BLOCKX: CBDC'S BEST ALLY
Intro
Cash as we all know it, is already on its last legs. From the days of the early homo spp barter trades to about 5000 years ago when the Mesopotamian shekel – the first known form of currency and age of Lydia and Ionia with stamped silver and gold coins, money has undergone a tortuous itinerary. As a legal tender, it may have intrinsic value (commodity money), be legally exchangeable for something with intrinsic value (representative money), or only have nominal value (fiat money). Early efforts at creating digital money, like DigiCash in 1989 and e-gold seven years later were met with failure mainly because of their private issuance and non-interoperability.
CENTRAL BANK DIGITAL CURRENCY
With the advent of digitization and cryptocurrency , central banks worldwide are investigating, researching and launching their own digital versions of paper money, called central bank digital currencies, or CBDCs.
The present concept of CBDCs was inspired by Satoshi Nakamoto's idea of cryptocurrencies, but differs from them in that it would be issued by a state and have an official legal tender status.
The CBDC system would likely comprise similar elements and underlying functions as traditional based payment solutions like MasterCard, PayPal etc, with each sovereign central bank facing many of the practical policy issues as those traditional private corporations. A typical payment system comprises elements like an operator, participants, instruments, procedures, and rules for fund transfers, with end users and technical processing and legal framework. These elements in the CBDC system would act as intermediaries between the central bank and end users like individuals and banks.
CBDCs and INTEROPERABILITY
Interoperability is made up of systems that enable payment systems to exchange information. For a CBDC system, sufficient interoperability to ensure an easy flow of funds between payment systems would be a “core feature” and would contribute to the coexistence of a CBDC within a wider payment range.
Significant domestic and international consultation and dialogue to understand the practical impact of any choices would likely be required, both prior to launch and during the life of any CBDC system. This is where BlockX interphases with CBDCs
ABOUT BLOCKX
BlockX: Digital Assets & CBDC Settlement, Payment Blockchain, and Tokenizer Platform
The advantages offered by CBDCs can easily pave the way for a better and brighter future for the current financial system. They make a crucial milestone in the ongoing progress and evolution of the financial world that surrounds us.
BlockX is driving this movement by offering digital assets settlement and payment blockchain for global finance, including CBDC, Digital Securities, Real Estate, NFTs, and much more.
Our blockchain network is created with the principle of transparency in mind, and we offer built-in compliance features, including a public ledger and a wide network of global anchors that empower transparency and safety.
BlockX allows global access to USDC and other stablecoins, easy cash in and onboarding, and access to additional financial services for the underbanked. In addition, it allows tokenization of real-world assets with the help of BlockX native token, BCX.
Outro
CBDCs is a new technology and as such, has a lot of teething problems. But with BlockX taking up the reigns, its obviously in good hands
RESOURCES
Website https://www.blockxnet.com/
Whitepaper https://go.blockxnet.com/blockx-whitepaper
PitchDeck https://drive.google.com/file/d/1KzOF75Ngbpa6Io-rQ4o-v5L-iRibzkPJ/view
https://www.facebook.com/blockxnet
https://medium.com/blockxnet
https://www.reddit.com/r/BlockX/
https://discord.com/invite/b4GZURPMYw
https://www.youtube.com/channel/UC3nTqoe7ZKPoM02HgAkrR5w
https://www.linkedin.com/company/blockxnetwork/
https://t.me/blockxnetwork
https://twitter.com/BlockXnet
Proof of Authentication
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