What do the brightest minds in the space consider when they think about the design of a central bank digital currency (CBDC)?
Anders Brownworth, Principal Software Architect at The Federal Reserve Bank of Boston, joins Real Vision’s Ash Bennington for a journey through #ProjectHamilton, a joint initiative between the Federal Reserve and MIT to investigate the technical feasibility of a general-purpose CBDC.
One goal of this project is to make them faster than existing legacy systems and new blockchains, including Bitcoin. Visa averages around 1,700 transactions per second, Bitcoin five to 10. One of the transaction processors Project Hamilton tested processed 170,000 transactions per second.
Project Hamilton found, however, that by eliminating a “chokepoint,” it could reach up to and beyond 1.7 million transactions per second. Tune in to learn how these designs work, why transactions may change in the future, and what new findings are on the horizon. Click here to read Project Hamilton’s executive summary and white paper: https://rvtv.io/3rjspV9
#crypto #CBDC
Published on Real Vision platform on April 12th, 2022
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TIMESTAMPS / CHAPTERS:
00:00:15 Overview of CBDC Research Initiative “Project Hamilton”
00:07:44 Comparative Analysis of Project Hamilton and Bitcoin
00:18:32 How Transactions are Secured
00:22:31 The Transaction Process and Transaction Speeds
00:26:48 How Architectural Design Affects CBDC Transactions
00:37:55 Future Research Initiatives and Final Thoughts
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