The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) have jointly released the preliminary results of their Central Bank Digital Currency (CBDC) research. They have also released the open source code for the CBDC project.
The Boston Fed and MIT Release Preliminary Results of Their CBDC Study
On Thursday, the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology's (MIT) Digital Currency Initiative released preliminary results of their Central Bank Digital Currency (CBDC) study.
This study is separate from the digital dollar study conducted by the Federal Reserve. The Federal Reserve also recently released its long-awaited CBDC report.
They explained that the collaboration between the Boston Fed and MIT, known as the Hamilton Project, "focuses on technology experimentation and is not designed to create a usable CBDC for the United States." The initiative was announced in 2020.
It is critical to understand how emerging technologies are supporting CBDC and what challenges remain," said Jim Cunha, executive vice president and interim chief operating officer of the Boston Fed, who added.
This collaboration between MIT and our technical staff has created a scalable CBDC research model that allows us to learn more about these technologies and the options that should be considered when designing a CBDC.
"This work resulted in a code base capable of processing 1.7 million transactions per second," the project white paper details.
The researchers have also released the code for the Hamiltonian project OpenCBDC. The open source code is available for contribution on github.
Neha Narula, director of MIT's Digital Currency Initiative, commented, "Many challenges remain in determining whether or how to adopt a central bank payment system for the United States."
According to the announcement.
In the coming years, the second phase of this partnership will allow the Hamilton Project to explore alternative technology designs that improve on the already robust privacy, resiliency and functionality of the technologies outlined in the first phase.
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