Equisafe, a specialist in issuing security tokens on blockchains are creating a consortium of actors in order to respond to a call to action from the Banque De France regarding central bank digital currency experimentations. The banks call was to focus on 3 different aspects of an MBDC (Central Bank Digital Currency) – Translated with Google:
- Show how “classic” use cases of interbank money settlements central bank could be achieved with an MDBC on the basis of different technologies;
- Identify the contributions of the introduction of a MDBC for the current ecosystem of infrastructure payment and settlement (including productivity gains) and understand how this MBDC could foster financial innovation;
- Analyze what could be the effects of the introduction of an MDBC on financial stability, monetary policy and the regulatory environment.
The Equisafe consortium hopes to focus on the settlement aspect. Bilal El Alamy of Equisafe stated: “Today, when you buy a stock, the funds are frozen for a while until you receive the stock. With the blockchain, we want to achieve instant settlement, to reduce this counterparty risk to zero.
And then, in terms of the use of end customers, we want to make the issuance of a sale order in the unlisted, its sharing and the completion of the transaction as simple as when sharing an item with a loved one via his smartphone. We want to make investing in the unlisted as easy as buying a book on Amazon. “
The company has recently announced it had chosen Tezos due to: “its community, its security, and its scalability”.
Tezos itself is likely to upgrade its consensus mechanism from Emmy+ to a variant of Tendermint (also used by Cosmos), which would allow next to instant finality on transactions when implemented on a future upgrade proposal.
Nomadic Labs had been working on the Tezos version of Tendermint with CEA List, which is part of the French Alternative Energies and Atomic Energy Commission, a French Government Funded organization with over 15,000 employees and operating a €4.7 billion budget.
Having instant finality on Tezos would set it aside from other top 10 blockchains such as Ethereum, and would prove beneficial to the efforts of the Equisafe consortium in creating an instant settlement pilot proposal.
The Banque De France has also been experimenting with Tezos for a while and set up their own Tezos node with a Raspberry Pi. Thierry Bedoin, the Chief Information Officer and Chief Digital Officer at Banque de France posted their successful experimentation 1 month after Tezos main net launch in March, 2019:
“France has some nuggets on the entire value chain of new services to companies, hardware, and protocols. I am thinking in particular of Tezos and which allows the development of a blockchain protocol overcoming the known defects of public blockchains.”
The Banque De France were still following the Tezos project closely months after in July:
Members of the Banque De France were also liking posts on LinkedIn concerning the Tezos Tenderbake consensus algorithm proposal:
There are also efforts being made in Ukraine to utilize Tezos as part of an E-hryvnia pilot project. The key ability of Tezos to be able to upgrade its features in line with unique use-cases such as central bank coins is likely to give it the edge as pilot projects are conceptualized.
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