The Ripple Consensus Ledger Concept
As 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 provide financial players — mostly banks — which will help reduce prices with financial settlement solutions that are global.
But that isn’t all this company since they also want to provide transactions in real-time, which is of high value in the international money transfer sectorbitcoin casino no deposit run bitcoin gambling casino license Settling these international transactions in real time is made possible due to this Ripple Consensus Ledger, which is also the foundational ledger for its XRP advantage. Unlike Bitcoin miners, the Ripple system employs 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 investigating the options of a global Byzantine consensus database. As MIT is among the world renowned technological institutes, this news is a substantial notch in the belt for Ripple. Moreover, more validators offer decentralization to this concept also, and on the Ripple Consensus ledger will strengthen the network.
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 strategy to the blockchain, and we anticipate this collaboration provides us new opportunities to test and deploy information programs and research.We’re pleased 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 lot of mutual respect for one another, and Ripple is very excited to have MIT on board. Allowing money to move freely through the world — similar to how information is shared on the Web — is a significant 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 resources to be a validator on the Ripple Consensus Ledger. All of these systems may be compared to running an email server, and are extremely lightweight. Keeping in mind how 30 distinct banks around the world have embraced this technology, things that are exciting seem to be on the horizon for all partiesdownload bitcoin casino games bitcoin atm in casino
What are your ideas on MIT becoming 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