Page History

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• Vipin Bharathan dlt.nyc

• Kelly Cooper
• Bobbi Muscara
• mani pillai
• Sean Young
• Jim Mason
• Karen Ottoni
• Michael del Castillo
• Danno Ferrin
• Prasad Kanche

Goals

Discussion items

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	Fungible - one physical dollar can be substituted by one digital dollar.  Not, for example, not from a bad source with behaviors. Variable  supply, not fixed like ICO type supply. Supply can vary according to the Feds control of the monetary policy. Today function is between Feds and US Treasury. The supply is controlled, you can withdraw money from the supply. Physical dollars. Sometimes more are printed to replace, based on physical deterioration. Token can be minted or born. Fractional - can be divided into either decimals, up to 4-points for micro payments.
	D - dividable C - compliance T - transferrable Fulfills KYC AMC check - compliance kicks in when transfer amount is greater than 1,000. Starting to model wholesale CDBC. May not require heavy compliance because institutions are regulated. Might require further look into transfer operations amounts. P - Pausable. Tokens received and become tainted? Challenges notion of fungability.  Freezing - bugs or upgrade of infrastructure. Pause and resume particular account and set of tokens. SC - supply control mintable and burnable.
	JSON file Taxonomy services TTF printer. can parse JSON and come out with no errors.

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Interface. Dividable, Transferrable, Pausable, Compliant, etc. need interface. Just starting. 

TTF already says what those behaviors need to implement, as far as interfaces go. 

Final challenge TTF, need to use JSON files to create user-readable documents that detail every one of these things out. Use case gets transformed from business use case into a specification (functional) for implementation.

11-55 part of the project.

Functions, intersection of roles.

Roles important - mintable - only central bank or its agents can mint the token. Also, burnable. 

Transferrable - can only happen between parties in the wholesale system.

Identity enters at an early stage. 

At HGF - Global Legal Entity - Identity Foundation. Implemented using early forms of Indy, an organizational wallet that went from LEI (enterprise focus) to role focus. If the Fed has a chief mint officer - delegated responsibility of minting. May need sign-off by someone else. Roles - created. PoC with an organizational wallet that goes from the institution to the actual roles. 

Great idea to integrate roles into eThaler - for end to end.

Asset transfers and settlement - Mani

Focus of initial phase to build basic infrastructure - token to start with commercial banks for transfer. Want to create a standard on the contact side, can eventually be a standard in commercial banks for issuing their own tokens, later. Started looking at what standards should be applied. Initial implementation.

Regional token will not be issued by commercial banks - they will be a conduit.

Look at infrastructure - enterprise - Hyperledger Besu as base for implementing the token. 

11-55 one contract to be used. Multiple currencies, multiple tokens. 

Open source over the next few weeks. Open test network. 

First test one currency, one central bank, couple of commercial banks. 

Assets, value transfer, and settlement. With a stable coin, infrastructure can be with bank issuing token, that can be settled with CDBC token. 

Swap or a derivative.

Actions - behaviors - well defined in the TTF. Example pause. In order to implement this behavior = implement this interface

Besu = any specific reasons, Ethereum client, why Besu selection

Wanted to have an enterprise standard

Besu goes hand in hand with TTF definition, makes sense to use Ethereum infrastructure. Anyone can adopt.

Transaction time? Far away from that. Goal for transaction time? Models sketched out, one - wallet separate from blockchain - transaction times would be almost instantaneous. Blockchain system of record, anchor. 

Implementation details, we'll see how we can separate. Creation of a digital wallet, non-trivial task. Secure digital wallet.