Circle Research

Empowering crypto innovation through open-source R&D

Circle Research is committed to open-source principles, making our leading research accessible to the global community. We aim to contribute to the public good and accelerate crypto and blockchain innovation. 

Research contributions

With focus areas like cryptography, cryptocurrency standards, zero-knowledge proof (ZKP) technology, and smart contract development, Circle Research develops insights and reference materials at the cutting edge of our industry.

Latest research

AMP: Rethinking Block Building with Multi-Proposer Consensus

AMP introduces multi-proposer block building, giving proposers direct access to validators with protocol-level assurances on transaction inclusion and ordering. Read on to see if you would like to be a design partner or proposer.

Concave is the New Linear: The Impossibility of Anti-Plutocratic DAO Governance

What makes a “fair” DAO governance mechanism?

UC-secure Distributed Key Generation for Hardware-Bound Shares Bridging multi-device wallets and non-exportable key isolation

Non-exportable hardware breaks UC-DKG assumptions. Star DKG enforces consistency without share export or rewinding, to realize UC-secure multi-device wallets.

Altruist and Adversary: Agentic Behavior in the USDC Moltbook Hackathon

We study the USDC Hackathon on Moltbook. Agents built and evaluated complex projects, but didn't follow instructions and engaged in adversarial behavior.

Preparing Blockchains for Q-Day

We explain how blockchains are preparing for the shift to quantum computing. Read our research to see which blockchain layers are vulnerable and more.

Meet the team

Daniel Cason

Senior Software Engineer

Daniel is a Researcher and Protocol Designer at Circle, specialised in fault-tolerant distributed systems with a focus on distributed consensus. He was a maintainer of CometBFT, a replication and blockchain engine, and contributed to the conception of Malachite, the consensus engine powering the ARC blockchain - both implementations of Tendermint BFT consensus algorithm. Before Circle, Daniel was a research engineer at Informal Systems and a postdoctoral researcher at the University of Lugano (USI), Switzerland.

He holds a M.Sc. and Ph.D. in Computer Science from University of Campinas (UNICAMP), Brazil.

Research Focus: Distributed Systems, Fault Tolerance, Dependability

Dragoș Rotaru

Senior Software Engineer

Dragoș Rotaru is a cryptography researcher specializing in multi-party computation (MPC), zero knowledge proofs and privacy preserving machine learning. His research focuses on MPC protocols and transforming various algorithms into their threshold versions. 

Supervised by Professor Nigel Smart, Dragoș obtained a Ph.D. in Cryptography from University of Bristol.

Duc V. Le

Staff Research Engineer

Duc V. Le is a staff research engineer at Circle. Previously, he was a staff research scientist at Visa Research and a postdoctoral researcher at the University of Bern with Prof. Christian Cachin. His research focuses on applied cryptography, privacy-enhancing technologies, and distributed systems security, with specific expertise in zero-knowledge proofs, blockchain privacy, payment channels, and ring signatures. 

He holds a Ph.D. in Computer Science from Purdue University, advised by Prof. Aniket Kate and Prof. Mikhail Atallah.

Gordon Liao

Chief Economist and Head of Research

Gordon Liao is the Chief Economist and Head of Research at Circle. He is also a Research Fellow at the Cornell Fintech Initiative and a co-chair of the National Association for Business Economics Finance Roundtable. Gordon’s career has encompassed diverse areas within finance and technology, including fixed income relative value trading at the Harvard endowment, machine learning and AI at Kensho, policy advising at the Federal Reserve Board of Governors, and leading research and development in decentralized finance and tokenization. His research contributions have been published in respected journals such as the Review of Financial Studies and Journal of Financial Economics. 

Gordon holds a Ph.D. in Economics from Harvard University. He received his Bachelor’s degree in Applied Mathematics from Harvard College.

Research Focus: Financial Economics and Mechanism Design

Mira Belenkiy

Principal Software Engineer

Mira Belenkiy is a cryptographer with extensive experience in blockchain, zero-knowledge proofs, and key management. She developed the original Circle USDC smart contracts and cold storage system. She has worked on anonymous credentials, zero-knowledge proofs, and open quantum safe SSH. Additionally, she has authored multiple publications on zero-knowledge proofs and secure authentication systems.

Mira holds a Ph.D. in Cryptography from Brown University.

Research Focus: Cryptography, Anonymous Credentials, Zero-Knowledge, and Smart Contracts

Preston Vander Vos

Software Engineer II

Preston Vander Vos is a researcher at Circle. His work focuses on cryptocurrency markets, decentralized finance, and distributed systems. Before joining Circle, he held data and product roles at Chainalysis, Paradigm, and BitMEX, after starting his career in derivatives trading at RBC Capital Markets. Additionally, he’s conducted consensus research in collaboration with Mysten Labs.

Preston received his M.Sc. in Information Security from University College London and his B.S. in Business Administration from Carnegie Mellon University.

Research Focus: Cryptocurrency Markets, DeFi, and Distributed Systems.

Ziming Zeng

Staff Data Scientist

Ziming is a Data Scientist at Circle. His work focuses on onchain data analytics. Before joining Circle, he was a Quantitative Researcher at Neo Ivy Capital Management.

Ziming holds a Master of Financial Engineering degree from Cornell University.

Research Focus: Data Science

Dan Boneh

Research Advisor

Dr. Boneh is a Professor of Computer Science at Stanford University where he heads the applied cryptography group and co-directs the Center for Blockchain Research. Dr. Boneh's research focuses on applications of cryptography to blockchains and to computer security. He is the author of over 200 publications in the field, and is a recipient of the 2014 ACM prize and the 2013 Godel prize. In 2016 he was elected to the National Academy of Engineering.

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FAQs

Circle Research has a charter to accelerate and amplify technical innovation within the crypto industry by developing technical, open-source research with direct applications. Led by a small team of Circle researchers, engineers, and product managers, projects published by Circle Research are committed to public good and open-source contributions to push the boundaries of crypto and blockchain technology.

Yes. Content published by Circle Research is free and available for anyone to consume, use, and build upon.

Yes. Most contributions from Circle Research will include code in our GitHub repository. Anyone can access this open-source code and fork it for their application and use.

We will aim to publish open-source research contributions with code a few times a year. 

Economic Research

Check out our Policy Hub for our latest papers on macroeconomics, stablecoins, digital assets, distributed ledger technology (DLT) and blockchains.