Project Hamilton, administered by the Boston Fed and MIT, has released its Phase One results. Project Hamilton is a research and development project to develop infrastructure for a central bank digital currency.
The Federal Reserve Bank of Boston and MIT has just revealed the results of Phase One of Project Hamilton, a joint effort to investigate and construct a practical prototype for a CBDC that might scale to the size of the United States.
It should be noted that no part of the US government has mandated the establishment or operation of an official CBDC. The Federal Reserve Bank of Boston, on the other hand, is governed by the Federal Reserve System.
Phase One aimed to create transaction processing software, named OpenCBDC, that was technically solid enough to serve as a “general-purpose CBDC” for a country the size of the United States. On GitHub, the Boston Fed and MIT have published OpenCBDC as open-source software.
The “team met its goal” in terms of developing a core processing engine that could support a CBDC: speeds topped 1.7 million transactions per second, with the “vast majority” attaining settlement finality within two seconds. According to the report, the technology is also flexible, allowing it to be altered based on governmental decisions.
The Boston Fed is in charge of the Federal Reserve’s First District. While the study is done independently of the Federal Reserve Board of Governors’ discussions, Project Hamilton seeks to educate and enhance political decisions about a digital currency issued by the United States’ central bank. Furthermore, the Fed has a TechLab that undertakes CBDC research and experimentation.
When it comes to design, one of the project’s declared focuses is user privacy, though the wording used implies that the privacy issue is mostly focused on protecting users from third parties.
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