The Reserve Bank of Australia is Collaborating with This Altcoin!

As the race to launch digital currencies around the world intensifies, Australia has released a whitepaper outlining the new details of its Central Bank Digital Currency (CBDC). According to the whitepaper, the Quorum platform, which is the fork behind altcoin ETH, will be used. Here are the details…

Reserve Bank of Australia to pilot CBDC

The document, made public on Monday, comes after the Reserve Bank of Australia (RBA) partnered with the Digital Finance Cooperative Research Center (DFCRC) in August to conduct research and steer the project’s pilot programme. According to the article, the goal of the CBDC pilot program is to explore innovative use cases and business models that can be supported by a CBDC issuance. The report states:

The project will include pilots of services offered by industry participants in Australia. For real-world use of these assets, the RBA intends to test CBDC with a general purpose pilot.

The program, expected to be completed by mid-2023, will also enable various stakeholders to better understand some of the technological, legal and regulatory aspects associated with a CBDC. As stated in the article, the pilot CBDC will be called the eAUD. This asset will be minted, mined, redeemed and burned by the RBA. On the other hand, DFCRC will be responsible for the implementation of the CBDC pilot program, which requires the development and installation of the eAUD platform.

CBDC to begin fork of leading altcoin ETH

The pilot CBDC platform will run on “Quorum”, an “Enterprise focused” fork of the Ethereum Blockchain. According to the document, Blockchain was “selected as a widely used and well-understood platform that will facilitate the participation of a wide range of entities in the project.” Quorum, an invention by JP Morgan, was developed specifically for the financial industry to meet certain needs that other Blockchains lack.

Quorum uses a “permission management” consensus, which helps a designated authority such as the RBA to pre-approve the implementation of tasks only to a specific group of participants. It also allows a business to directly manage and distribute assets, eliminating the need for a third party. Also, Blockchain eliminates transaction costs. It is said to facilitate transactions faster than Bitcoin and Ethereum.

Australia started token mapping work

According to the whitepaper, “the eAUD platform will have transaction throughput limits without waiting (2-5 seconds delay) to affect the operation of the use cases selected for the pilot project.” Specifically, the eAUD platform will operate as a centralized platform under the management and oversight of the RBA. Approved participants will be able to access the platform via specified Application Programming Interfaces (APIs) and ERC-20 smart contract interface functions.

Meanwhile, although the Australian government has been criticized for not being active when it comes to crypto, it has recently taken action for crypto regulation and the initiation of a CBDC so as not to be left behind. Lately, cryptocoin.com As we reported, it launched a “token mapping” effort aimed at closing regulatory gaps.

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