What engine is CBDC running on? | Bitcointalksearch.org

masterrex

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Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Can CBDC be classified as cryptocurrencies? If no what is CBDC running on? I mean what engine will CBDC runs on if not blockchain? Some are already saying CBDC is just like USDT what's true what's not?

If we set the Chinese digital yuan as an example of a working CBDC, I think it was very similar to cryptocurrency because Im sure they will also use the Blockchain technology for that development, as they say, But since it was a CBDC and issued by a central Bank it means it was pegged or tied up to the value of that particular fiat currency which the Yuan and also it was a centralized digital currency and also it was very similar to a cryptocurrency.

leea-1334

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Quote from: Zotak337 on January 29, 2022, 02:04:51 AM

Quote from: leea-1334 on January 28, 2022, 06:37:34 AM

Actually,,, I would even say most tokens are not even cryptocurrencies. Just because you issue a token on a blockchain to me only makes it a blockchain asset and not crypto (especially now if you consider that many so called blockchains are not even blockchains).

CBDC is CBDC, blockchain is a technology. You can even make CBDC run on Paypal system if you want.

Finally someone knew where I'm coming from, not all coins are deserved to be called cryptocurrencies, all in the name of utilities many have climbed over the boundary already, blockchain assets and cryptocurrencies are not 100% the same

I heard recently about 5th generation blockchains and wondered to myself where did the 3rd or 4th generation one even go as I never even remembered anyone being the authority to mention all of this Grin

People just making things up now and using labels as they want. CBDC this and CBDC that. Metaverse CBDC Defi Gamefi 10th gen blockchain,,, might as well Grin

Zotak337

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Quote from: leea-1334 on January 28, 2022, 06:37:34 AM

Actually,,, I would even say most tokens are not even cryptocurrencies. Just because you issue a token on a blockchain to me only makes it a blockchain asset and not crypto (especially now if you consider that many so called blockchains are not even blockchains).

CBDC is CBDC, blockchain is a technology. You can even make CBDC run on Paypal system if you want.

Finally someone knew where I'm coming from, not all coins are deserved to be called cryptocurrencies, all in the name of utilities many have climbed over the boundary already, blockchain assets and cryptocurrencies are not 100% the same

leea-1334

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Actually,,, I would even say most tokens are not even cryptocurrencies. Just because you issue a token on a blockchain to me only makes it a blockchain asset and not crypto (especially now if you consider that many so called blockchains are not even blockchains).

CBDC is CBDC, blockchain is a technology. You can even make CBDC run on Paypal system if you want.

MAAManda

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Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Can CBDC be classified as cryptocurrencies? If no what is CBDC running on? I mean what engine will CBDC runs on if not blockchain? Some are already saying CBDC is just like USDT what's true what's not?

Yes, it is a Cryptocurrency in my opinion, based on the news that I've read, CBDC will run on Blockchain, but unlike the Blockchain we use today, the Blockchain used later is a centralized Blockchain, where government institutions will be the operators or nodes. Of course, CBDC has properties like USDT which is stable.

avikz

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Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Can CBDC be classified as cryptocurrencies? If no what is CBDC running on? I mean what engine will CBDC runs on if not blockchain? Some are already saying CBDC is just like USDT what's true what's not?

CBDCs are not cryptocurrencies. They don't run on public blockchain. CBDCs are mainly a digital version of fiat money. So 100 usd of fiat money will have the same purchasing power as digital 100 usd.

USDT is an unauthorized CBDC you can say. The creator of USDT said that 1 USDT is equally valued as 1 USD. So structurally they are similar. But a CBDC will be issued by a central bank whereas USDT is a private cryptocurrency.

dansus021

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the simple answer is not
beside that CBDC is experimental i think and they will run technology like blockchain but more centralized and owned by government

Gorosden

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To me CBDC is still part of crypto because it runs on blockchain technology and the centralized part shouldn't be use as an excuse that it's not cryptocurrency, USDT is centralized and that's why we've been warned many times to rely more on stable coins that are decentralized like DAI for example, if ripple, usdc, UST, and others can be called cryptocurrencies I don't see any difference with CBDC- the Central Bank title is what makes a difference, meaning it belongs to the central banks

Zotak337

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Quote from: bhadz on January 26, 2022, 07:27:28 AM

Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Can CBDC be classified as cryptocurrencies?

No.

Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

If no what is CBDC running on? I mean what engine will CBDC runs on if not blockchain?

They can use blockchain for them to run it but they can also have their own system that's centralized and has the censorship with it.

Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Some are already saying CBDC is just like USDT what's true what's not?

It's true, it actually has a stable value and just like USDT. There's not that much difference on the both of it since they're all stable and centralized.

They can use blockchain to power CBDC but they can also have their own system which is centralised? Then what about XRP? Isn't XRP a cryptocurrency? What about other coins that are centralised? What about binance BUSD? There are many examples available, centralised and running on blockchain isn't crypto anymore?

tbct_mt2

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[GUIDE] All About Central Bank Digital Currency (CBDC). CBDCs are not decentralized and because of centralization under government control, I expect to see censorship from government request in CBDCs.

Don't expect decentralization and privacy when you use CBDCs for your transactions. It won't be much different than bank transfers and governments only try to disguise you from one digital transaction by bank transfer to another type of digital transaction by CBDC.

vv181

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Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Can CBDC be classified as cryptocurrencies?

If cryptocurrencies by definition are a digital currency that does not have any central authority to control/possess them, then CBDC is not a cryptocurrency.

Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

If no what is CBDC running on? I mean what engine will CBDC runs on if not blockchain?

There is a difference between permissionless blockchain and permissioned blockchain. Obviously, the latter is very likely to be used by it.

Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Some are already saying CBDC is just like USDT what's true what's not?

Just by looking at the abbreviation of it, it is called central bank digital currency. USDT does not controlled by a central bank or any government, it just exists as an IOU by a centralized entity. It differs from CBDC who are fully controlled by the government and/or banks.

Jating

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Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Can CBDC be classified as cryptocurrencies?

As in if they can be traded? no, CBCD is not like that because they are going to be pegged on local currencies, so per se by definition of crypto, CBCD doesn't fall on that category.

Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

If no what is CBDC running on? I mean what engine will CBDC runs on if not blockchain? Some are already saying CBDC is just like USDT what's true what's not?

It will still run on blockchain, as to what specific, still depends on the country itself. More likely it will be like local fiat, so yeah it will be stable price just like the rest of the stable coins we have including USDT.

bhadz

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Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Can CBDC be classified as cryptocurrencies?

No.

Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

If no what is CBDC running on? I mean what engine will CBDC runs on if not blockchain?

They can use blockchain for them to run it but they can also have their own system that's centralized and has the censorship with it.

Quote from: Zotak337 on January 26, 2022, 07:15:40 AM

Some are already saying CBDC is just like USDT what's true what's not?

It's true, it actually has a stable value and just like USDT. There's not that much difference on the both of it since they're all stable and centralized.

Zotak337

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Can CBDC be classified as cryptocurrencies? If no what is CBDC running on? I mean what engine will CBDC runs on if not blockchain? Some are already saying CBDC is just like USDT what's true what's not?

Topic: What engine is CBDC running on? (Read 112 times)