The Ripple Consensus Ledger Concept
Since this company has been focusing on the development of blockchain technology for financial institutions over the last few decades most currency enthusiasts will know the title Ripple. Or to be more precise, they provide financial settlement solutions to financial players — mostly banks — which will help reduce costs.
Since they also need to provide direct trades, but that isn’t all this business doesbitcoin live casino usa bitcoin casino welcome bonus Settling these international transactions is made possible due to the Ripple Consensus Ledger, which is also the foundational distributed ledger for the XRP digital asset. Unlike Bitcoin miners, the Ripple system uses individual validators to confirm transactions and bitcoin casino with high payout chance.
Ripple Consensus Ledger
One of those Ripple validators will be run by MIT, as their Connection Science research initiative is exploring the options of a global Byzantine consensus database. As MIT is among the world’s most renowned technological institutes this news is a notch in the belt for Ripple. Moreover, more validators on the Ripple Consensus ledger will strengthen the network, and give decentralization to this concept also.
MIT Professor, Alex Pentland, shared his vision for this project as follows:
In this new experiment with Ripple, we’re taking MIT’s experiential research approach to the blockchain, and we anticipate this collaboration will provide us new opportunities to test and deploy information programs 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.
Professor Pentland and Managing Director David Shrier will direct the participation of MIT as a Ripple Consensus Ledger validator. Moreover, 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 whole lot of mutual respect for one another, and Ripple is very 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 having such a renowned institute contribute to those efforts can be invaluable to Ripple.
It must be said that MIT will not have to use a lot of resources up to be a validator on the Ripple Consensus Ledger. All of these systems may be compared to running an email server, and are lightweight. Keeping in mind this technology was embraced by 30 banks around the world, exciting things appear to be on the horizon for all parties involvedNetBet Bitcoin Casino Review
What are your thoughts on MIT getting a validator on the Ripple Consensus Ledger? Tell us in the comments below!
Source: Business Wire
Pictures courtesy of Ripple, MIT, en.wikipedia.org