Federal Reserve Bank of Boston and MIT Release Central Bank Digital Currency Research and Open-Source Code
The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) have jointly published the initial findings of their central bank digital currency (CBDC) research. They also published the open-source code for the CBDC project. Boston Fed and MIT Publish Initial Findings of Their CBDC Research
The Federal Reserve Bank of Boston and the Digital Currency Initiative at the Massachusetts Institute of Technology (MIT) released the initial findings of their central bank digital currency (CBDC) research on Thursday.
This research is separate from the digital dollar research conducted by the Federal Reserve Board. The Federal Reserve also recently published its long-awaited CBDC report.
The collaboration between the Boston Fed and MIT, known as Project Hamilton, “focuses on technological experimentation and does not aim to create a usable CBDC for the United States,” they explained. The initiative was announced in 2020.
Boston Fed Executive Vice President and Interim Chief Operating Officer Jim Cunha said, “It is critical to understand how emerging technologies could support a CBDC and what challenges remain,” 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 project whitepaper details.
The researchers also released the code for Project Hamilton, OpenCBDC. The open-source code is available in 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.”
According to the announcement: In the coming years, the second phase of this partnership will allow Project Hamilton to explore alternative technical designs to improve the already robust privacy, resiliency, and functionality of the technology outlined in the first phase. Tags in this story Boston Fed, CBDC, central bank digital currency, Digital Dollar, Federal Reserve Bank, federal reserve bank of boston, MIT
What do you think of the Boston Fed and MIT releasing their initial research and open-source code on central bank digital currency? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. SEC Commissioner: New Proposal Could Give SEC Expansive Power to Regulate Crypto, Defi Platforms REGULATION | 23 hours ago India"s Prime Minister Modi: Digital Rupee Will Strengthen Digital Economy, Revolutionize Fintech REGULATION | 1 day ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleA Team of Experienced Crypto Enthusiasts Launch RIDGE Charity Token Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItBlockchain and Cryptocurrency Is "Here to Stay and Impossible to Regulate at Large" — CEO of a United Arab Emirates Based Bank
According to the chief executive officer (CEO) of the United Arab Emirates-based financial institution, Bank of Sharjah, blockchain and cryptocurrencies are not only difficult to regulate but are also here to stay. Despite this prediction, the CEO admits that many ... read more.Weekly NFT Sales Drop 13% While Crypto Prices Rebound From Market Rout Pop Star Justin Bieber Buys Bored Ape NFT for $1.29 Million, Pays More Than 300% Above Floor Stablecoin Issuance Surged Last Year — UST Saw the Largest 12-Month Increase Ark Invest Expects Bitcoin to Exceed $1 Million by 2030 — Says BTC Could Transform Monetary History