The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) have released technical research and open-source code that could serve as the basis for a long-awaited potential digital central bank coin (CBDC).
The Boston Fed and MIT released the results of the first technical study of a digital central bank currency (CBDC) as part of their digital currency initiative on Feb. 2.
Jim Cunha, vice chairman of the Boston Fed, said in a statement.
It is critical to understand how emerging technologies are supporting CBDC and what challenges remain. 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 options to consider when designing a CBDC.
The research, published in the study, included the team's creation of a core processing engine for a potential CBDC in the first phase of a long-term project called Project Hamilton, which focuses on developing flexible and durable software. In addition, based on the findings, a codebase was generated to execute 1.7 million transactions per second. The codebase is said to perform most operations in less than two seconds.
Researchers at MIT and the Boston Fed have also posted the "Project Hamilton" open source code on github for contribution.
Neha Narula, Director of MIT's Digital Currency Initiative.
Many difficulties remain in deciding whether or how to adopt a central bank payment system for the United States. What is clear is that open source software provides an important avenue for collaboration, experimentation, and implementation. In addition to supporting collaboration, monetary systems benefit from the verifiability and transparency that open source provides.
A statement was issued.
Tuğay Kaynar, who graduated from Nişantaşı University, finds the history of architecture and art interesting. In his interest in art, he read books that improved him in terms of content writing. In recent years, due to his interest in Bitcoin and alternative cryptocurrencies, he communicates what he sees, hears and knows to the readers of Koin Bulletin.