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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.

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.

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.