Fed tests digital currency without blockchain

[Pekelo]

https://www.reddit.com/r/path%3D%252Fr%252FButtcoin%252Fcomments%252Fsojyqq%252F

Wallets, keys, validator nodes ran by prime banks.

It's not a blockchain, it's a DAG/Hashgraph.

Currently employed by the following cryptocurrencies:

IOTA
Nano
Obyte
Hedera
Fantom

Pros:
-Thousands of times faster than Eth/Btc
-No mining
-Transaction validation uses VERY little energy

Cons:
-Vulnerable to sybil attacks fed+bank reserves would need be %34 of network to ensure security. ( current reserve rate is %10)
-Traceable.
-Centralized.

 

[sebking1986]

Shocker...they are trying to centralise crypto.

 

[RedSun]

Why do we need blockchain? What does it has to do with digital USD?

Most of the banking transactions are digital based anyhow. From ACH to mobile wallet. Blockchain is not any part of this. Not sure where blockchain comes into play in the future. I guess not much.

 

[sebking1986]

Blockchain allows the ledger to be immutable. That's the whole reason it was created.

 

[Pekelo]

Blockchain allows the ledger to be immutable. That's the whole reason it was created.

Except when the network decides that a big steal needs to be repaid and invalidate certain coins...

 

[RedSun]

How many years did it take the blockchain to retrieve the stolen BTC? $6BB!

 

[Bugsy]

https://www.reddit.com/r/path%3D%252Fr%252FButtcoin%252Fcomments%252Fsojyqq%252F

Wallets, keys, validator nodes ran by prime banks.

It's not a blockchain, it's a DAG/Hashgraph.

Currently employed by the following cryptocurrencies:

IOTA
Nano
Obyte
Hedera
Fantom

Pros:
-Thousands of times faster than Eth/Btc
-No mining
-Transaction validation uses VERY little energy

Cons:
-Vulnerable to sybil attacks fed+bank reserves would need be %34 of network to ensure security. ( current reserve rate is %10)
-Traceable.
-Centralized.

The Cons arent an issue if you are using it for legitimate purposes.

Security is backed by the digital footprint and it being regulated and backed by the federal government.

Traceable and centralized goes with the legitimate purposes statement.

 

[Bugsy]

Why do we need blockchain? What does it has to do with digital USD?

Most of the banking transactions are digital based anyhow. From ACH to mobile wallet. Blockchain is not any part of this. Not sure where blockchain comes into play in the future. I guess not much.

This was my thought as well. Its essentially an ACH that acts in microseconds rather than days.

 

[Pricechange]

This was my thought as well. Its essentially an ACH that acts in microseconds rather than days.

No real need for a bank at this point. Nor a Visa symbol. We jut keep our checking and savings in wallets. Maybe thats a good thing.

 

[mikeriley]

Shocker...they are trying to centralise crypto.

Because bureaucrats are in a league alone when it comes
to controlling OUR assets.