New Podcast: Requirements for a fully functional CBDC
Our new podcast with OMFIF -DMI is live on https://www.omfif.org/podcast/requirements-for-a-fully-functional-cbdc/
Listen to our new podcast in collaboration with OMFIF’s DMI and hosted by OMFIF CEO John Orchard, where Sovereign Wallet Network CEO Seokgu (Phantom) Yun speaks about the Requirements for a fully functional CBDC alongside Charles Kerrigan partner CMS.
Here is an abstract from the 60 minutes long podcast:
Q1: What are the requirements for a functioning central bank digital currency, and how could the design of CBDC support a more resilient payments landscape? How can you incorporate privacy and transparency into the design of CBDC?
Phantom Yun: Blockchain can be defined as a system that sacrifices performance for increased security and decentralization. To become a useful and deployable CBDC, any CBDC implementation should perform faster than other competing payment systems such as credit cards. Also, it is desirable to outperform most cryptocurrencies to compete in the cross-border payment of choice. For this, we need to solve the blockchain Trilemma. Also, that is, performance, security, and decentralization can not be achieved at the same time.
MetaMUI has solved the blockchain trilemma by identifying that the current blockchain is not truly decentralized. It is structurally decentralized but operationally centralized. By reversing this, having structurally centralized but operationally decentralized architecture, we can achieve a high-performance blockchain ever possible. MetaMUI can outperform all blockchain-based platforms and centralized payment platforms.
MetaMUI CBDC is the only CBDC platform that outperforms the so-called (the world’s fastest CBDC) Chinese E-CNY.
Blockchain-based CBDC should solve the blockchain trilemmabut and the CBDC design trilemma. Identity, privacy, and programmability cannot be easily achieved simultaneously. We can not ignore privacy to achieve legal compliance and implement programmable money. MetaMUI’s answer to this trilemma is using a decentralized identity system such as self-sovereign identity to find the perfect equilibrium of the CBDC design trilemma. Self-sovereign identity is very famous for its advanced privacy protection. Having an SSID-based blockchain system can incorporate privacy and transparency into the blockchain-based CBDC system. Also, we use zero-knowledge encryption to protect the transaction privacy of blockchain data.
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