ICYMI: MIT, Boston Fed go public with ‘Project Hamilton’ central bank digital currency research
"It is critical to understand how emerging technologies could support a CBDC and what challenges remain," Jim Cunha, executive vice president at the Boston Fed, said in a statement."This collaboration between MIT and our technologists has created a scalable CBDC research model that allows us to learn more about these technologies and the choices that should be considered when designing a CBDC.
Notably, the white paper stressed that"[d]espite using ideas from blockchain technology, we found that a distributed ledger operating under the jurisdiction of different actors was not needed to achieve our goals.""Specifically, a distributed ledger does not match the trust assumptions in Project Hamilton’s approach, which assumes that the platform would be administered by a central actor.
Looking ahead, the work sets the stage for an additional phase of research, which the paper fleshed out in terms of areas of priority. "In Phase 2 of Project Hamilton, the Boston Fed and MIT DCI will explore new functionality and alternative technical designs," the authors wrote."Research topics may include cryptographic designs for privacy and auditability, programmability and smart contracts, offline payments, secure issuance and redemption, new use cases and access models, techniques for maintaining open access while protecting against denial of service attacks, and new tools for enacting policy.
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