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, digital money enthusiasts will know the title Ripple. Or to be more exact, they provide settlement solutions that are global to financial players — mostly banks — which will help reduce prices.
Since they also want to provide trades, but that isn’t all this business does7Bit Casino app Settling these transactions in real-time is made possible due to the Ripple Consensus Ledger, which can be the distributed ledger for the XRP 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 these 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 significant notch in the belt for Ripple. Moreover, more validators offer a bit more decentralization to this concept as well, and on the Ripple Consensus ledger will strengthen the community.
MIT Professor, Alex Pentland, shared his vision 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 data applications and research.We’re pleased that the Ripple team has fostered a substantive dialog with us about the future of finance through the decentralization of electronic currencies and value.
Professor Pentland and Managing Director David Shrier will direct MIT’s involvement . 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 across the world — like 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 resources to be a validator on the Ripple Consensus Ledger. All of these systems may be compared to running an email server, and are extremely lightweight. Bearing in mind how this technology has been embraced by 30 banks around the world, things that are exciting appear to be on the horizon for all partiesbest bitcoin casino free play bitcoin casino real jack money
What are your thoughts on MIT getting 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