The Federal Reserve Bank of Boston and the Massachusetts Institute of Technology (MIT) have just released the central bank digital currency (CBDC) white paper and made it open source as part of the first exploratory phase of a possible launch.
The project, which has been dubbed Hamilton, has been in development for about two years. The documents have been open for public access and comment.
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The CBDC code assumes the absence of intermediaries and commissions, with the proviso that these parameters can be changed; full transaction history; throughput of 1.7 million transactions per second (TPS); transaction completion up to two seconds. Neha Narula, director of the MIT Digital Currency Initiative, said:
"Many unresolved questions remain to determine whether and how the Fed's payment system will be implemented. Open source software provides an important way to collaborate, experiment and adopt."
The second step is to explore alternative technical solutions to improve the "scalable CBDC research model." First are security and programmability issues.