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 collectively printed the preliminary findings of their central financial institution digital foreign money (CBDC) analysis. They additionally printed the open-source code for the CBDC mission.

Boston Fed and MIT Publish Initial Findings of Their CBDC Research

The Federal Reserve Bank of Boston and the Digital Currency Initiative on the Massachusetts Institute of Technology (MIT) launched the preliminary findings of their central financial institution digital foreign money (CBDC) analysis on Thursday.

This analysis is separate from the digital greenback analysis carried out by the Federal Reserve Board. The Federal Reserve additionally just lately printed its long-awaited CBDC report.

The collaboration between the Boston Fed and MIT, referred to as Project Hamilton, “focuses on technological experimentation and doesn’t goal to create a usable CBDC for the United States,” they defined. The initiative was introduced in 2020.

Boston Fed Executive Vice President and Interim Chief Operating Officer Jim Cunha mentioned, “It is crucial to grasp how rising applied sciences may help a CBDC and what challenges stay,” including:

This collaboration between MIT and our technologists has created a scalable CBDC analysis mannequin that permits us to be taught extra about these applied sciences and the alternatives that needs to be thought of when designing a CBDC.

“The work produced one code base able to dealing with 1.7 million transactions per second,” the mission whitepaper particulars.

The researchers additionally released the code for Project Hamilton, OpenCBDC. The open-source code is out there in github for contributions.

Neha Narula, director of MIT’s Digital Currency Initiative, commented: “There are nonetheless many remaining challenges in figuring out whether or not or how one can undertake a central financial institution cost system for the United States.”

According to the announcement:

In the approaching years, the second part of this partnership will enable Project Hamilton to discover different technical designs to enhance the already strong privateness, resiliency, and performance of the expertise outlined within the first part.

What do you consider the Boston Fed and MIT releasing their preliminary analysis and open-source code on central financial institution digital foreign money? Let us know within the feedback part under.