The Ripple Consensus Ledger Concept
As this company has been focusing on the development of blockchain technology for financial institutions over the past few years, digital currency enthusiasts will know the title Ripple. Or to be more exact, they provide players — mostly banks — which will help reduce prices with financial settlement solutions that are global.
As they also need to provide transactions, but that isn’t all this business doesBetcoin scam Settling these international transactions is made possible due to this Ripple Consensus Ledger, which is also the foundational distributed ledger for its XRP digital asset. Unlike Bitcoin miners, the Ripple system employs individual validators to confirm transactions and bitcoin casino with high payout chance.
Ripple Consensus Ledger
One of those Ripple validators will be conducted by MIT, as their Connection Science research initiative is exploring the options of a worldwide Byzantine consensus database. As MIT is one of the world’s most renowned institutes, this news is a notch in the belt for Ripple. Moreover, the community will be strengthened by more validators on the Ripple Consensus ledger, and offer a bit more decentralization to this concept also.
Alex Pentland, MIT Professor, shared his vision for this project as follows:
In this new experiment with Ripple, we’re taking MIT’s experiential research strategy to the blockchain, and we expect this collaboration provides us new opportunities to test and deploy information applications and research.We’re pleased that the Ripple team has fostered a meaningful dialog with us about the future of finance through the decentralization of digital currencies and value.
Managing Director David Shrier and professor Pentland will direct MIT’s participation as a Ripple Consensus Ledger validator. Furthermore, MIT Connection Science will continue to develop novel blockchain initiatives, and open source their code projects under the Internet Trust Consortium”umbrella.”
Both entities have a lot of mutual respect for one another, and Ripple is excited to have MIT on board. Allowing money to move freely across the world — similar to how information is shared on the Web — is a substantial project, and with such a renowned institute contribute to these efforts can be invaluable to Ripple.
It has to be said that MIT will not have to use up too many resources to be a validator on the Ripple Consensus Ledger. All of these systems can be compared to running an email server, and are extremely lightweight. Keeping in mind how this technology has been embraced by 30 different banks around the world, exciting things seem to be on the horizon for all parties involvedZigZag777 Casino rating
What are your ideas on MIT becoming a validator on the Ripple Consensus Ledger? Let us know in the comments below!
Source: Business Wire
Images courtesy of Ripple, MIT, en.wikipedia.org