The Boston Federal Reserve Bank announced the production of a platform for high-performance digital US dollar operations.
According to the US Federal Reserve, the digital state currency platform will be able to carry out 1.7 million transactions per second. It was decided to name the platform Hamilton. The creation uses software using the open-source code “Open CBDC”.
The Boston Federal Reserve Bank posted a report talking about the joint development of tools for CBDC with MIT (Massachusetts Institute of Technology). The key challenge is the ability to integrate the digital US dollar relative to the financial structure of the world.
Representatives of the Federal Reserve System clarify that the tools being created are intended for “a possible state digital currency of the Central Bank for general use.” For a larger number of operations, calculations of less than 2 seconds are already possible, according to representatives of the US Federal Reserve System.
Executive Vice President and Acting Chief Operating Officer of the Boston Federal Reserve Bank, D. Cunha, says that the identification of a full set of obstacles to the launch of the digital dollar has not yet been completed:
“The work of the Massachusetts Institute of Technology and our employees has made it possible to present a large-scale analyzed model structure of CBDC, which allows us to consider technological methods for the stable creation of the digital US dollar to a greater extent.”
The software design code for processing operations with digital code was posted on GitHub. Representatives of the Boston Federal Reserve Bank are of the opinion that the further stages of the development of the Hamilton platform will make it clear how flexible the possibility of “Open CBDC” is to implement the entire range of functions of the digital dollar when it integrates with political and financial world structures.
January 2022 was marked by the presentation by the US Federal System of the White Paper of the digital state currency. The Fed called on people to evaluate the promising pros and cons of using the digital dollar. This representation is the second approach to the description of the digital dollar. Already in May 2020, K. Giancarlo and the DDF Center published the first copy of the White Paper of the US digital Currency.