enero 31, 2018 | Posted in:Blog

The Ripple Consensus Ledger Concept

As this company has been focusing on the development of blockchain technology for financial institutions over the past few decades most digital money enthusiasts will know the name Ripple. Or to be more precise, they supply financial settlement solutions to financial players — mostly banks — which will help reduce costs.

As they need to provide transactions, but that isn’t all this company does Settling these transactions in real-time is made possible due to the Ripple Consensus Ledger, which is the distributed 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 conducted by MIT, as their Connection Science research initiative is investigating the options of a worldwide Byzantine consensus database. As MIT is among the world renowned technological institutes, this news is a significant notch in the belt for Ripple. Moreover, the community will be strengthened by more validators on the Ripple Consensus ledger, and offer a bit more decentralization for this concept.

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 expect this collaboration provides us new opportunities to test and deploy information programs and research.We’re pleased that the Ripple team has fostered a substantive dialog with us about the future of fund through the decentralization of digital currencies and value.

Managing Director David Shrier and professor Pentland will lead the involvement of MIT 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 — similar to how information is shared on the Internet —  is a significant project, and having such a renowned institute contribute to these efforts can be invaluable to Ripple.

It must be said that MIT will not have 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 very 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 parties involvedbitcoin casino 150 free spins bitcoin casino instant withdrawls free spins

What are your thoughts on MIT becoming a validator on the Ripple Consensus Ledger? Let us know in the comments below!

Source: Business Wire

Pictures courtesy of Ripple, MIT, en.wikipedia.org

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