More

    Hyperledger Fast Tracks Dev of Ethereum Based eThaler As US Central Bank Digital Dollar

    • A lot of talks have emerged on the possibility of the Federal Reserve issuing a digital dollar as part of the $2.2 trillion dollar stimulus package to fight the COVID-19 pandemic being a key turning point in the discussions.
    • Now, an Ethereum-based project is accelerating its efforts in the development of a platform that will potentially allow the Fed to directly send cash to an individual.

    eThaler Set To Create Central Bank Digital Currency (CBDC)

    At a planned meeting at Hyperledger, a blockchain consortium, it was decided to accelerate its efforts in the development of eThaler, an Ethereum based project aiming to create a CBDC. While the need for a CBDC has only been a priority to a small number of governments, the current COVID-19 virus pandemic, is setting a new stage for governments to become more “blockchain-friendly,” the U.S becoming the latest superpower to join the race.

    In February, a clear use of the CBDC started to show as California Congresswoman and chair of the House Financial Services Committee, Maxine Waters, introduced the concept of a digital dollar, firing up the accelerated development of Hyperledger’s, eThaler.

    Vipin Bharathan, 59, chair of the Hyperledger identity working group said,

    “The concept of the CBDC seems to have gotten an imprimatur from the house finance committee. That’s a significant step, and I argue that such crisis situations always produce new ideas, and acceptance of new ideas, which will live on long after the coronavirus has burned through the world.”

    Development of the eThaler, CBDC project

    Over the past six months, developers across the world have kept working on open-source projects – professionals from Accenture and InfoSys and the Itau Bank in Brazil – leading the charge. The token follows the ERC-1125 standard, which differs from the conventional ERC-20 token standards by providing a single standard designed to support multiple kinds of tokens.

    The token is expected to be fungible, mintable and destroyable through a burning process similar to Binance Coin (BNB) structure. Notwithstanding the CBDC is expected to be highly divisible to allow micropayments across the system, a feature currently unavailable with fiat currency.

    “Lastly, and perhaps most controversially, the asset must be “pausable” in case a bug in the software is discovered, or an update is being implemented.” – Forbes.

    Criticisms of the CBDC

    Despite the accelerated development of the platform, it may not be used for the current disbursement of the $2.2 trillion dollar relief fund with several critics coming forward to disclaim the formation of a CBDC.

    First, the legacy finance argument is that most of the currency across the world is already on a digital platform. Doubling up, is the Bitcoin community who believe that the central banks interference still makes the blockchain centralized hence defeating the purpose.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Lujan Odera
    Lujan Odera
    Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,354FansLike
    2,773FollowersFollow
    4,134FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Crypto Exchange Binance Looks To Join Houbi, OKEx In Launching A Mining Pool

    Top crypto exchange Binance has plans to launch its own mining pool, according to a Russian crypto news outlet Coinlife on Tuesday. The news was...

    Coinbase Custody Moves Tezos (XTZ) Staking Bakery From US to Ireland For Regulatory Reasons

    Coinbase has managed to move the Tezos Staking Bakery, the largest validator since its launch in 2019 which the exchange has been operating since...

    BitMEX’s Operator HDR Global Grants $100k Towards Bitcoin Core Development

    BitMEX’s parent company HDR Global Trading Limited has awarded $100k to the Bitcoin core developer Michael Ford. This will be the second grant towards...

    Bitcoin, Ethereum, DogeCoin, Lightning Network's Code to be Buried Under Arctic Ice

    The Bitcoin codebase snapshot will be encoded onto film and afterwards be stored for 1,000 years under ice, in Svalbard, Norway. The move is included...

    Huobi Wallet to Integrate Crypto Lender Cred Allowing Users To Earn Interest

    The crypto exchange offering wallet services Huobi has closed a partnership with the decentralized crypto lending company Cred in order to offer user's interest...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.