Federal Reserve Bank of Boston released CBDC research results

As a result of the work, one code base was created, capable of handling 1,7 million transactions per second

05.02.2022 - 09:55

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What’s new? The Federal Reserve Bank of Boston (FRB) and the Digital Currency Initiative at the Massachusetts Institute of Technology (MIT) this week released the initial results of their central bank digital currency research. It is conducted separately from the Federal Reserve System’s digital dollar research.

Report on the FRB website

What does the FRB official say? The joint work between the FRB of Boston and the Massachusetts Institute of Technology, known as Project Hamilton, is focused on technological experiments and is not aimed at creating a usable CBDC for the US. Boston FRB Executive Vice President and Interim Chief Operating Officer Jim Cunha said:

“It is critical to understand how emerging technologies could support a CBDC and what challenges remain. This collaboration between MIT and our technologists has created a scalable CBDC research model that allows us to learn more about these technologies and the choices that should be considered when designing a CBDC.”

What does the study say? The document reports that in the coming years, the second phase of the partnership will allow Project Hamilton to explore alternative technical designs to improve the privacy, sustainability, and functionality of the technology developed in the first phase. The work has resulted in one code base capable of handling 1,7 million transactions per second. The researchers also published Project Hamilton’s code, OpenCBDC.

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