Is a central digital currency bank really necessary? The MIT and Boston Fed are developing a hypothetical CDCB within the so-called Project Hamilton, and it seems its first results were not too satisfactory.
The world recently got a sneak peek at what a digital dollar, or at least one component of a hypothetical United States central bank digital currency , might look like, courtesy of Project Hamilton, a collaborative effort of the Federal Reserve Bank of Boston and the MIT Digital Currency Initiative. The results of the project’s first phase were originally expected last summer but were
The distributed ledger model was “not a good match” for the project due to its performance. The project assumed administration by a central actor, and the model was modified accordingly. However, it created performance bottlenecks, and the requirement that the central transaction processor maintain transaction history slowed throughput significantly.
The second, and apparently last, phase of Project Hamilton will “determine technical and performance tradeoffs associated with various designs.” Researchers have promised to look at “privacy, auditability, programmability, interoperability, and more.
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