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 precise, they supply financial players — mostly banks — which will help reduce costs with settlement solutions that are global.
As they also need to offer direct transactions but that isn’t all this business doesus online casino bitcoin bitcoin casino bonus no deposit Settling these transactions is made possible thanks to this Ripple Consensus Ledger, which can be 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 worldwide Byzantine consensus database. This news is a substantial notch in the belt for Ripple, as MIT is one of the world’s most renowned institutes. Moreover, the community will be strengthened by more validators on the Ripple Consensus ledger, and give somewhat more decentralization to 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 information applications 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 electronic currencies and value.
Professor Pentland and Managing Director David Shrier will direct the involvement of MIT as a Ripple Consensus Ledger validator. Moreover, 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 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 Internet — is a substantial project, and having 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 too many resources to be a validator on the Ripple Consensus Ledger. All of these systems may be compared to running an email server, and are 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 partiesOshi Casino review
What are your thoughts on MIT becoming a validator on the Ripple Consensus Ledger? Tell us in the comments below!
Source: Business Wire
Images courtesy of Ripple, MIT, en.wikipedia.org