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Mastering Crypto

08/03 12:54

MIT Digital Currency Initiative

MIT Digital Currency Initiative introduces at-scale, programmable CBDC platform
PArSEC — short for “parallelized architecture for scalably executing smart contracts” — runs on the ERC-20 standard, so it could have other applications, too.
The Massachusetts Institute of Technology (MIT) Digital Currency Initiative (DCI) has introduced the experimental PArSEC platform. PArSEC — short for "parallelized architecture for scalably executing smart contracts" — is open source and developed with central bank digital currency (CBDC) in mind. 
The developers highlighted the platform’s speed. It performed 118,000 ERC-20 transactions per second on 128 hosts — exceeding public permissionless blockchains, they said. The platform was thus capable of handling cross-border contracting and could be used to innovate supply chains and compliance checks as well.
PArSEC supports ERC-20 tokens, so an automated market maker launched on the platform could transact with such assets as bonds, tokenized securities and repurchase agreements in addition to CBDCs. Because it supports virtual machines, it would simplify interactions between central and commercial banks.
The platform requires “significant” amounts of continuing research, the developers said. They pointed to security, key management and data migration tooling as areas that require refinement. Privacy was also left as an open question.1690988104943.png

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