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As part of the race with China to create the central bank’s digital currency known as the digital loan, the US Federal Reserve says it has tested “its digital dollar”, which they say could withstand 1.7 million in one of the tests. transactions per second.
A report released yesterday gave the initial findings made by the Boston Fed banking group and the Massachusetts Institute of Technology (MIT).
The report, called ‘Project Hamilton’, described the high-performance transaction processor created by the ‘OpenCBDC’ program.
The report said the total digital currency processing engine owned a code base that could process 1.7 million transactions per second. According to them most of the transactions were nearing completion within two seconds.
“It is critical to understand how new technologies can support such digital currencies and the challenges that remain,” said Jim Cunha, deputy director of the Boston Federal Reserve.
Officials said the design of the digital currency transaction processor has been published on the GitHub network.
They added that in the second phase of Project Hamilton it will be demonstrated how the program will be based on the initial design for the implementation of the currency, writes Forbes.
“There are still many challenges that remain to be understood in how the central bank adapts a payment system to the US,” he said. What is clear is that the program brings the most important way to collaborate, experiment and then implement, ”said Neha Narula, director of digital currencies at the Massachusetts Institute of Technology.
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