Circle, the issuer of USD Coin (USDC), has announced the launch of Circle Research, an initiative aiming to promote innovation in the crypto, blockchain, and web3 space through open-source research. This new project by Circle has the potential to transform the way credit markets are built on blockchain networks.
The first project by Circle Research is the Perimeter Protocol, which is designed to establish an open-source standard for tokenized credit markets on blockchain networks. The main objective of this protocol is to enable a streamlined flow of capital on secure and transparent decentralized networks. By creating a system of intelligent contracts and benchmarks, the Perimeter Protocol seeks to eliminate obstacles in on-chain lending markets.
The protocol will facilitate various types of transactions, including invoice factoring, institutional crypto credit facilities, and merchant financing. By allowing anyone to utilize, enhance, and contribute to the protocol, the Perimeter Protocol aims to foster collaboration and innovation within the blockchain community.
Circle is actively inviting blockchain developers and the broader community to engage with Perimeter’s code base on GitHub. By doing so, they hope to evolve and expand the applications of tokenized credit across various use cases. This open approach encourages developers to contribute to the protocol, potentially driving the growth and adoption of decentralized credit exchange.
Circle Research operates under the belief that open research and collaboration are key to advancing the public good and enhancing security standards in emerging technologies like crypto and blockchain. By sharing knowledge and encouraging collaboration, Circle hopes to drive innovation and provide a foundation for the future development of the industry.
This move by Circle is part of a broader industry trend of promoting open-source development and research within the crypto and blockchain space. Embracing open-source principles allows for greater transparency and accountability, enabling developers to build upon existing projects and drive meaningful advancements in the industry.
As Circle Research continues to explore and develop innovative solutions through open-source research, the potential for advancements in the crypto, blockchain, and web3 spaces is significant. By actively engaging with the community and encouraging collaboration, Circle sets a positive precedent for the future of the industry.
