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February 9, 2022 01:00 pm

Fed Designs Digital Dollar That Handles 1.7 Million Transactions Per Second

An anonymous reader quotes a report from Forbes: As the race against China's development of its central bank digital currency (CBDC) known as the digital yuan continues, the U.S. Federal Reserve accomplished a feat in testing a design for a U.S. digital dollar that in one of two tests, managed to handle 1.7 million transactions per second. A report released last Thursday provided the initial findings of research conducted as a collaboration between the Boston Fed and the Massachusetts Institute of Technology (MIT). Dubbed 'Project Hamilton,' the report describes a theoretical high-performance and resilient transaction processor for a CBDC that was developed using open-source research software called 'OpenCBDC'. According to the Fed's Report, a core processing engine for a hypothetical general purpose CBDC was created that produced one code base capable of handling 1.7 million transactions per second. According to the Fed, the vast majority of transactions reached settlement finality in under two seconds. The Fed revealed the design of the CBDC transaction processor was also released on GitHub. According to the Boston Fed, the second phase of Project Hamilton will demonstrate how OpenCBDC will build upon the initial model to allow flexibility in design that will incorporate how policymakers may implement an actual CBDC.

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