MIT and Boston Fed ran computer models for a potential central bank digital currency system and published a white paper on their findings.
“To my knowledge, this is the first time the Fed has ever issued code under an open-source license,” Boston Fed executive vice president Jim Cunha said in a press call. “We thought that was important so that others can learn from this work, but also so they can comment on the strengths and weaknesses and contribute to the code base itself.”
Researchers can also use this platform to gather data, and compare how well it works against similar systems in the future. What MIT and Boston Fed have currently built is not yet a complete system. It’s more of a processing engine that can store and move digital currency. “The core of what we built is a high-speed transaction processor for a centralized digital currency, to demonstrate the throughput, latency, and resilience of a system that could support a payment economy at the scale of the United States,” Neha Narula, director of MIT’s Digital Currency Initiative, said in an.
The Phase 1 program tested two different code bases, with two different designs that illustrate some of the tradeoffs that might need to be made between scalability, privacy, and auditability. In both designs, users received digital wallets. The wallets had public keys that tell the funds where to go, and could create cryptographic signatures to authorize payments. The wallets were used to interact with a centralized transaction processor.
In the trial runs, the Hamilton transaction processor, a stand-in for the central bank, stores the encrypted payments—which contain a value and is associated with a public key—as unspent central bank funds. When a wallet signs transactions, it destroys the funds in the sender’s account and creates an equivalent amount of new funds in the receiver’s account. The transaction processor validates transactions.
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