Investigations by the FED and with show that the distributed Ledger technology has disadvantages
Investigations by the FED and with show that the distributed Ledger technology has disadvantages
- Research aimed to test the hypothetical general purpose of Central Bank Digital Currency (CBDC).
- Using two models, the first processed the first transactions on the Distributed Ledger technology of the "Ordering Server".
recently carried out a study entitled "Project Hamilton" the Federal Reserve Bank of Boston and the Digital Currency Initiative at the Massachusetts Institute of Technology. Research aimed to test the hypothetical general purpose of Central Bank Digital Currency (CBDC). When using two potential models, the first transactions processed the first transactions via the distributed LEDGER technology "Ordering Server" according to the test report
The second model also processed transactions in parallel on several computers. Interestingly, with the first model, the researchers were able to complete 99 percent of the transactions in less than two seconds, with most of them being processed in less than 0.7 seconds. However, the individual actor who executed the entire process led to the order server encountered problems.
For example, it creates performance bottlenecks and requires that the central transaction processor manage the transaction course, which is not the case in one of our designs, which leads to significantly improved scalability properties of the transaction throughput.
This led to the conclusion that the distributed Ledger architecture has disadvantages. According to the researchers, the implementation of distributed main books under the jurisdiction of various actors is also unnecessary.
The second architecture also showed a throughput of 1.7 million transactions per second. Interestingly, 99 percent of the transactions were completed in less than 0.5 seconds.
The legislator was about the need for CBDC Disein
According to Jim Cunha, Executive Vice President and Interim Chief Operating Officer of the Boston Fed, it is important for Changemaker to understand what challenges still insist to understand how new and existing technologies could support potential CBDC.
This cooperation between the MIT and our technologists has created a scalable CBDC research model that enables us to learn more about these technologies and the decisions that should be taken into account in the development of a CBDC.
The Hamilton project was started in 2020 and should examine the use of existing and new technologies in order to create and test a hypothetical platform for digital currencies. According to Neha Narula, director of digital currency initiatives on, there are many other challenges.
There are still many remaining challenges in the decision as to whether or how a central bank payment system for the United States should be introduced.
For some time now legislators and political decision-makers of the Fed have been disagree on the need for CBDC. While some believe that it can improve the financial system, others believe that it will rather destroy it. Since many representatives of interest have agreed that this could improve financial inclusion, others believe that the associated costs will outweigh the advantages.
The researchers were told that they consider alternative designs and focus more on programming and security. You will also try to search for ways in the next phase to harmonize the concerns about compliance and data protection problems.
Source: Crypto-news-flash.com
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