The Federal Reserve Bank of Boston (FRBB) spoke about the creation of a high-performance processor for transactions of the state digital currency.
According to the US Federal Reserve System (FRS), the technical base of the digital dollar will be able to process 1.7 million transactions every second. The project is called Hamilton. The development uses the open source software OpenCBDC.
The FRBB posted a report stating that a mechanism for CBDC is being developed in conjunction with the Massachusetts Institute of Technology (MIT). One of the tasks is the possibility of integrating the digital currency of the Central Bank with the global financial system.
The US Federal Reserve specifies that the mechanism being developed is intended for a “hypothetical digital currency of the Central Bank for general purposes.” The vast majority of transactions have already reached settlement finality in less than two seconds, the Fed says.
FRBB Executive Vice President and Interim COO Jim Cunha admits that not all of the problems that could stand in the way of creating a national digital currency have been identified:
“The collaboration between MIT and our technologists has created a scalable CBDC research model to learn more about the technologies and their options to consider when developing a CBDC cryptocurrency.”
The digital currency transaction handler design code has been hosted on GitHub. The FRBB believes that at the next stage of the implementation of the Hamilton project, it will become clear how flexible OpenCBDC will be able to implement the functionality of the Central Bank’s digital currency when integrating into the global economic and political system.
In January 2022, the Fed released the Digital Dollar White Paper, calling on the public to comment on the possible advantages and disadvantages of using it. This is the second attempt to describe the state digital currency of the United States. In May 2020, the Digital Dollar Foundation, led by former CFTC Chairman Christopher Giancarlo, published the first version of the Digital Dollar White Paper.
Source: Bits
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