The Ripple Consensus Ledger Concept
As this company has been focusing on the development of blockchain technology, most currency enthusiasts will know the title Ripple. Or to be more exact, they supply players — mostly banks — that will help reduce prices with financial settlement solutions.
Since they want to offer direct transactions in real-time, which can be of high value in the global money transfer sector but that is not all this business doesinvest in bitcoin casino reddit bitcoin casino us players Settling these transactions in real time is made possible thanks to this Ripple Consensus Ledger, which is also the foundational ledger for the XRP digital 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 those Ripple validators will be run by MIT, as their Connection Science research initiative is investigating the options of a global Byzantine consensus database. As MIT is one of 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 offer somewhat more decentralization for this concept.
MIT Professor, Alex Pentland, 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 expect this collaboration provides us new opportunities to test and deploy data 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 Connection Science will continue to create novel blockchain initiatives, and open source their code projects under the Internet Trust Consortium”umbrella.”
Both entities have a 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 — like how information is shared on the Internet — is a significant project, and having such a renowned institute contribute to those efforts can be invaluable to Ripple.
It has to be said that MIT won’t need to use up a lot of resources to be a validator on the Ripple Consensus Ledger. All of these systems are lightweight, and can be compared to running an email server. Keeping 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 partiesBitcoin Lottery site
What are your thoughts on MIT becoming a validator on the Ripple Consensus Ledger? Tell us in the comments below!
Source: Business Wire
Pictures courtesy of Ripple, MIT, en.wikipedia.org