Harvard Students and Alumni Launch Groundbreaking Native Bitcoin Blockchain Project at Harvard Innovation Labs to Address Global Debt Crisis

Singapore, Asia, September 19th, 2024

Harvard Students and Alumni Launch Innovative Blockchain Project to Address Global Debt Crisis

• Introduction of the "New Bretton Woods Project" (NBW): A groundbreaking initiative by Harvard students and alumni, set to be incubated at Harvard Innovation Labs, focused on finding solutions to the global debt crisis through decentralized finance (DeFi).
• Development of a Native Bitcoin Stablecoin: NBW is working on a stablecoin backed by Bitcoin, utilizing the BeL2 infrastructure, which aims to provide a stable asset while maintaining Bitcoin’s decentralization and security.
• Economic Disruption and Resilience: The initiative seeks to transform global finance by harnessing Bitcoin and DeFi to foster economic stability and empower individuals amid increasing global debt.

In a transformative effort to redefine the global financial landscape, the Digital Economy Research Initiative, comprised of a passionate group of Harvard students and alumni, has officially launched the "New Bretton Woods Project" (NBW). This innovative blockchain initiative has been granted membership in Harvard’s renowned Innovation Labs and will begin its incubation shortly. NBW’s mission is to address the rising global debt crisis through technological and innovative solutions.

At the core of NBW is the creation of a native Bitcoin stablecoin, which aims to leverage the transformative capabilities of decentralized finance. Built on the unique BeL2 infrastructure, this project aspires to reshape financial systems worldwide, unlocking new avenues for debt management and fostering financial stability among nations.

By utilizing DeFi and blockchain technology, NBW is poised to challenge the conventional financial paradigm, offering a new path toward economic resilience in the face of significant global challenges. The initiative represents not just a minor adjustment but a significant jump toward a decentralized, stable, and secure economic future.

The project repositions Bitcoin not merely as a store of value but as the cornerstone of a decentralized financial ecosystem. With the implementation of BeL2, which serves as Bitcoin’s second-layer solution, NBW facilitates the creation of smart contracts for its Bitcoin-backed stablecoin, enabling users to engage in DeFi while honoring Bitcoin’s essential principles of decentralization and security.

“Harvard Innovation Labs will help turn our vision into reality," stated Jacob, Lead Member of NBW at Harvard. "Our goal is to establish a ‘New Bretton Woods’ system anchored in Bitcoin, providing stability through the practicality of a stablecoin. This asset enables users to avoid Bitcoin’s price fluctuations while maintaining potential long-term value, making it suitable for everyday transactions."

The Bitcoin stablecoin will be entirely backed by Bitcoin, allowing users to benefit from the stability akin to fiat currencies without the need to liquidate their Bitcoin holdings. This innovative approach strikes a balance between algorithmic security, supported by Bitcoin miners, and the opportunity for sustained growth.

The BeL2 framework allows for decentralized financial applications while ensuring that Bitcoin remains secure on the main network. Users can utilize Bitcoin as collateral for second-layer applications such as decentralized exchanges, lending, and stablecoin issuance. The NBW team prioritizes maximum security by ensuring all Bitcoin settlements occur on the Bitcoin main network, with messages sent to Ethereum-compatible networks to issue stablecoin, thereby uniting various technologies and fostering a robust decentralized economy.

“Financial empowerment is rooted in both freedom and stability,” remarked Sasha Mitchell, Head of Operations at BeL2. “By offering a Bitcoin-backed stablecoin on the BeL2 platform, NBW empowers individuals to protect their wealth and access new financial opportunities, especially during economic uncertainties.”

“This initiative is crucial as global debt reaches unprecedented levels. By merging Bitcoin’s decentralized architecture with the stability of a pegged currency, the project creates a financial system designed to mitigate traditional economic risks, demonstrating tangible benefits for financial security and sovereignty. Our stablecoin is not just another digital currency; it serves as a tool for global financial stability," Jacob added. "We believe that by providing a decentralized and stable currency, we can help individuals and communities navigate the growing challenges of the global debt crisis."

The NBW team invites those interested in a decentralized and secure financial future to engage with their mission. Whether you are a developer, an investor, or a policymaker passionate about sustainable financial solutions, this project presents a unique opportunity to contribute to a future centered on security, accessibility, and freedom.

About the New Bretton Woods Project (NBW)

Led by the Digital Economy Research Initiative, comprised of Harvard students and alumni, NBW is set to be incubated at Harvard Innovation Labs in the near future. The project aims to bridge the gap between traditional finance and decentralized systems, focusing on advancing financial inclusivity and economic stability.

About Harvard Innovation Labs

Harvard Innovation Labs is a dynamic ecosystem that fosters entrepreneurship across Harvard University, offering resources, mentorship, and funding to students, faculty, and alumni as they develop innovative solutions in various fields, including technology and finance.

About BeL2

BeL2 is a second-layer solution for Bitcoin that enables decentralized finance while keeping the main chain secure. By allowing users to lend, borrow, and trade without intermediaries, BeL2 ensures financial freedom while upholding Bitcoin’s fundamental principles of decentralization. With BeL2, users maintain complete control over their Bitcoin while exploring new financial opportunities.