The author once proposed the central bank digital currency system of "one currency, two banks, and three centers". "One currency" is the central bank's digital currency, which is an encrypted digital string that is guaranteed and signed by the central bank and represents a specific amount. "Two banks" refers to the digital currency issuance bank and the digital currency commercial bank bank. The former is the database where the central bank deposits the CBDC issuance funds on the CBDC private cloud, which is managed in accordance with the central bank's cash operation management system, and the latter is the commercial bank where CBDC The database can be in the data center of the commercial bank or on the CBDC private cloud, following the commercial bank cash operation management specifications. The "three centers" include certification centers, registration centers, and big data analysis centers.
Among them, the registration center records the CBDC and the corresponding user identity, completes the ownership registration, and records the flow of water, and completes the registration of the entire process of CBDC production, circulation, inventory verification and extinction. Its main functional components are divided into several parts: issuance registration, right confirmation release, right confirmation query website application, and distributed ledger service. Issuance registration carries out the issuance, circulation, withdrawal process and ownership records of CBDC; confirms the right to release and releases the registered ownership information asynchronously to the CBDC definite authority distributed account book after desensitization; The public provides online ownership query services; distributed ledger services ensure the consistency of CBDC ownership information between central banks and commercial banks.
Generally speaking, it can be understood that we use the non-tamperable and non-forgeable characteristics of the distributed ledger in the registration center to build an "online currency detector", that is, the CBDC confirmation account book, and provide query services through the Internet to the outside world. This design provides a clever application idea for the current distributed ledger technology in the centralized and decentralized binary model of central banks and commercial banks. On the one hand, it isolates the core issuance and registration books from the outside world. Protection, while taking advantage of the distributed ledger to improve the security and credibility of the right to query data and the system; on the other hand, because the distributed ledger is only used to provide external query access, transaction processing is still completed by the issuance registration system. The distributed computing processing of transactions is carried out in the manner of refining the atomic transaction granularity, so that the technical performance bottleneck of the existing distributed ledger in transaction processing can be effectively avoided through the way of business design. Obviously, such a design has fully utilized the technical advantages of the blockchain to ensure the credibility of CBDC banknote verification, but it has not affected the central bank ’s overall control of CBDC.
In particular, this dual ledger inclusive design not only continues the maturity and stability of traditional technologies, but also leaves room for new distributed ledger technologies, making the two distributed technologies compatible, parallel, complementary, and evolving. In the process, competition chooses the best.
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