Site | Zou Chuanwei, Chief Economist of Wanxiang Blockchain: Five Speculations on DC / EP Design

Babbitt reported on the spot that on December 3, "2019 CAN Conference · Everything Interchain" was held in Hangzhou. Zou Chuanwei, chief economist of Wanxiang Blockchain, made five speculations on the design of DC / EP in his speech, including:

The first is account loose coupling = Token paradigm. DC / EP belongs to the token paradigm, not the account paradigm.

The second is that DC / EP uses a centralized ledger based on the UTXO model. This centralized ledger is embodied as a digital currency issuance registration system, maintained by the central bank, is centralized, and does not need to run consensus algorithms, so it will not be subject to the performance bottleneck of the blockchain.

The third is DC / EP wallet. Users need to use a DC / EP wallet. The core of the wallet is a pair of public and private keys. The public key is also the address, and the digital certificate in RMB is stored in the address. This digital voucher is based on a 100% RMB preparation bank.

The fourth is DC / EP transactions. The user can initiate a transfer transaction between addresses through the private key of the wallet, and the transaction is directly recorded in the centralized ledger by the central bank.

Fifth, the DC / EP implementation strategy: wholesale (to B), and then retail (to C or for general purposes); first use in China, then use for cross-border payment.