China integrates new blockchain consensus protocol into mBridge cross-border CBDC project
The post China integrates new blockchain consensus protocol into mBridge cross-border CBDC project appeared on BitcoinEthereumNews.com. mBridge, the cross-border central bank digital currency (CBDC) project led by China, has switched to a new blockchain consensus protocol, local reports reveal. mBridge is a CBDC partnership between the People’s Bank of China (PBoC), the Hong Kong Monetary Authority (HKMA), Thailand’s central bank, and the Central Bank of the United Arab Emirates. It offers a multi-CBDC arrangement between participants, enabling cheap and fast cross-border transfers. The project was first deployed on a customized network that borrowed aspects of popular blockchain networks such as Ethereum’s smart contract language Solidity. It relied on HotStuff, a Byzantine fault-tolerant consensus protocol. Local media outlets in China reported that mBridge has transitioned to Dashing Protocol. Developed by the PBoC’s Digital Currency Research Institute and Tsinghua University, Dashing aims to improve the performance of mBridge as it readies to welcome other countries into the project. Speaking during the Beijing Digital Finance Forum, PBoC’s Di Gang said that Dashing supports the adaptability of complex network dynamics and is more secure than its predecessor. It also optimizes the consensus process to achieve high scalability and low latency, stated Di Gang, the deputy head of the Institute. Di Gang further revealed that in a 91-node test, Dashing improved mBridge’s performance tenfold. The results were forwarded to the French and Swedish central banks, two observers of the mBridge project. The protocol “can not only replace the consensus algorithm in the existing alliance chain as a separate module, but also help build a new financial infrastructure that is safe and efficient for multi-party collaboration,” he added. Will mBridge threaten U.S. dollar dominance? As the participants’ optimism with mBridge grows, so does the skepticism of Western powers. Observers from Europe and the U.S. claim that mBridge could make the Chinese yuan more appealing as an international currency. The U.S. dollar dominates global trade, accounting for 90% of the…
The post China integrates new blockchain consensus protocol into mBridge cross-border CBDC project appeared on BitcoinEthereumNews.com.
mBridge, the cross-border central bank digital currency (CBDC) project led by China, has switched to a new blockchain consensus protocol, local reports reveal. mBridge is a CBDC partnership between the People’s Bank of China (PBoC), the Hong Kong Monetary Authority (HKMA), Thailand’s central bank, and the Central Bank of the United Arab Emirates. It offers a multi-CBDC arrangement between participants, enabling cheap and fast cross-border transfers. The project was first deployed on a customized network that borrowed aspects of popular blockchain networks such as Ethereum’s smart contract language Solidity. It relied on HotStuff, a Byzantine fault-tolerant consensus protocol. Local media outlets in China reported that mBridge has transitioned to Dashing Protocol. Developed by the PBoC’s Digital Currency Research Institute and Tsinghua University, Dashing aims to improve the performance of mBridge as it readies to welcome other countries into the project. Speaking during the Beijing Digital Finance Forum, PBoC’s Di Gang said that Dashing supports the adaptability of complex network dynamics and is more secure than its predecessor. It also optimizes the consensus process to achieve high scalability and low latency, stated Di Gang, the deputy head of the Institute. Di Gang further revealed that in a 91-node test, Dashing improved mBridge’s performance tenfold. The results were forwarded to the French and Swedish central banks, two observers of the mBridge project. The protocol “can not only replace the consensus algorithm in the existing alliance chain as a separate module, but also help build a new financial infrastructure that is safe and efficient for multi-party collaboration,” he added. Will mBridge threaten U.S. dollar dominance? As the participants’ optimism with mBridge grows, so does the skepticism of Western powers. Observers from Europe and the U.S. claim that mBridge could make the Chinese yuan more appealing as an international currency. The U.S. dollar dominates global trade, accounting for 90% of the…
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