5IRE’S COMPREHENSIVE PLATFORM FOR CBDC
Authors: Vilma Mattila, Prateek Dwivedi, Pratik Gauri & Dhanraj Dadhich
ABSTRACT
It is sufficiently predictable that most paper currencies will disappear and digital currencies will become the mainstream. This is why the Central Bank Digital Currency (CBDC) has recently begun to attract attention. Blockchain technology bring unique advantages to a CBDC. A blockchain-based CBDC enables central banks to control the currency while protecting the privacy and independence of the CBDC’s use to the end users. The 5irechain based CBDC benefits from the innovative products and services that are being built across the open source blockchain ecosystem including zero-knowledge cryptography, non-custodial wallets, and decentralized finance. 5irechain ecosystem assists all of new financial models that will guarantee financial stability and inclusion, fraud control as well as greater efficiency and modernization of the monetary system. In this paper, we propose 5irechain based CBDC that enables communication between blockchains using Inter-Blockchain Communication (IBC) protocol to ensure interoperability. It can give different user privileges and privacy-preserving.
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