The Ripple Consensus Ledger Concept
Since this company has been focusing on the development of blockchain technology, the title Ripple will be known by digital currency enthusiasts. Or to be more exact, they provide settlement solutions that are global to financial players — mostly banks — that will help reduce costs.
Since they also need to offer direct transactions but that isn’t all this business doesbitcoin casino no deposit free spins bonus codes best new bitcoin casino Settling these transactions in real time is made possible due to this Ripple Consensus Ledger, which is the distributed ledger for its 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 those 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 one of the world renowned institutes this news is a significant notch in the belt for Ripple. Moreover, more validators on the Ripple Consensus ledger will strengthen the community, and give somewhat more decentralization for this concept as well.
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 will provide 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 finance through the decentralization of digital currencies and value.
Professor Pentland and Managing Director David Shrier will direct the participation of MIT as a Ripple Consensus Ledger validator. Moreover, MIT Connection Science will continue to develop 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 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 with such a renowned institute contribute to those efforts can be invaluable to Ripple.
It must be said that MIT will not need to use a lot of resources up to be a validator on the Ripple Consensus Ledger. All of these systems can be compared to running an email server, and are extremely lightweight. Keeping in mind 30 different banks around the world have embraced this technology, exciting things appear to be on the horizon for all partiesZigZag777 Casino app
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
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