woods Project (NBW)

The project is spearheaded by the Digital Economy Research Initiative, a group of Harvard students and alumni. NBW is set to be incubated at Harvard Innovation Labs in the near future. Focused on bridging traditional finance with decentralized systems, the team is dedicated to enhancing financial inclusivity and economic stability.

About Harvard Innovation Labs

Harvard Innovation Labs is a collaborative environment that fosters entrepreneurship within Harvard University. It offers resources, mentorship, and funding to students, faculty, and alumni as they work on practical solutions across sectors such as technology and finance.

About BeL2

BeL2 is Bitcoin’s second-layer solution designed to enable decentralized finance (DeFi) while maintaining the security of Bitcoin on its primary chain. By allowing users to lend, borrow, and trade without intermediaries, BeL2 promotes financial independence while honoring Bitcoin’s foundational principles of decentralization. With BeL2, users maintain complete control over their Bitcoin while gaining access to new financial prospects.