-
-
Global Money Map
Inspiration
I built a global banking system many years ago and thought this may be a great application of it.
What it does
Project Name: OneWorld-XRP
Preface:
Over the next 10 years, to enable financial activity, the financial world will move from primarily using physical cash to primarily using digital cash in the form of what is now called a Central Bank Digital Currency, CBDC. The basic form of a CBDC is generally understood but one can bet there will be a plethora of implementations.
This move to digital cash or CBDCs will require a modernization of other parts of the financial system, for example, in the settlement of foreign exchange.
Idea:
Create a platform and hub for the creation, exchange and settlement of CBDCs between countries via their central banks.
The generalized solution:
Since many different types of CBDCs can be expected a flexible solution is required. The solution implemented here would be to provide a “banking” system which keeps track of reserves, exchange rates and accumulation amounts of the different currencies within a country or economy. An interface for managing settlement of currencies between any two countries will be provided. In this solution, the “banking” system will keep track of currency amounts for each type of currency along with the private keys to the corresponding “blockchains” if a custodial solution is needed. If a non-custodial solution is required by any central bank, that central bank will have to provide the facility, the APIs, which permit the movement of funds on the various blockchains on which those funds exist.
The XRP solution:
The XRP solution can be either an extension of the generalized solution above or possibly a replacement of it but fully implemented similarly on the XRP blockchain.
In such a design, tokens will be used to represent non-XRP CBDCs. The DEX may be used for settlement of currencies between countries. The drawback to this implementation is that settlement still has to be executed on the original blockchains. At a minimum the cost would have doubled given the XRP cost and the original blockchain cost for transactions.
Further research is needed.
System Interface: Account Opening Process italics - required by each participating central bank. italics Deposit Reserve Funds By Country italics - from central bank to settlement hub. italics Withdraw Funds By Country italics - from settlement hub to the central bank. italics FX Exchange Basic italics - one to one currency exchange. italics FX Exchange Multi italics - one to many currency exchange. italics FX Exchange Complex italics - many to many set of currencies exchange. italics Set Settlement Thresholds italics - drives automated settlement. italics Block FX Transfers italics - for sanctioned countries. italics UnBlock FX Transfers italics - for sanctioned countries. italics Sell Funds italics - at a specified rate. italics Purchase Funds italics - at a specified rate. italics Trade Buy Currency italics - at market rate. italics Trade Sell Currency italics - at market rate. italics Activity Reports
How we built it
Not implemented yet.
Log in or sign up for Devpost to join the conversation.