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, digital currency enthusiasts will know the title Ripple. Or to be more precise, they supply financial settlement solutions that are global to financial players — mostly banks — which will help reduce prices.
Since they also want to offer direct transactions in real-time, which is of high value in the international money transfer sector but that is not all this business doesHow does 777Coin bonus Settling these international transactions in real time is made possible due to this Ripple Consensus Ledger, which is also the foundational distributed ledger for the XRP 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 conducted by MIT, as their Connection Science research initiative is exploring the options of a global Byzantine consensus database. As MIT is among the world renowned institutes this news is a notch in the belt for Ripple. Moreover, more validators give decentralization to this concept as well, and on the Ripple Consensus ledger will strengthen the network.
Alex Pentland, MIT Professor, shared his vision as follows:
In this new experiment with Ripple, we are taking MIT’s experiential research strategy to the blockchain, and we expect this collaboration will provide us new opportunities to test and deploy data programs 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 electronic currencies and value.
Managing Director David Shrier and professor Pentland will direct the involvement of MIT . 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 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 having such a renowned institute contribute to those 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 can be compared to running an email server, and are lightweight. Keeping in mind this technology was embraced by 30 banks around the world, things that are exciting seem to be on the horizon for all parties involvedcasino bonus the casinomeister get the fuck
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