The Ripple Consensus Ledger Concept
Since this company has been focusing on the development of blockchain technology for financial institutions over the last few decades, most currency enthusiasts will know the name Ripple. Or to be more exact, they provide settlement solutions that are global to players — mostly banks — that will help reduce costs.
As they also need to offer transactions but that is not all this company does Settling these transactions in real-time is made possible thanks to this Ripple Consensus Ledger, which can be the foundational distributed ledger for the XRP digital asset. Unlike Bitcoin miners, the Ripple system uses 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 exploring the options of a global Byzantine consensus database. As MIT is one of the world renowned technological institutes, this news is a notch in the belt for Ripple. Moreover, more validators offer decentralization for this concept as well, and on the Ripple Consensus ledger will strengthen the community.
Alex Pentland, MIT Professor, 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 provides us new opportunities to test and deploy data 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 participation as a Ripple Consensus Ledger validator. Moreover, 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 through the world — like how information is shared on the Web — 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 have to use resources up to be a validator on the Ripple Consensus Ledger. All of these systems may be compared to running an email server, and are lightweight. Keeping in mind 30 banks around the world have embraced this technology, things that are exciting appear to be on the horizon for all partiesbitcoin casino no deposit free spins bonus codes best new bitcoin casino
What are your ideas 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