Last Updated on March 21st, 2024
This is the name for the trial of a prototype Central Bank Digital Currency (CBDC), using technology based on David Chaum’s eCash 2.0 design. Throughout 2023, the CBDC has been trialled with the Swiss National Bank, working with Chaum (and his team) and the Bank for International Settlement’s Innovation Hub. The software was built by IBM.
See the BIS press release and some earlier CoinDesk / CoinTelegraph coverage.
eCash 2.0 seeks to fulfil the promise of a private CBDC without compromising on scalability and resilience. Based on David’s blind signature scheme, the digital cash would allow for privacy in transactions between users but at the same time, fraud prevention by allowing the holder of the cash to reveal cryptographic keys to law enforcement in order to trace stolen or fraudulent use of their funds through merchants (who will be known to the system).
In terms of day-to-day spending, neither the central/commercial bank or government would know what the user was spending their digital cash on or who with, just like… cash!
Integration to XX Network and Tie to XX Coin
eCash2.0’s whitepaper is littered with mentions of a Mix network being used to add privacy at the network layer when any sensitive transactional information is transmitted. In an XX Council meeting, Chaum mentioned it would be the XX Network’s cMixx network being used, as well as reiterating it during a more recent interview and an AMA. Long term, the implications being, should this CBDC design be adopted anywhere, that the providers of the CBDC implementation would require postage to process the transactions, which would need to be bought in XX Coin.
The BIS published the results of the trial on 29th November 2023.
There is also a company set up to sell the whole package to any nation state or other body who would want to issue their CBDC called Currency Network Ltd. Again, there appears to be strict confidentiality agreements in place which prohibit anything concrete about the XX Network relationship coming out, but they confirmed a ‘partnership’ on their Linkedin page.
FAQs
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