The Ripple Consensus Ledger Concept
Since this company has been focusing on the development of blockchain technology for financial institutions over the past few years, the name Ripple will be known by most digital currency enthusiasts. Or to be more precise, they provide settlement solutions that are global to players — mostly banks — that will help reduce costs.
As they also want to provide direct transactions in real-time, which is of value in the international money transfer sector but that isn’t all this company doesbitcoin casino instant deposi bitcoin casino online india Settling these global transactions in real time is made possible thanks to this Ripple Consensus Ledger, which is also the distributed ledger for its XRP digital advantage. Unlike Bitcoin miners, the Ripple network uses 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 exploring the options of a global Byzantine consensus database. This news is a significant notch in the belt for Ripple, as MIT is among the world renowned institutes. Moreover, the network will be strengthened by more validators on the Ripple Consensus ledger, and give a bit more decentralization to this concept.
Alex Pentland, MIT Professor, shared his vision for this project as follows:
In this new experiment with Ripple, we’re taking MIT’s experiential research approach to the blockchain, and we anticipate this collaboration provides us new opportunities to test and deploy information applications and research.We’re pleased that the Ripple team has fostered a meaningful dialog with us about the future of finance through the decentralization of electronic currencies and value.
Managing Director David Shrier and professor Pentland will lead MIT’s involvement as a Ripple Consensus Ledger validator. 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 respect for one another, and Ripple is very excited to have MIT on board. Allowing money to move freely across the world — similar to how information is shared on the Web — is a substantial project, and having such a renowned institute contribute to these efforts can be invaluable to Ripple.
It must be said that MIT will not need to use up a lot of resources to be a validator on the Ripple Consensus Ledger. All of these systems are extremely lightweight, and may be compared to running an email server. Bearing in mind this technology was embraced by 30 distinct banks around the world, things that are exciting appear to be on the horizon for all partiesbonus code bitcoin casino bitcoin casino bonus free
What are your ideas 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