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Sweden’s central bank says it has begun testing an e-krona

reuters.com

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Re: Sweden’s central bank says it has begun testing an e-krona

#21

Post by simonskoog »

navidfarhadi wrote: post #8
surfsvammel wrote: post #2

My company’s suggested implementation made it to the second round of proposals. Unfortunately we are not involved any more. There are some serious challenges that needs to be ironed out. Two that comes to mind is how to solve offline payments, the other one is how to live up to the requirement from the government that the currency needs to be liquid also during a crisis (what if electricity or telecom doesn’t work?)…

> My company’s suggested implementation made it to the second round of proposals. If you don't mind me asking what company do you work for? I am actually studying computer science (security and privacy emphasis) at KTH in Sweden and I have been interested in CBDC for some time now. If your company offers master's theses I would love to connect on LinkedIn or via email. > the other one is how to live up to the require…

> If you don't mind me asking what company do you work for? I am actually studying computer science (security and privacy emphasis) at KTH in Sweden and I have been interested in CBDC for some time now. If your company offers master's theses I would love to connect on LinkedIn or via email.

I might have the same employer, and the kind of company we and Accenture are don't primarily focus on this tech, but usually have a wide variety and ever changing list of options for a masters thesis.

Re: Sweden’s central bank says it has begun testing an e-krona

#22

Post by duxup »

lawn wrote: post #3

> The pilot will run until February 2021 and will use block-chain technology, the Riksbank said. Will it really? Riksbanken can have a central server to resolve any double spends, which is only really a problem in a decentralized network. Once you have a singular authority you can just let them decide, and you'll have no need for an inefficient cryptocurrency. > which is being developed by consulting firm Accenture A…

It seems inevitable that when the buzzwords wear off some executive will ask "So we have this central server we trust right? Why not just use that?"

Re: Sweden’s central bank says it has begun testing an e-krona

#23

Post by HideousKojima »

duxup wrote: post #22
lawn wrote: post #3

> The pilot will run until February 2021 and will use block-chain technology, the Riksbank said. Will it really? Riksbanken can have a central server to resolve any double spends, which is only really a problem in a decentralized network. Once you have a singular authority you can just let them decide, and you'll have no need for an inefficient cryptocurrency. > which is being developed by consulting firm Accenture A…

It seems inevitable that when the buzzwords wear off some executive will ask "So we have this central server we trust right? Why not just use that?"

Nah, they'll just kill the project when it fails and move onto the next buzzword

Re: Sweden’s central bank says it has begun testing an e-krona

#24

Post by lutorm »

bitxbit wrote: post #20

All these banks and financial institutions launching digital currencies miss the whole point: FRICTIONLESS transactions. Right now you have layers upon layers of network companies nickle and diming you. This is literally someone taking a penny from everyone’s account except it is a lot more than that. There’s absolutely no reason for Mastercard and Visa to even exist in 2020. They’re sitting on top of some obsolete i…

Isn't that the point though -- that the issuer of currency should manage the system? It should simply be part of the currency just like physical cash is.

Re: Sweden’s central bank says it has begun testing an e-krona

#25

Post by tjoff »

volgar1x wrote: post #14
aazaa wrote: post #9

This effort betrays a supreme misunderstanding about what makes Bitcoin important. "Blockchain technology" is not what makes Bitcoin revolutionary. Bitcoin is censorship-resistant electronic cash. It's teleportable currency - without a deplatforming option. That's the innovation. What Sweden is engaging in is a cargo cult. Build the blockchain runway, hoping the planes will land. They won't because they have no reaso…

Why is this getting downvoted?

Because it isn't relevant and e-krona has nothing to do with bitcoin, certainly isn't trying to beat bitcoin. Neither is it trying to solve the same problems as bitcoin.

Re: Sweden’s central bank says it has begun testing an e-krona

#26

Post by acuster »

duxup wrote: post #22
lawn wrote: post #3

> The pilot will run until February 2021 and will use block-chain technology, the Riksbank said. Will it really? Riksbanken can have a central server to resolve any double spends, which is only really a problem in a decentralized network. Once you have a singular authority you can just let them decide, and you'll have no need for an inefficient cryptocurrency. > which is being developed by consulting firm Accenture A…

It seems inevitable that when the buzzwords wear off some executive will ask "So we have this central server we trust right? Why not just use that?"

External Auditing. I can't audit the central bank's server but I can audit the publicly published blockchain.

Re: Sweden’s central bank says it has begun testing an e-krona

#27

Post by notyourwork »

lawn wrote: post #3

> The pilot will run until February 2021 and will use block-chain technology, the Riksbank said. Will it really? Riksbanken can have a central server to resolve any double spends, which is only really a problem in a decentralized network. Once you have a singular authority you can just let them decide, and you'll have no need for an inefficient cryptocurrency. > which is being developed by consulting firm Accenture A…

> Accenture is quite famous for developing bullshit solutions for made-up problems, so I guess this is a good fit for them.

Came here to see what consulting firm was behind this tomfoolery.

Re: Sweden’s central bank says it has begun testing an e-krona

#28

Post by tjoff »

bitxbit wrote: post #20

All these banks and financial institutions launching digital currencies miss the whole point: FRICTIONLESS transactions. Right now you have layers upon layers of network companies nickle and diming you. This is literally someone taking a penny from everyone’s account except it is a lot more than that. There’s absolutely no reason for Mastercard and Visa to even exist in 2020. They’re sitting on top of some obsolete i…

Seems like this is exactly what we need then?

Re: Sweden’s central bank says it has begun testing an e-krona

#29

Post by derpherpsson »

rabuse wrote: post #7
lawn wrote: post #3

> The pilot will run until February 2021 and will use block-chain technology, the Riksbank said. Will it really? Riksbanken can have a central server to resolve any double spends, which is only really a problem in a decentralized network. Once you have a singular authority you can just let them decide, and you'll have no need for an inefficient cryptocurrency. > which is being developed by consulting firm Accenture A…

It's buzzwords being thrown around again. Blockchain is highly inefficient for anything other than decentralized consensus.

Maybe the blockchain is meant for "offline" transactions, when neither part is in contact with the Main Server.

Disclaimer: I dont know

Re: Sweden’s central bank says it has begun testing an e-krona

#30

Post by dandanua »

acuster wrote: post #26
duxup wrote: post #22

Earlier quoted context omitted.

It seems inevitable that when the buzzwords wear off some executive will ask "So we have this central server we trust right? Why not just use that?"

External Auditing. I can't audit the central bank's server but I can audit the publicly published blockchain.

This can be solved by making all ordinary transactions public. Blockchain is not needed in 100% of the cases when central authority is in place.
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