Welcome to the resource topic for 2023/1717
A Framework for Resilient, Transparent, High-throughput, Privacy-Enabled Central Bank Digital Currencies
Authors: Elli Androulaki, Marcus Brandenburger, Angelo De Caro, Kaoutar Elkhiyaoui, Liran Funaro, Alexandros Filios, Yacov Manevich, Senthilnathan Natarajan, Manish SethiAbstract:
Central Bank Digital Currencies refer to the digitization of lifecycle’s of central bank money in a way that meets first of a kind requirements for transparency in transaction processing, interoperability with legacy or new world, and resilience that goes beyond the traditional crash fault tolerant model. This comes in addition to legacy system requirements for privacy and regulation compliance, that may differ from central bank to central bank.
This paper introduces a novel framework for Central Bank Digital Currency settlement that outputs a system of record—acting a a trusted source of truth serving interoperation, and dispute resolution/fraud detection needs—, and brings together resilience in the event of parts of the system being compromised, with throughput comparable to crash-fault tolerant systems. Our system further exhibits agnosticity of the exact cryptographic protocol adopted for meeting privacy, compliance and transparency objectives, while ensuring compatibility with the existing protocols in the literature. For the latter, performance is architecturally guaranteed to scale horizontally. We evaluated our system’s performance using an enhanced version of Hyperledger Fabric, showing how a throughput of >100K TPS can be supported even with computation-heavy privacy-preserving protocols are in place.
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