The Ripple Consensus Ledger Concept
Since this company has been focusing on the development of blockchain technology for financial institutions over the past few decades most digital currency enthusiasts will know the title Ripple. Or to be more exact, they provide financial settlement solutions to players — mostly banks — that will help reduce costs.
Since they also want to provide transactions, but that isn’t all this company doesTrusted 1xbitcasino Settling these transactions in real time is made possible due to the Ripple Consensus Ledger, which can be the foundational distributed ledger for the XRP digital advantage. Unlike Bitcoin miners, the Ripple network 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 global Byzantine consensus database. As MIT is among the world renowned technological institutes this news is a notch in the belt for Ripple. Moreover, more validators on the Ripple Consensus ledger will strengthen the community, and give somewhat more decentralization for this concept also.
Alex Pentland, MIT Professor, shared his vision for this project as follows:
In this new experiment with Ripple, we are taking MIT’s experiential research strategy to the blockchain, and we anticipate this collaboration will provide us new opportunities to test and deploy information applications and research.We’re pleased that the Ripple team has fostered a substantive dialog with us about the future of fund through the decentralization of digital currencies and value.
Professor Pentland and Managing Director David Shrier will lead MIT’s involvement as a Ripple Consensus Ledger validator. Furthermore, MIT Link Science will continue to create 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 each other, and Ripple is very excited to have MIT on board. Allowing money to move freely through the world — similar to how information is shared on the Internet — is a substantial project, and having such a renowned institute contribute to these efforts can be invaluable to Ripple.
It must be said that MIT won’t need to use resources up to be a validator on the Ripple Consensus Ledger. All of these systems are lightweight, and may be compared to running an email server. Bearing in mind how this technology has been embraced by 30 banks around the world, things that are exciting seem to be on the horizon for all partiesbetcoin site
What are your ideas on MIT becoming a validator on the Ripple Consensus Ledger? Let us know in the comments below!
Source: Business Wire
Pictures courtesy of Ripple, MIT, en.wikipedia.org