2 years ago
The Federal Reserve Bank of Boston and MIT announced connected Dec. 22 that their CBDC probe effort, Project Hamilton, is present complete.
That inaugural aimed to probe the method feasibility of a cardinal slope integer currency oregon CBDC. Such an plus would beryllium tied to the worth of the U.S. dollar and issued by a cardinal slope — successful the lawsuit of the U.S., astir apt by the Federal Reserve.
Project Hamilton besides aimed to make bundle susceptible of processing CBDC transactions. Neha Narula, manager of the Digital Currency Initiative, said:
The OpenCBDC codebase that resulted from this palmy collaboration [Project Hamilton] provides a credible and unbiased assets to measure plan choices and guarantee that a imaginable aboriginal CBDC could service the public’s interest.
Jim Cunha, Executive Vice President of the Boston Fed, added that the task aimed to beryllium agnostic toward immoderate aboriginal stablecoin argumentation developments successful the U.S. Instead, the task was meant to instrumentality “critical aboriginal steps” toward knowing CBDCs.
Project Hamilton has been ongoing since it began successful 2020.
In February 2022, the probe squad announced the project’s archetypal results and released a whitepaper alongside the OpenCBDC software. At the time, OpenCBDC was said to beryllium susceptible of handling arsenic galore arsenic 1.7 cardinal transactions per second.
Today’s announcement suggested that the bundle present has a somewhat higher throughput of 1.84 cardinal transactions per second. Furthermore, researchers person added caller features specified arsenic programmability and enactment for auditing since the past announcement. The squad intends to people further accusation successful the future.
Despite its success, Project Hamilton has attracted scrutiny from lawmakers. Earlier this month, members of Congress wrote a missive suggesting that different companies progressive successful Project Hamilton could summation an unfair vantage successful the CBDC space.
As such, Project Hamilton could beryllium overshadowed by much authoritative authorities projects, specified arsenic the Federal Reserve’s ongoing research into a integer dollar.
However, the U.S. yet does not person immoderate definitive plans for a CBDC, meaning that Project Hamilton whitethorn beryllium fixed country to turn contempt immoderate challenges.
The station OpenCBDC to process 1.84M transactions per 2nd arsenic Boston Fed, MIT collab is complete appeared archetypal connected CryptoSlate.
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