The Ripple Consensus Ledger Concept
Most digital currency enthusiasts will know the title Ripple, as this company has been focusing on the development of blockchain technology. Or to be more exact, they provide settlement solutions that are global to financial players — mostly banks — which will help reduce costs.
Since they want to provide transactions in real-time, which is of high value in the global money transfer sector but that is not all this company doeshigh paying bitcoin casino faucet bitcoin casino usa visa Settling these global transactions is made possible thanks to the Ripple Consensus Ledger, which can be the foundational ledger for its XRP advantage. Unlike Bitcoin miners, the Ripple system uses individual validators to confirm transactions and bitcoin casino with high payout chance.
Ripple Consensus Ledger
One of these Ripple validators will be run by MIT, as their Connection Science research initiative is exploring the options of a worldwide Byzantine consensus database. As MIT is among the world renowned institutes, this news is a notch in the belt for Ripple. Moreover, the network will be strengthened by more validators on the Ripple Consensus ledger, and give decentralization to this concept also.
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 applications and research.We’re happy that the Ripple team has fostered a substantive dialog with us about the future of fund through the decentralization of digital currencies and value.
Professor Pentland and Managing Director David Shrier will direct MIT’s involvement as a Ripple Consensus Ledger validator. Furthermore, MIT Connection 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 excited to have MIT on board. Allowing money to move freely through the world — like how information is shared on the Internet — is a substantial project, and having such a renowned institute contribute to these efforts can be invaluable to Ripple.
It must be said that MIT won’t need to use up too many 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 this technology has been embraced by 30 banks around the world, exciting things appear to be on the horizon for all partiesonline casino canada bitcoin best us bitcoin casino
What are your ideas on MIT getting a validator on the Ripple Consensus Ledger? Let us know in the comments below!
Source: Business Wire
Images courtesy of Ripple, MIT, en.wikipedia.org
Source: bitcoincasinoreview.net
