MIT and Fed released the White Paper digital dollar

The Boston Federal Reserve Bank and the Massachusetts Institute (MIT) presented White Paper and the open source code of CBDC as part of the first stage of studying its potential release.

The project called Hamilton dedicated about two years. Documents opened for universal access and receive comments of interested parties through the online form.

CBDC code involves:

  • the absence of intermediaries and commissions with a reservation that politicians can change these parameters;
  • full history of transactions;
  • throughput of 1.7 million TPS;
  • finalization of transactions up to 2 seconds.

“There are many unresolved problems in determining whether and how to implement the Federal Service for the USA for the United States should be implemented. Outdoor source provides an important way of joint work, experiments and implementation “, – said Necha Naul, the director of the initiative for digital currency MIT.

At the second stage, it is planned to study alternative technical solutions to improve the “scalable research model of CBDC” obtained at the previous stage.

In particular, experts will test the previously considered designs and functions, as well as evaluate possible compromises.

Priority will pose safety and programmability issues. Researchers will also consider the methods of balancing the problems November 22, 2022 of confidentiality with the need to comply with the requirements, technical roles of intermediaries and resistance to attacks.

Recall that in January the Fed issued a report on a digital dollar.

Later, Bank of America predicted the preservation of hegemony of the dollar due to the release of CBDC.