The Ripple Consensus Ledger Concept

Most currency enthusiasts will know the title Ripple, as this company has been focusing on the development of blockchain technology for financial institutions over the last few years. Or to be more exact, they supply global financial settlement solutions.

As they need to provide trades in real-time, which can be of value in the international money transfer sector but that is not all this company doesbitcoinpenguin app Settling these transactions in real time is made possible thanks to this Ripple Consensus Ledger, which can be the distributed ledger for the XRP asset. Unlike Bitcoin miners, the Ripple network employs 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 global Byzantine consensus database. As MIT is one of the world’s most renowned institutes, this news is a substantial 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.

Alex Pentland, MIT Professor, shared his vision for this project as follows:

In this new experiment with Ripple, we’re taking MIT’s experiential research strategy to the blockchain, and we anticipate this collaboration will provide us new opportunities to test and deploy information applications 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.

Managing Director David Shrier and professor Pentland will direct the involvement of MIT as a Ripple Consensus Ledger validator. Furthermore, MIT Link Science will continue to develop 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 significant 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 too many resources up to be a validator on the Ripple Consensus Ledger. All of these systems are lightweight, and may be compared to running an email server. Bearing in mind this technology was embraced by 30 banks around the world, exciting things appear to be on the horizon for all parties involvedignition casino bitcoin from exchange bitcoin casino free faucet

What are your thoughts on MIT getting a validator on the Ripple Consensus Ledger? Tell us in the comments below!

Source: Business Wire

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

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