Fun

News Feed - 2023-08-03 04:08:00

Derek Andersen4 hours agoMIT Digital Currency Initiative introduces at-scale, programmable CBDC platformPArSEC — short for “parallelized architecture for scalably executing smart contracts” — runs on the ERC-20 standard, so it could have other applications, too.1051 Total views10 Total sharesListen to article 0:00NewsJoin us on social networksThe Massachusetts Institute of Technology (MIT) Digital Currency Initiative (DCI) has introduced the experimental PArSEC platform. PArSEC — short for "parallelized architecture for scalably executing smart contracts" — is open source and developed with central bank digital currency (CBDC) in mind. 


The developers highlighted the platform’s speed. It performed 118,000 ERC-20 transactions per second on 128 hosts — exceeding public permissionless blockchains, they said. The platform was thus capable of handling cross-border contracting and could be used to innovate supply chains and compliance checks as well.PArSEC logo. Source: MIT DCI


PArSEC supports ERC-20 tokens, so an automated market maker launched on the platform could transact with such assets as bonds, tokenized securities and repurchase agreements in addition to CBDCs. Because it supports virtual machines, it would simplify interactions between central and commercial banks.


The platform requires “significant” amounts of continuing research, the developers said. They pointed to security, key management and data migration tooling as areas that require refinement. Privacy was also left as an open question.


Related: Standard Chartered, PwC make case for programmable CBDC in China Greater Bay Area


Privacy of CBDCs is a particularly painful point for the crypto community, which is largely opposed to any form of CBDC. Programmability is no less controversial. The PArSEC summary stated:“We focused on smart contracts because they provide the highest degree of expressivity and functionality to users.”


That functionality is exactly what many in the crypto community object to. Crypto researcher Nikhil Raghuveera wrote in Cointelegraph in April:“Programmability allows for asset backing and decentralization that is not possible under current CBDC designs. Developers should be taking advantage of the programmable opportunities that stable[coin] assets offer rather than trying to compete with CBDCs.”


Programmability allows restrictions to be placed on the uses of a digital currency, which can be useful in a decentralized finance environment. But it could enable governmental overreach in a CBDC by preventing certain purchases or imposing conditions such as negative interest, opponents argue.MIT just released PARSEC, our distributed VM runner! We’ve shown PARSEC running the EVM over 100k transactions per second.

Web: https://t.co/gUkYvDDeGG

Code: https://t.co/nvcHc3OKEc— Anders Brownworth (@anders94) August 1, 2023


PArSEC is the result of research conducted in 2022. It is another product of Project Hamilton, a joint undertaking by the DCI and the Federal Reserve Bank of Boston. Project Hamilton was declared completed in late 2022, shortly after a group of Republicans in the United States House of Representatives wrote to the head of the Boston Fed expressing their reservations about the project.


The Fed has repeatedly stated that it would not introduce a CBDC without a Congressional mandate, but CBDC research by the Fed is continuing.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Are CBDCs kryptonite for crypto?# MIT# Adoption# Digital Currency# ERC-20# CBDCAdd reactionAdd reactionRelated NewsHow to send and receive payments on the Lightning NetworkExploring the future of AI: The power of decentralizationPutin signs law on introduction of digital ruble in RussiaWyoming seeks ‘stable token’ commission head in first steps to establish state stablecoinExistential threat? Why some banks are anxious about CBDCsChinese, Indian investment professionals show strong support for CBDC in new survey

News Feed

SEC Chair Gensler Insists Most Crypto Tokens Are Securities — Says ‘the Law Is Clear’
SEC Chair Gensler Insists Most Crypto Tokens Are Securities — Says "the Law Is Clear" The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has reitera
LG to Launch Crypto Wallet Wallypto Later This Year
LG to Launch Crypto Wallet Wallypto Later This Year LG, the South Korean electronics giant, is currently developing a cryptocurrency wallet app that will be launched later this yea
Changpeng Zhao gets 4 months, Sam Bankman-Fried gets 25 years — Why?
Turner Wright6 hours agoChangpeng Zhao gets 4 months, Sam Bankman-Fried gets 25 years — Why?One former CEO went to trial and maintained his innocence, while one admitted fault and turned himself in.1480 Total views2 To
Botswana Cryptocurrency Regulation: Government Set to Present Virtual Asset Bill to Parliament
Botswana Cryptocurrency Regulation: Government Set to Present Virtual Asset Bill to Parliament The Botswana government is set to present a “Virtual Asset Bill” to the
Bitcoin miner stocks drop on ‘unsubstantiated’ post-halving profit fears: Analyst
Brayden Lindrea5 hours agoBitcoin miner stocks drop on ‘unsubstantiated’ post-halving profit fears: AnalystBlockware Solutions analyst Mitchell Askew says fears around post-halving Bitcoin mining profitability are ba
Last Time This Happened, Bitcoin Jumped $50,000—Is History Repeating?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
VanEck’s Bitcoin ETF notches 1,400% daily trading volume increase
Tom Mitchelhill3 hours agoVanEck’s Bitcoin ETF notches 1,400% daily trading volume increaseVanEck and WisdomTree’s Bitcoin ETFs saw significant trading volume upticks out of the blue, with analysts at a loss for why
Bill Miller’s Hedge Fund Sees Bitcoin Having ‘Significant Upside Potential’ as Digital Gold
Bill Miller"s Hedge Fund Sees Bitcoin Having "Significant Upside Potential" as Digital Gold In a report filed with the U.S. Securities and Exchange Commission (SEC), the fund manag
Martin Young3 hours agoAptos resumes operations after 5-hour outage that ‘impacted’ transactionsAptos suffered a five-hour outage, coincidentally in the same week the network launched in 2022.862 Total views11 Total
Altcoin season brews as bullish trading pattern forecasts explosive price move
Nancy Lubale7 hours agoAltcoin season brews as bullish trading pattern forecasts explosive price moveAnalysts cite a classic trading pattern and growth in the altcoin total market capitalization index as proof of an upco
William Suberg1 hour agoBTC price gets $36K FOMC target as Bitcoin prints 29% ‘Uptober’ gainsBitcoin heads into November to tackle the Fed rate decision day after BTC’s price cements its second-best month of 2023.5
Savannah Fortis11 hours agoAnimoca subsidiary builds AI and NFT tools for educatorsTinyTap, a subsidiary of Animoca Brands, rolls out new AI features for educators and parents to generate educational games and images bas