Multiverse Computing, the startup leading Canada’s research, has announced that its model can evaluate more than 1 octillion possible scenarios in 30 minutes. An octillion is a 10 followed by 30 zeros.
That means Multiverse Computing has completed its proof-of-concept, which combines blockchain data from stablecoin Tether (USDT), whose tokens are pegged to the US dollar, and public data from up to ten major financial institutions. It also consulted with experts from two major Canadian banks to come up with realistic parameters.
Multiverse Computing chose Tether for its model because the stablecoin had endured a variety of market scenarios in its eight years’ worth of blockchain data.
Most scenarios in the model showed that non-financial institution adoption of the cryptocurrency would be slow since there was some upfront knowledge and cost associated with converting fiat to a digital asset. It was also able to simulate how banks might respond by reducing wire transfer fees to compete with the very low cost of crypto transactions.
The research itself has only just reached the proof-of-concept stage, so there aren’t yet any implications for Canada’s crypto regulations.
The Bank of Canada initially reached out to Multiverse Computing in 2019 because of its work on predicting financial crashes.
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