Innovation Tagline: an open-source wholesale cross- border CBDC platform
Project Keywords: #CBDC #Wholesale CBDC, #OpenSource
Project Members
1. Adam Retkes - CBDC Advisor
2. Daniel Szego - DLT Architect
3. Balázs Héder - Blockchain specialist and researcher
4. Mate Brezovszki - Digital currency and neobank expert
Prototype Outcomes
Pitch Deck pdf slides (in case the ppt presentation glitches):
Pitch Deck ppt (containing demonstration video):
Technical and use-case demonstration video:
Project repository:
https://github.com/Daniel-Szego/Project-Juno-Moneta
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Solution
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 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 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.
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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.
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: