“Fedcoin” came again: Financial technology companies proposed the Fed to use encrypted currency


nnnDuring the runaway: a number of financial technology companies to submit proposals to the Fed, it is recommended that the use of block-chain technology to achieve a more rapid payment system. Which is the most influential of WingCash’s proposal, if adopted, has long been discussed in the “Fedcoin” concept may also be accepted.n
nnTranslation: Clovern
nIn a report by the Faster Payment Task Force, financial technology companies outlined how to use block-chain technology to make faster payments for the US Federal Reserve system.n
nThe proposed companies include Ripple, Eccho, Xalgorithm, Hub Culture, Kalypton Group, Nanopay Corporation and Thought Matrix Consulting.n
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nBased on the block chain proposaln
nHub Culture, Eccho, and Xalgorithms propose to use end-to-end global payment transactions using a distributed ledger technology solution with real-time asset switching network (RAIN) and real-time asset exchange books (RAIL).n
nThis includes a unique identity (USI) that can connect to an existing account, potentially reducing transaction costs and platform spending and reducing deployment time to support push and pull payments across the network.n
nOn the other hand, Kalypton Group Limited and Eccho proposed a complete transaction processing engine, not just pay-related. This solution will provide a block-like chain of functionality that is not restricted.n
nTheir proposals will also incorporate a configurable service layer, implement multiple use cases and support the rapid and continuous innovation of service providers.n
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nFedcoin return?n
nIn the five block-based chain proposals, the most influential is WingCash.n
nWingCash makes the Fed have to adapt to the use of encrypted money.n
nThe WingCash Fast Payment Network is a software platform that will be owned and managed by the Federal Reserve and its management. The platform will issue digital currency or digital federated banknotes tied to an Internet domain name (Fednotes.com).n
nWingCash’s proposal will enable companies to issue and define the characteristics of digital brand cash.n
nWingCash’s proposal was written by its founder and chief executive, Bradley Wilkes. If the team uses the proposal, the US central bank will take steps to accept the long-term discussion of the “Fedcoin” concept.n
nThe central banks of the rest of the world, such as the UK, Russia and China, have expressed interest in issuing their own encrypted currency, which may be the first direct proposal to the Fed.n

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