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Massachusetts Institute of Technology Helping US Fed develop CBDC
If you have followed me for any length of time here on Publixh0x you know that I am a Fan of Massachusetts Institute of Technology (MIT). However, after recently learning that the US Fed is receiving assistance from MIT I am rethinking my stance. Why, you might ask? MIT is enabling the greatest blow to privacy since the US Constitution was written and ratified!
Using a basketball term, I knew the Fed was using a 'head fake' with the release of their WP (White paper) - read about it here https://www.publish0x.com/new-to-cryptos/us-fed-released-report-on-cbdc-xoonqrd
Never trust their words, watch their actions (of course most 'Fed' actions are hidden from the prying eyes of all those bad US Citizens). Since, we still have a smidge of freedom of the press left (they love to Kowtow to the Politico's waiting on cash crumbs) are series of articles was written about the MIT efforts w/ the Boston Branch of US Fed, aiding them in the development on the US CBDC.
Narrow Banking - This scenario is essentially the creation of a de facto central bank digital currency (CBDC). All physical cash would effectively become tokenized while stablecoin issuers would be required to hold their reserves with the central bank itself. This would help guarantee the peg of Stablecoins by turning them into state-controlled digital currencies.
Fed Designs Digital Dollar That Handles 1.7 Million Transactions Per Second
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 Massachusetts Institute of Technology (MIT) and Boston Fed. 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. Additionally, 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.
Reuters cautions that the newly-released research does not suggest that the U.S. central bank will move toward launching a CBDC, a step it has said it would not take without clear support from the White House and Congress...." Instead the team "developed technology that can be adjusted as more policy questions regarding the structure and purpose of a CBDC are addressed." - Really what reality does Reuters live in? Spend tons of money creating a CBDC capable of huge transactions per second and FOLD it up and walk away; that doesn't make sense.
The Washington Post describes it as "a system that can settle the vast majority of payments in less than two seconds, handles more than 1.7 million transactions per second and operates around-the-clock with no service outages in the case of a disruption in its network."
The Boston Globe adds that "The team noted there's a lot more work to do in the next phase, including researching various privacy features, and stressed the digital dollar remains hypothetical until the Fed decides whether to move forward with government-backed electronic cash."
Along with a paper describing the team's work to date, researchers published open-source code for the platform that would support the digital currency. Jim Cunha, executive vice president of the Boston Fed, called that a first for the central bank, intended to encourage public input that improves the technology.
Testing of technical details
Anyone that paid attention to the Freedom Trucker movement in Canada saw what and how extensive Government overreach is and how quickly it can clamp down. Freezing out of bank accounts not just of the truckers but of those that sold them food (restaurants) but those that donated. Think for yourself here... how much more power does a CBDC grant that they don't already have today?
Summary - CBDC is centralize money with centralized power. Through out History when has this ever benefited people other than those at that the Top? It is my belief that the US CBDC is close, very close. Perhaps would get rolled out under the duress of a 'War'. Now what part of the world is currently at War? Hmm, Eastern Europe any ultra wealthy families live in Europe??
