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 precise, they supply financial players — mostly banks — which will help reduce costs with global settlement solutions.
As they also want to offer direct transactions in real-time, which can be of high value in the international money transfer sector but that is not all this company doesbonus codes using bitcoin at red stag casino bitcoin casino without deposit Settling these transactions is made possible thanks to the Ripple Consensus Ledger, which can be the foundational distributed ledger for its XRP digital advantage. 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 run by MIT, as their Connection Science research initiative is investigating the options of a worldwide Byzantine consensus database. As MIT is among the world’s most renowned technological institutes this news is a substantial notch in the belt for Ripple. Moreover, the community will be strengthened by more validators on the Ripple Consensus ledger, and give decentralization to this concept as well.
MIT Professor, Alex Pentland, shared his vision as follows:
In this new experiment with Ripple, we’re 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 happy that the Ripple team has fostered a substantive dialog with us about the future of fund through the decentralization of digital currencies and value.
Managing Director David Shrier and professor Pentland will lead MIT’s involvement 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 respect for one another, and Ripple is excited to have MIT on board. Allowing money to move freely through the world — like how information is shared on the Internet — is a substantial project, and having such a renowned institute contribute to those efforts can be invaluable to Ripple.
It has to 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 are lightweight, and may be compared to running an email server. Bearing in mind 30 distinct banks around the world have embraced this technology, things that are exciting seem to be on the horizon for all parties involvedbetchain 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
Pictures courtesy of Ripple, MIT, en.wikipedia.org