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Innovation Tagline:  an open open-source wholesale cross-border CBDC platform

Project Keywords:  #CBDC #Wholesale CBDC, #OpenSource

Project Members

1. Adam Retkes - CBDC Advisor

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4. Mate Brezovszki  - Digital currency and neobank expert

Prototype Outcomes

Pitch Deck pdf slides (in case of the ppt presentation glitches): 

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https://github.com/Daniel-Szego/Project-Juno-Moneta 

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Solution

Solution

Description

Our team is deeply committed to improving the financial infrastructure of countries, private and public organizations. Taking into consideration the opportunities of digital currencies, we firmly believe that cross-border wholesale central bank digital currencies (CBDCs) could provide the safest and most effective remedy to the existing pain points of international transactions. Cross-border wholesale CBDC might provide a good solution to the problem. Typical use-cases like payment versus payment, or payment versus delivery provide solutions to cross-border and cross-national value exchange. It might be surprising though implementing such a use-case  Our initiative from the private sector could greatly contribute to the huge effort of central banks, the G20, and the Financial Stability Board in improving cross-border payments in an effective and safe manner, created in an open-source fashion having DLT as core technology, as most the current crossborder payment systems run with direct message exchange protocols, like TARGET2 in a pretty private fashion. We believe however that DLT is actually the fastest developed transactional technology on the planet. With Hyperledger Besu efforts of both the Ethereum and Hyperledger communities are combined into one direction. Besides, other initiatives also exist for open-source CBDC systems, like the recently published OpenCBDC platform from M.I.T.. 

The scope of the challenge is to have a first working prototype up and running. We would like to implement a  a typical wholesale cross-border CBDC use-case, like payment versus payment with the help of Hyperledger Besu and solidity smart-contracts. During the development phase, we focus on the functionalities of Besu, like transactional speed and privacy features without scaling much beyond its capabilities.     

Our focus is on CBDCs but our solution is intended to provide an interoperable digital currency design that might be interchangeable with tokenized commercial bank money.   

Competitive edge

Currently, an international wire transfer has to go through a chain of correspondent banks to reach the beneficiary. This correspondent banking system has not changed much in the last 50 years since the SWIFT system was introduced, it is obsolete, slow, expensive, and not transparent. Innovative cryptoassets can serve as international means of exchange, an alternative solution to the correspondent banking system's pain points, but they are not legal tender, therefore Project Juno Moneta focuses on cross-border wholesale CBDCs.

We believe that DLT is actually one of the fastest developing transactional technology on the planet. With Hyperledger Besu both the Ethereum and Hyperledger communities are combined in one direction. Besides, other initiatives also exist for open-source CBDC systems, like the recently published OpenCBDC platform from M.I.T. 

Environmental and social impact

One of our further development use case is having a sustainability aspect taken into consideration in which carbon and methan accounting is a functionality on the token level. 

Project Juno Moneta - Community interactions

We have already pitched our field of expertise and our prototype solution to the Hyperlegder Community at one of a Hyperledger Meetup. We have gained a lot of positive feedback from the audience.  Online recording is available: 

Project Plan

05/2022 Prototype Phase (Hyperledger Challenge 2022)

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