The Federal Reserve Bank of New York has published findings stemming from an experiment dubbed “Project Cedar,” a protocol that uses a wholesale digital dollar in order to improve financial transactions. Michelle Neal, head of the bank’s Markets Group remarked on Friday that the research “indicated that settlement could occur in fewer than 10 seconds on average and that horizontal scaling was possible.”
Fed’s New York Branch Releases Digital Dollar Findings Associated With Project Cedar
On Nov. 4, 2022, the Federal Reserve’s New York branch published a report called “Project Cedar: Phase One,” which discusses a wholesale central bank digital currency (WCBDC). The New York Fed’s Markets Group lead, Michelle Neal, further told the press that the WCBDC’s transactions resulted in “instant and atomic settlement.”
The Project Cedar phase I prototype is a “permissioned blockchain network” that utilizes Bitcoin’s Unspent Transaction Output (UTXO) transaction mod
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