Central Bank Digital Currencies (CBDC) May Be Issued On Ethereum Blockchain
The digital currencies of the Central Banks (CBDC) were the subject of discussions at the 2020 World Economic Forum. ConsenSys released an official document outlining practical suggestions for launching CBDC based on the Ethereum blockchain:
“We offer central banks to launch CBDC on the large, private Ethereum blockchain, in which intermediaries appointed by central banks will act as nodes.”
The main goal of central banks in introducing digital innovation is to maintain control over money. According to a white paper, using an Ethereum-based blockchain will help maintain control over CBDC movements:
“The Ethereum public network is an open registry, and it can provide enterprise-level security and performance. We believe Ethereum’s private open blockchain is the best platform to meet CBDC requirements. ”
An official document ConsenSys emphasizes that the Ethereum blockchain will allow central banks to freely “authorize and deauthorize” network participants, the Ethereum closed blockchain using the Proof-of-Authority (PoA) consensus can offer “real-time asset transfers »At a very low price.
Central banks will be able to create tokens on top of Ethereum, the issue and burning of which will remain under their control. In addition, the PoA consensus is not too energy intensive and, therefore, is able to work at low energy costs and will not have a negative impact on the environment.
The official document also includes a preface by ConsenSys CEO Joseph Lubin:
“CBDC has a number of advantages. They can play a key role in the digital asset revolution, making it a regulated and least risky way. CBDCs can make financial markets more efficient and accessible to people around the world. ”
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There are three types of confirmations: deterministic, NC, and rational. Each offers guarantees weaker than the previous one, but in return may offer other advantages. For example, the Nakamoto consensus can be decentralized, while there are currently no decentralized technologies that offer fast objective finality, and rational confirmations can be instantaneous, while the Nakamoto consensus requires waiting for a transaction to be included in a block, and burying that block under the next few.