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cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:15_accounts:start [2022/05/16 18:18] nick ↷ Links adapted because of a move operation |
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| ====== 4.2.2 Digital Account Model ====== | ====== 4.2.2 Digital Account Model ====== | ||
| - | [[cbdc:public:04_doc:15_common:08_currency_models:start| Return to Currency Models]] | + | |< 100% >| |
| + | | [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:start| Return to Currency Models]] | <WRAP> | ||
| + | <html><b> | ||
| + | <a href="mailto:[email protected]?Subject=OMG's CBDC WG Response: | ||
| + | 4.2.2 Digital Account Model | ||
| + | ">Provide Feedback</a></b> | ||
| + | </html> | ||
| + | </WRAP> | | ||
| ===== Overview ===== | ===== Overview ===== | ||
| - | [[cbdc:public:04_doc:15_common:08_currency_models:15_accounts:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:15_accounts:start| Return to Top]] |
| Almost all Cryptocurrencies implemented so far use the concept of tokens, accounts, wallets, transactions, and distributed ledgers. In essence, these approaches use a model of the way money is handled in bank accounts(( | Almost all Cryptocurrencies implemented so far use the concept of tokens, accounts, wallets, transactions, and distributed ledgers. In essence, these approaches use a model of the way money is handled in bank accounts(( | ||
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| <figure> | <figure> | ||
| - | {{ cbdc:private:cbdc_omg:04_doc:40_currencies:hypecurve.png?600 |}} | + | {{ cbdc:04_doc:40_currencies:hypecurve.png?600 |}} |
| - | {{ cbdc:private:cbdc_omg:04_doc:40_currencies:hypecurve_detail.png?600 |}} | + | {{ cbdc:04_doc:40_currencies:hypecurve_detail.png?600 |}} |
| <caption>Gartner Group Hype Cycle </caption> | <caption>Gartner Group Hype Cycle </caption> | ||
| </figure> | </figure> | ||
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| ==== Digital Account Theoretical User Scenario ==== | ==== Digital Account Theoretical User Scenario ==== | ||
| - | [[cbdc:public:04_doc:15_common:08_currency_models:15_accounts:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:15_accounts:start| Return to Top]] |
| - | : **Note:** The following Digital Account Theoretical User Scenario is only provided for discussion purposes. Actual User Scenarios would be developed during systems analysis and modeled using a Model-Based Systems Engineering (MBSE) approach and address the problem in far more detail with a team of experts. | + | : **Note:** The following Digital Account Theoretical User Scenario is only provided for discussion purposes. Actual User Scenarios would be developed during systems analysis and modeled using a Model-Based Systems Engineering (MBSE) approach and address the problem is far more detail with a team of experts. |
| In the following example, the CBDC is modeled as a Digital account, each account representing an End User. The End Users would actually “own” a wallet that contains account information where money is recorded as a balance that can be added to or subtracted from. For example, a retail purchase would deduct the amount of the purchase from the customer End User's account and add it to the Store's account. | In the following example, the CBDC is modeled as a Digital account, each account representing an End User. The End Users would actually “own” a wallet that contains account information where money is recorded as a balance that can be added to or subtracted from. For example, a retail purchase would deduct the amount of the purchase from the customer End User's account and add it to the Store's account. | ||
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| <figure transactionActFlow> | <figure transactionActFlow> | ||
| - | {{ cbdc:private:cbdc_omg:04_doc:40_currencies:screen_shot_2022-03-11_at_5.14.25_pm.png?950 |}} | + | {{ cbdc:04_doc:40_currencies:screen_shot_2022-03-11_at_5.14.25_pm.png?950 |}} |
| <caption>Simplified Digital Account Flow</caption> | <caption>Simplified Digital Account Flow</caption> | ||
| </figure> | </figure> | ||
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| ===== Examples ===== | ===== Examples ===== | ||
| - | [[cbdc:public:04_doc:15_common:08_currency_models:15_accounts:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:15_accounts:start| Return to Top]] |
| - | There are three categories of "desirements" alluded to in the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:15_summary:start&do=edit | White Paper]] and identified within the [[https://www.omg.org/ | Object Management Group ]] [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:15_summary:start | White Paper Analysis]]: | + | There are three categories of "desirements" alluded to in the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:15_summary:start&do=edit | White Paper]] and identified within the [[https://www.omg.org/ | Object Management Group ]] [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:15_summary:start | White Paper Analysis]]: |
