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CENTRAL BANK DIGITAL CURRENCY-INDIA
SOLUTIONS FOR INDIA'S SOVEREIGN DIGITAL CURRENCY
On 01, February 2022, the Hon'ble FM of India announced the launch of Sovereign Digital Currency of India: Digital Rupee, to be launched by the Reserve Bank of India. This will change the way business will be carried out in India. A lot of businesses will need tailor made solutions (along with smart contracts) for their transaction needs.We aim to be a focused solution provider for the CBDC (Central Bank Digital Currency) to be launched by the Reserve Bank of India.
RBI Concept paper on CBDC
RBI has released a very detailed discussion paper in the various aspects of the CBDC. This suggests the pathway for going digital as well indicates strong desire of both RBI and GOI to adapt to the digital currency.
Click link to view the same.
We are examining various opportunities which are on offer, based on the RBI pathway and suggested technology spin-offs.
AREAS UNDER DEVELOPMENT
What we are Developing
INTEGRATING API'S WITH PERMISSIONED DLT
To fulfill the specific needs permissioned DLT platforms are likely to be started by the Central Bank (Specified agents will have access to the Digital Ledger Technology). Therefore by its nature, the access to validate transaction are likely to given to select agents to solve the requirement of privacy. We aim to design and integrate API's to enable agents/ clients to verify their transactions. This is integration will be an important requirement of business and financial agents.
BUILDING SMART CONTRACTS
The success of Central Bank Digital Currency integration will lie in inbuilt Smart Contracts. These Smart Contracts are code or logic on DLT that executes after the predetermined conditions are met. These can be interpreted as digital agreements where once the terms of the agreement are met, then the smart contract verifies it and transfers the Digital Currency (TOKENS) as per the terms. A simple example of a smart contract is that once a payment is received it is automatically split and sent to the predetermined individuals.
A smart contract can interact with other smart contracts and, thus, grow in terms of complexity. We aim to provide the right kind of smart contracts product for your specific needs.
BLOCK CHAIN INTEROPERABILITY
There are hundreds of blockchains and DLT platforms operational in the world. Linux Foundation Hyperledger is an open source platform to link these. Our DLT platforms are using these technologies for specific use cases. Interoperability will also be useful in cross-border payment transactions
WATCHING AND LEARNING FROM ENAIRA
We are therefore closely monitoring the progress of CBDC launched around the world. This includes ENAIRA the CBDC of Nigeria. eNaira is based on a hybrid CBDC or a two-tiered CBDC architecture. With this architecture, the Central bank of Nigeria ( CBN) will be responsible for issuing the eNaira while it will leverage the existing financial system and actors such as the financial institutions in directing engagement with users for distribution of the CDBC, payment facilitation, dispute resolution. The eNaira infrastructure is based on the Hyperledger Fabric variant of the DLT. CBN is following account-based model, to enable access by leveraging the existing identity infrastructure in Nigeria such as the BVN (Bank verifcation number) , NIN (National Identification number), TIN (Tax Identification number), etc. eNaira follows a platform model (1) a core ledger provided by CBN for transactions and payments , (2) financial institutions suite to enable distribution and payment services (3) payment service providers module to create an additional payments functionality.
LEARNING FROM TRMI OF MARSHALLESE SOVEREIGN (SOV)
To enable us to work and understand launch of CBDC of the Marshall Islands, we are pre-registered for the time-release monetary issuance (TRMI) of the Marshallese Sovereign (SOV). The TRMI is scheduled to begin in the next few months. More details about the schedule and mechanisms of the TRMI will be known soon.
In the meantime, more information about SOV, including the latest white paper, at their website (https://sov.foundation).
WORKING ON KADENA
To further our knowledge on the cryptotechnolgies we are working on Kadena. Kadena is a hybrid blockchain platform consisting of a public chain protocol called Chainweb and a private chain protocol called Kuro. The public and private networks are interoperable through the smart contract language Pact. It is developing Chain Relay Bonding through bond on-platform technology. It has a crypto gas station to allow businesses to eliminate all transaction fees.As network demand increases, Kadena's energy use remains constant,has improved energy efficiency as TPS (Transactions per Second) scales.