Cryptocurrencies, especially stablecoins, are among the central concerns of the ongoing Davos Economic Forum 2020. So, ConsenSys blockchain corporation has shared their concept of CBDC!
While 2019 was the year of stablecoin recognition by central banks, 2020 may be the year of regulated digital asset implementation.
Stablecoin by ConsenSys
Yesterday, Joseph Lubin presented the framework of regulated Ethereum-based stablecoins at the Davos Economic Forum. Crypto journalist Nawaz Sulemanji shared the overall scheme of its layers.
Image by: https://twitter.com/NawazCrypto/status/1219295810644512769/photo/1
It looks like the interaction between the central bank and the end users of this stablecoin will be organized through a network of side channels and state channels. Thus, the whole solution looks like a Layer-2 add-on built above the Ethereum (ETH) network.
Stablecoins on Ethereum (ETH) to become a global trend
ConsenSys is a highly unusual example of an independent R&D team working on state-issued stablecoin on Ethereum (ETH). Typically, this role is carried out by governmental labs.
As reported by U.Today, the Reserve Bank of Australia recently disclosed its efforts in this sphere. The financial institution claims that their Ethereum (ETH) – based asset has already been tested in a sandbox that emulates the financial system of a modern state.