Topic: Digital Fiat Currency (DXFC) (Read 366 times)

Hey,

I am currently writing a whitepaper for a digital asset, DXFC. This digital asset is a proposal for a Central Bank Digital Currency (CBDC). Soon, within a couple months, I plan to publish the paper on Github for developers to begin creating the main DXFC blockchain. Also plan to link to the Github repository from multiple social media outlets.

DXFC is a multi-chain project aimed to digitize multiple fiat currencies. Each chain, other than the DXFC chain, represents a different fiat currency. Central banks will decide to use DXFC to support their traditional fiat by implementing a superior digital version. Upon each central bank's decision to adopt DXFC, a new chain is added. So, if 110 central banks/governments adopt DXFC as their solution to digitizing their fiat currency, there will be 111 chains, one for each digital currency and the DXFC chain which connects to each of them.

This CBDC proposal includes a revolutionary tax system made possible by blockchain technology. All taxes will be generated by the use of complex calculations in which derives the amount of tax generated. If all tax laws, income tax brackets and everything else tax-wise doesn't change, then at the time of DXFC adoption, governments will receive the same amount of tax revenue from all sources as they did before adoption. The difference is that taxes will no longer be collected from citizens, but generated as newly minted currency. Filing annual tax returns will also become a "thing of the past."

The DXFC chain provides voting, currency exchange, ability to modify income tax brackets/tax laws and more. A voting system is needed to keep each government in line with their new tax generation system. Most modifications require a government to submit a proposal to be voted upon before being implemented. DXFC chain also functions as a currency exchange enabling customers, people and businesses to operate globally in their native currencies. Currency sent from an account in which needs to be exchanged is burned while the currency being received is generated at the current exchange rate.

Be on the lookout for the publishing of Digital Fiat Currency (DXFC) whitepaper. Any feedback, suggestions or arguments are welcome.

Thanks for reading about the project!