PLATFORM TECHNOLOGY VENTURES LLC — National Science Foundation SBIR Phase I: DL

Description

The broader impact/commercial potential of this Small Business Innovation Research (SBIR) project is to offer enhanced accessibility to bring the unbanked into the banking system by creating a savings product that is a compelling alternative to lotteries and sweepstakes. More than half the people within the US are estimated to lack $2,000 in savings for emergencies. The proposed product could combine the ability to save aggressively, with exposure to the upside of lottery style winnings that are attractive to many consumers. This prize-linked stablecoin is enabled by blockchain, which offers efficiencies and transparency beyond what is available in current lotteries. The commercial impact is substantial: as of 2019, The Global FinTech blockchain market has been estimated to reach $34 B by 2026, growing at a CAGR of 74.2%. This SBIR Phase I project will focus on application of random number generator (RNG) research and cryptography, as this is the critical link in games of chance. A lottery system of this scale requires a hack-resistant and collusion-resistant RNG. In current chance-based systems, the lack of a robust RNG is the weak link and leaves organizations vulnerable to cyberthreats. This project proposes to develop and deploy a robust, secure, decentralized and trusted random number generator. The decentralization and cryptography of blockchain provides the essential architecture to build our RNG. The resiliency of such a robust and trusted RNG will have value in deployments beyond blockchain and financial products. This award reflects NSF's statutory mission and has been deemed worthy of support through evaluation using the Foundation's intellectual merit and broader impacts review criteria.