Ripple is building the core ledger that mints CBDCs, says top exec

[HAL1000]

https://www.crypto-news-flash.com/ripple-is-building-the-core-ledger-that-mints-cbdcs-says-top-exec/

"You then create a NEW version that’s a bit more centrally controlled so central banks can be comfortable with it."

https://dailyhodl.com/2021/02/19/ripple-executive-says-company-working-with-central-banks-to-develop-digital-assets/

 

Edited February 19, 2021 by HAL1000

[brianwalden]

Ha, minting any type of currency in Ripple is trivially easy. So it looks like Ripple's plan is to get governments and big banks to run their own private ripple nodes to manage the creation and distribution of digital assets. I suspect you'll have a lower ledger that's still private but only available to companies and accredited people. And then if we're really lucky, they'll let some of the IOUs (ahem, I mean Issued Currencies™️) trickle down to us plebes on the public XRPL. Interledger is used to connect it all together. Ripple gets paid by everybody for consulting, tech support, regulatory advice (if you want to trust them after all this), etc.

[Guest]

3 hours ago, HAL1000 said:

https://www.crypto-news-flash.com/ripple-is-building-the-core-ledger-that-mints-cbdcs-says-top-exec/

"You then create a NEW version that’s a bit more centrally controlled so central banks can be comfortable with it."

 

Blockchains intended to replace a significant portions of fiat transactions won't scale unless they are private and all parties can be trusted. The value in doing this on a private blockchain is that it'll then be possible to link to a public blockchains for augmented functions.

[brianwalden]

The whole point of using a blockchain is to remove trust. The ledger itself functions without trusting the ledger keeper(s). If every party is trusted, a centralized ledger is much more efficient. Any type of ledger can connect to public blockchains. You could literally run a ledger in an Excel spreadsheet* and connect it to the XRPL. Ripple wrote the protocol for doing so.

*Ok, so that might be difficult in practice, but I'm pretty sure it's possible.