The Ripple Consensus Ledger Concept
As this company has been focusing on the development of blockchain technology for financial institutions over the past few years, the title Ripple will be known by digital money enthusiasts. Or to be more exact, they provide global financial settlement solutions.
But that is not all this business as they want to offer direct transactionscasino review and bonuses reviews casino account registration Settling these transactions is made possible due to this Ripple Consensus Ledger, which can be the foundational distributed ledger for the XRP asset. Unlike Bitcoin miners, the Ripple system employs individual validators to confirm transactions and bitcoin casino with high payout chance.
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One of those Ripple validators will be run by MIT, as their Connection Science research initiative is investigating the options of a global Byzantine consensus database. As MIT is one of the world renowned technological institutes, this news is a notch in the belt for Ripple. Moreover, more validators offer decentralization for 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 anticipate this collaboration will provide us new opportunities to test and deploy data programs 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 digital currencies and value.
Professor Pentland and Managing Director David Shrier will lead the involvement of MIT as a Ripple Consensus Ledger validator. Moreover, 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 lot of respect for each other, and Ripple is very 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 these efforts can be invaluable to Ripple.
It has to be said that MIT will not need 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 lightweight. Keeping in mind 30 banks around the world have embraced this technology, things that are exciting seem to be on the horizon for all partiescasino bitcoin no deposit bonus the best payout for bitcoin casino
What are your ideas 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
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