US Federal Reserve: The digital dollar platform will be able to process 1.7 million transactions per second – Bits Media

Federal Reserve Bank of Boston (FRBB) spoke about the creation of a high-performance transaction processor for state digital currency.

According to the US Federal Reserve (FRS), the technical base of the digital dollar will be capable of process 1.7 million transactions every second. The project is called Hamilton. Open source software OpenCBDC is used in development.

FRBB posted a report, Which is said, that the mechanism for CBDC is being developed jointly with the Massachusetts Institute of Technology (WITH). One of the tasks is the possibility of integrating the Central Bank’s digital currency with the global financial system.

The US Federal Reserve clarifies, that the mechanism being developed is intended for a “hypothetical general purpose digital currency of the Central Bank”. The vast majority of transactions have already achieved settlement finality in less than two seconds, Fed experts say.

FRBB Executive Vice President and Interim Chief Operating Officer Jim Cunha (Jim Cunha) recognized, that not all problems have been identified yet, capable of interfering with the creation of a state digital currency:

“Collaboration between MIT and our technologists has enabled the creation of a scalable CBDC research model, allowing you to learn more about technologies and their options, which should be taken into account when developing the Central Bank cryptocurrency".

The digital currency transaction handler design code has been posted on GitHub. FRBB believes, that at the next stage of the Hamilton project it will become clear, How flexibly OpenCBDC will be able to implement the functionality of the Central Bank’s digital currency when integrated into the global economic and political system.

In January 2022 2019, the Fed presented the Digital Dollar White Paper, calling on the public to express their views on the possible advantages and disadvantages of its use. This is the second attempt to describe the US government digital currency. In May 2020 year research center Digital Dollar Foundation, led by former CFTC Chairman Christopher Giancarlo (Christopher Giancarlo), published the first version of the Digital Dollar White Paper.