Hey Ben I'm guessing FedNow is a competitor to other blockchains? What's the compaieosn to FedNow vs Eth for example?
Or is FedNow even utilizing blockchains? Possivbly for them to. Use them in the future?
Tin hat now-
What happens if like government money goes into funding eth research and improving the block chain so that gov can use it in it's finalized form. Much how government money funded alot of technology breakthroughs? Thoughts?
it's just an instant settlement network. fednow is not on a blockchain nor is it using a permissioned blockchain.
think of it like moving its federal reserve payment network like fedwire to something that resembles paypal. this settlement network has an additional feature to where somebody like paypal can now integrate it into its backend to now be a part of the federal reserve payment network.
it's a way for the fed to be closer to all transactions and also attract more usage of dollars that are more direct to the FED.
Yes, conspiracy folks point to surveillance capabilities increasing which is true. But it also helps fight inflation since its the FED's dollar being moved, not dollar minted by a bank or fintech platform.
Hey Ben I'm guessing FedNow is a competitor to other blockchains? What's the compaieosn to FedNow vs Eth for example?
Or is FedNow even utilizing blockchains? Possivbly for them to. Use them in the future?
Tin hat now-
What happens if like government money goes into funding eth research and improving the block chain so that gov can use it in it's finalized form. Much how government money funded alot of technology breakthroughs? Thoughts?
it's just an instant settlement network. fednow is not on a blockchain nor is it using a permissioned blockchain.
think of it like moving its federal reserve payment network like fedwire to something that resembles paypal. this settlement network has an additional feature to where somebody like paypal can now integrate it into its backend to now be a part of the federal reserve payment network.
it's a way for the fed to be closer to all transactions and also attract more usage of dollars that are more direct to the FED.
Yes, conspiracy folks point to surveillance capabilities increasing which is true. But it also helps fight inflation since its the FED's dollar being moved, not dollar minted by a bank or fintech platform.
Some of them have been at it for a while now, so I'd take of that tinfoil hat: https://www.ccn.com/singapores-central-bank-tokenizes-dollar-via-ethereum-blockchain/