| * **Digital Cash Model** - these are "desirements" with CBDC characteristics most closely aligned with the simple coin cash model | * **Digital Cash Model** - these are "desirements" with CBDC characteristics most closely aligned with the simple coin cash model | ||
| - | * **Digital Account Model** - these are "desirements" with CBDC characteristics most closely aligned with the [[cbdc:public:04_doc:15_common:08_currency_models:15_accounts:start| Digital Account Model]] (i.e, savings, checking, investment, direct pay, credit, debit cards, etc. ) | + | * **Digital Account Model** - these are "desirements" with CBDC characteristics most closely aligned with the [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:15_accounts:start| Digital Account Model]] (i.e, savings, checking, investment, direct pay, credit, debit cards, etc. ) |
| - | * **Research Areas** - these are "desirements" with CBDC characteristics most closely aligned with "research" models such as [[cbdc:public:04_doc:15_common:30_stablecoins:start| Stablecoins]] | + | * **Research Areas** - these are "desirements" with CBDC characteristics most closely aligned with "research" models such as [[cbdc:public:cbdc_omg:04_doc:15_common:30_stablecoins:start| Stablecoins]] |
| - | In this discussion, only the "desirements" identified during the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:15_summary:start | White Paper Analysis]] are considered. Table {{ref>AccountReqiurements}} represents the allocation of "desirements" germane to the Digital Account Model. | + | In this discussion, only the "desirements" identified during the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:15_summary:start | White Paper Analysis]] are considered. Table {{ref>AccountReqiurements}} represents the allocation of "desirements" germane to the Digital Account Model. |
| <table AccountReqiurements> | <table AccountReqiurements> | ||
| - | <caption>Example of mapping a subset of "desirements" identified during the White Paper Analysis conducted by the OMG</caption> | + | <caption>Example of mapping a subset of "desirements" identified during the White Paper Analysis conducted by the OMG's CBDC WG</caption> |
| ^ Topic ^ Desirements ^ | ^ Topic ^ Desirements ^ | ||
| ^ Digital Account Model | <WRAP> | ^ Digital Account Model | <WRAP> | ||
| Line 124: | Line 131: | ||
| : D: D0001, D0002, D0003, D0005, D0008, D0010, D0012, D0013, | : D: D0001, D0002, D0003, D0005, D0008, D0010, D0012, D0013, | ||
| </WRAP>| | </WRAP>| | ||
| - | | **''B''** = [[cbdc:public:04_doc:12_summary:start#benefits| Benefit Considerations ]] ||| | + | | **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefit_considerations| Benefit Considerations ]] ||| |
| - | | **''P''** = [[cbdc:public:04_doc:12_summary:start#policy_considerations| Policy Considerations]] ||| | + | | **''P''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#policy_considerations| Policy Considerations]] ||| |
| - | | **''R''** = [[cbdc:public:04_doc:12_summary:start#risks| Risk Considerations ]] ||| | + | | **''R''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risk_considerations| Risk Considerations ]] ||| |
| - | | **''D''** = [[cbdc:public:04_doc:12_summary:start#design| Design Considerations]] ||| | + | | **''D''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design_considerations | Design Considerations]] ||| |
| </table> | </table> | ||
| ===== Discussion of Examples ===== | ===== Discussion of Examples ===== | ||
| - | [[cbdc:public:04_doc:15_common:08_currency_models:15_accounts:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:15_accounts:start| Return to Top]] |
| - | Table {{ref>accountReqComments}} provides a summary of using a [[cbdc:public:04_doc:15_common:08_currency_models:10_cash:start| Digital Account Model]] instead of a Digital Cash or Stablecoin Models. Many of the OMG identified "desirements" found in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]] **White Paper** during the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:private:cbdc_omg:15_summary:start | White Paper Analysis]] appear to be appropriate for a CBDC **"Account Model"**. The **"Account Model"** uses Digital Money in an analogous model as Accounts for CBDC. For example, the "desirements" **''B0005''**, which is a requirement to //"Protect against criminal activity| In this context, criminal activity is either Money Laundering or Fraud. Fraud is an intentionally deceptive action designed to provide the perpetrator with an unlawful gain or to deny a right to a victim. Types of fraud include tax fraud, credit card fraud, wire fraud, securities fraud, and bankruptcy fraud. Fraudulent activity can be carried out by one individual, multiple individuals, or a business firm as a whole"//, is easily associated with **Accounts**. | + | Table {{ref>accountReqComments}} provides a summary of using a [[cbdc:public:cbdc_omg:04_doc:15_common:08_currency_models:10_cash:start| Digital Account Model]] instead of a Digital Cash or Stablecoin Models. Many of the OMG identified "desirements" found in the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | Money, and Payments: The U.S. Dollar in the Age of Digital Transformation]] **White Paper** during the [[https://www.omgwiki.org/CBDC/doku.php?id=cbdc:public:cbdc_omg:15_summary:start | White Paper Analysis]] appear to be appropriate for a CBDC **"Account Model"**. The **"Account Model"** uses Digital Money in an analogous model as Accounts for CBDC. For example, the "desirements" **''B0005''**, which is a requirement to //"Protect against criminal activity| In this context, criminal activity is either Money Laundering or Fraud. Fraud is an intentionally deceptive action designed to provide the perpetrator with an unlawful gain or to deny a right to a victim. Types of fraud include tax fraud, credit card fraud, wire fraud, securities fraud, and bankruptcy fraud. Fraudulent activity can be carried out by one individual, multiple individuals, or a business firm as a whole"//, is easily associated with **Accounts**. |
| <table accountReqComments> | <table accountReqComments> | ||
| Line 144: | Line 151: | ||
| ^ B0010 ^ Expand consumer access to the financial system | A financial system is the entire set of non-cash-based institutions (i.e., banks, thrifts, insurance companies, stock exchanges, etc.) permitting and facilitating the exchange of funds. The expansion would entail adding people to these institutions | | ^ B0010 ^ Expand consumer access to the financial system | A financial system is the entire set of non-cash-based institutions (i.e., banks, thrifts, insurance companies, stock exchanges, etc.) permitting and facilitating the exchange of funds. The expansion would entail adding people to these institutions | | ||
| ^ B0022 ^ Provide a CBDC that is:<WRAP> | ^ B0022 ^ Provide a CBDC that is:<WRAP> | ||
| - | : 1. NOT [[cbdc:public:8_append:20_glossary:privacy-protected| Privacy-Protected ]] | + | : 1. NOT [[cbdc:public:cbdc_omg:8_append:20_glossary:privacy-protected| Privacy-Protected ]] |
| - | : 2. [[cbdc:public:8_append:20_glossary:intermediated| Intermediated]] | + | : 2. [[cbdc:public:cbdc_omg:8_append:20_glossary:intermediated| Intermediated]] |
| - | : 3. NOT [[cbdc:public:8_append:20_glossary:transferable| Widely Transferable]] | + | : 3. NOT [[cbdc:public:cbdc_omg:8_append:20_glossary:transferable| Widely Transferable]] |
| - | : 4. [[cbdc:public:8_append:20_glossary:identity-verified| Identity-Verified]] | + | : 4. [[cbdc:public:cbdc_omg:8_append:20_glossary:identity-verified| Identity-Verified]] |
| </WRAP> | //Intermediated// generally implies accounts or digital wallets. //Identity-Verified// generally implies validating and verifying a person's identity to gain access to their accounts | | </WRAP> | //Intermediated// generally implies accounts or digital wallets. //Identity-Verified// generally implies validating and verifying a person's identity to gain access to their accounts | | ||
| ^ B0038 ^ Allow private-sector innovators to focus on: <WRAP> | ^ B0038 ^ Allow private-sector innovators to focus on: <WRAP> | ||
| Line 159: | Line 166: | ||
| ^ B0051 ^ Generate data about users’ financial transactions similar to the current Commercial Bank(( | ^ B0051 ^ Generate data about users’ financial transactions similar to the current Commercial Bank(( | ||
| Commercial banks include banks licensed either by federal or state banking agencies, credit unions, and thrifts from the **White Paper**. | Commercial banks include banks licensed either by federal or state banking agencies, credit unions, and thrifts from the **White Paper**. | ||
| - | )) and [[cbdc:public:8_append:20_glossary:nonbank_money]] | This kind of data is collected on the activity in accounts. | | + | )) and [[cbdc:public:cbdc_omg:8_append:20_glossary:nonbank_money]] | This kind of data is collected on the activity in accounts. | |
| - | ^ B0054 ^ Attract risk-averse users to CBDC | Risk Adverse investments usually pay little to no incentive to investors, but its value remains constant. Cash represents that kind of investment | | + | ^ B0054 ^ Attract risk-averse users to CBDC | Risk Adverse investments usually pay little to no incentive to investors, but their value remains constant. Cash represents that kind of investment | |
| ^ P0002 ^ Provide Yield benefits more effectively than alternative methods | Cash generally offers no yield, therefore, this would require accounts | | ^ P0002 ^ Provide Yield benefits more effectively than alternative methods | Cash generally offers no yield, therefore, this would require accounts | | ||
| ^ P0005 ^ Protect against criminal activity | See: **''B0005''** | | ^ P0005 ^ Protect against criminal activity | See: **''B0005''** | | ||
cbdc/public/cbdc_omg/04_doc/15_common/08_currency_models/15_accounts/start.1652739514.txt.gz · Last modified: 2022/05/16 18:18 by nick
