The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology’s (MIT) Digital Currency Initiative released the preliminary findings of their central bank digital currency (CBDC) research this week. Also, This study is distinct from the Federal Reserve Board’s study on the digital dollar. The Federal Reserve just released its long-awaited CBDC report, as previously reported.
A scalable CBDC research model has been developed by Boston Fed and MIT.
The Project Hamilton collaboration between the Boston Fed and MIT “focuses on technology experiments and does not intend to establish a workable CBDC for the United States,”
So, that’s according to the academics. In 2020, the initiative comes into play. “It is critical to understand how emerging technologies could support a CBDC and what challenges remain,”
So, Boston Fed Executive Vice President and Interim Chief Operating Officer Jim Cunha said, adding:
“This collaboration between MIT and our technologists has created a scalable CBDC research model that allows us to learn more about these technologies and the choices that should be considered when designing a CBDC.”
“The work produced one code base capable of handling 1.7 million transactions per second.”
“The work produced one code base capable of handling 1.7 million transactions per second,” the project whitepaper details. So, The researchers also released the code for Project Hamilton, OpenCBDC. The open-source code is available on Github for contributions. Neha Narula, director of MIT’s Digital Currency Initiative, commented:
“There are still many remaining challenges in determining whether
” or how to adopt a central bank payment system for the United States.”
“The second phase of this relationship will allow Project Hamilton to explore alternate technical”
“designs in the future years to improve the already robust privacy, robustness, and functionality of the”
” technology specified in the first phase,” according to the release.
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