The Ripple Consensus Ledger Concept
As this company has been focusing on the development of blockchain technology for financial institutions over the last few years most digital currency enthusiasts will know the name Ripple. Or to be more precise, they provide players — mostly banks — which will help reduce costs with global financial settlement solutions.
But that is not all this company does, as they also want to provide direct transactionsbitcoin casino us bonus codes bitcoin casino live dealers Settling these transactions is made possible thanks to this Ripple Consensus Ledger, which is also the ledger for its XRP digital advantage. 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 investigating the options of a worldwide Byzantine consensus database. As MIT is one of the world renowned institutes, this news is a notch in the belt for Ripple. Moreover, more validators give decentralization for this concept, and on the Ripple Consensus ledger will strengthen the community.
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 approach to the blockchain, and we anticipate this collaboration will provide us new opportunities to test and deploy information programs and research.We’re happy that the Ripple team has fostered a meaningful 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 the involvement of MIT as a Ripple Consensus Ledger validator. Furthermore, MIT Link 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 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 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 resources up to be a validator on the Ripple Consensus Ledger. All of these systems are very lightweight, and may be compared to running an email server. Bearing in mind 30 different banks around the world have embraced this technology, exciting things appear to be on the horizon for all parties involvedbetchain rating
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