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This articles covers how the proposed BRICS digital currency can be realized as a cryptocurrency, thus challenging the claims made in the 'Digital Money Options

This articles covers how the proposed BRICS digital currency can be realized as a cryptocurrency, thus challenging the claims made in the 'Digital Money Options for the BRICS' paper. The article explores how a public blockchain with smart contracts, combined with Zero-Knowledge Proof protocols like zkSNARKs and zkSTARKs, provides a natural fit for implementing the BRICS currency. It covers how the dynamic supply mechanism, legal compliance on-chain, and the integration with DeFi and zkLocus for authenticated private geolocation can be materialized. It also explans how the BRICS nations can leverage these technologies for a more decentralized, interoperable, and efficient financial system aligned with Web3 principles. I’m curious to hear the community's feedback on this. Is there something you disagree on?

thefounder 2y ago
Unless it has AI it’s not worth our attention. Blockchain is so 2021
- iluxonchik 2y ago
  I'm not sure how far along you got in the article, but have you ever heard about zkML?
godzillabrennus 2y ago
If you have a centralized authority of any kind doing the issuance of the asset, managing the infrastructure, and doing redemption, you don't need a blockchain. It's truly pointless.
- logicchains 2y ago
  You don't have one authority, you have multiple issuing authorities (the BRICS countries) with sometimes competing objectives. It's in the interests of these countries to have a "trust free" mechanism in the sense that it minimises the ability of the other countries to screw them over.
  - iluxonchik 2y ago
    Yes, indeed! I would also expand on how the implementation of this on a public blockchain, expands the "trust free" feature to the general public, as derivatives can be easily created on a smart contract based blockchain.
- iluxonchik 2y ago
  Hello and thank you for your comment. I'm not sure how far along you got in the article, but I cover all of these points in the "BRICS Digital Currency as a Cryptocurrency on a Public Blockchain" section. Blockchain is utilized as an authenticated, integrity assured, and trustless state machine and storage layer controlled by a programmable execution layer. The issuance the currency is performed on a public blockchain through a smart contract. In the article I also cover how the proposed solution would not require any infrastructure management at all. The infrastructure is the blockchain, and the blockchain is run publicly via a consensus protocol. If you are curious about how this is possible in more detail, check out our whitepaper on zkSafeZones - a solution aiming to reduce civilian casualties in conflict areas, by leveraging zkLocus, Zero-Knowlegde protocols and the blockchain: https://zklocus.dev/zkSafeZones/ https://zklocus.dev/zkSafeZones/ Still regarding the issuance of the asset, one can leverage zkSNARKs or zkSTARKs to trivially bridge data onto the blockchain from any source, such as your typical HTTPS endpoint. And thanks to their verifiable computation model properties, the correctness of this process can be verified by any third-party, including you and me. Looking forward to your reply.

thefounder 2y ago

Unless it has AI it’s not worth our attention. Blockchain is so 2021

iluxonchik 2y ago
I'm not sure how far along you got in the article, but have you ever heard about zkML?

godzillabrennus 2y ago

If you have a centralized authority of any kind doing the issuance of the asset, managing the infrastructure, and doing redemption, you don't need a blockchain. It's truly pointless.

logicchains 2y ago
You don't have one authority, you have multiple issuing authorities (the BRICS countries) with sometimes competing objectives. It's in the interests of these countries to have a "trust free" mechanism in the sense that it minimises the ability of the other countries to screw them over.
- iluxonchik 2y ago
  Yes, indeed! I would also expand on how the implementation of this on a public blockchain, expands the "trust free" feature to the general public, as derivatives can be easily created on a smart contract based blockchain.
iluxonchik 2y ago
Hello and thank you for your comment. I'm not sure how far along you got in the article, but I cover all of these points in the "BRICS Digital Currency as a Cryptocurrency on a Public Blockchain" section. Blockchain is utilized as an authenticated, integrity assured, and trustless state machine and storage layer controlled by a programmable execution layer. The issuance the currency is performed on a public blockchain through a smart contract. In the article I also cover how the proposed solution would not require any infrastructure management at all. The infrastructure is the blockchain, and the blockchain is run publicly via a consensus protocol. If you are curious about how this is possible in more detail, check out our whitepaper on zkSafeZones - a solution aiming to reduce civilian casualties in conflict areas, by leveraging zkLocus, Zero-Knowlegde protocols and the blockchain: https://zklocus.dev/zkSafeZones/ https://zklocus.dev/zkSafeZones/ Still regarding the issuance of the asset, one can leverage zkSNARKs or zkSTARKs to trivially bridge data onto the blockchain from any source, such as your typical HTTPS endpoint. And thanks to their verifiable computation model properties, the correctness of this process can be verified by any third-party, including you and me. Looking forward to your reply.