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| ====== Question: 22. Are there additional design principles that should be considered? Are there tradeoffs around any of the identified design principles, especially in trying to achieve the potential benefits of a CBDC? ====== | ====== Question: 22. Are there additional design principles that should be considered? Are there tradeoffs around any of the identified design principles, especially in trying to achieve the potential benefits of a CBDC? ====== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:start| Return to CBDC Benefits, Risks, and Policy Considerations ]] | + | |< 100% >| |
| + | | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:start| Return to Design Considerations ]] | <WRAP> | ||
| + | <html><b> | ||
| + | <a href="mailto:[email protected]?Subject=OMG's CBDC WG Response: | ||
| + | Question: 22. Are there additional design principles that should be considered? Are there tradeoffs around any of the identified design principles, especially in trying to achieve the potential benefits of a CBDC? | ||
| + | ">Provide Feedback</a></b> | ||
| + | </html> | ||
| + | </WRAP> | | ||
| ===== Question ===== | ===== Question ===== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| - **Are there additional design principles that should be considered?** | - **Are there additional design principles that should be considered?** | ||
| Line 10: | Line 17: | ||
| ===== Answer ===== | ===== Answer ===== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| ==== Non-Functional Requirements Design Principles ==== | ==== Non-Functional Requirements Design Principles ==== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| === Overview === | === Overview === | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| Some major design principles missing from the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] are the specification of [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:n:nonfuncreq | Non-Functional Requirements]]. The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra | Distributed Immutable Data Objects - Reference Architecture (DIDO-RA)]] provides a list of [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:2_nonfunc | Non-Functional Requirements]] applicable to the CBDC. The following is an outline of the **Non-Functional Requirements**: | Some major design principles missing from the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] are the specification of [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:n:nonfuncreq | Non-Functional Requirements]]. The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra | Distributed Immutable Data Objects - Reference Architecture (DIDO-RA)]] provides a list of [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:2_nonfunc | Non-Functional Requirements]] applicable to the CBDC. The following is an outline of the **Non-Functional Requirements**: | ||
| Line 62: | Line 69: | ||
| === Examples === | === Examples === | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| - | Some of these **Non-Functional** requirements were alluded to in the White Paper, but not directly specified or defined. Table {{ref>xreftable}} provides an example of cross-referencing the Non-Functional Requirements to the Benefits, Policy Considerations, Risks and Design requirements identified in the [[cbdc:private:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] done by the [[https://www.omg.org/ | Object Management Group ]]. | + | Some of these **Non-Functional** requirements were alluded to in the White Paper, but not directly specified or defined. Table {{ref>xreftable}} provides an example of cross-referencing the Non-Functional Requirements to the Benefits, Policy Considerations, Risks and Design requirements identified in the [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] done by the [[https://www.omg.org/ | Object Management Group's ]] CBDC WG. |
| <table xreftable> | <table xreftable> | ||
| - | <caption>Example of mapping a subset of requirements identified during the White Paper Analysis conducted by the OMG.</caption> | + | <caption>Example of mapping a subset of requirements identified during the White Paper Analysis conducted by the OMG's CBDC WG.</caption> |
| ^ Non-Functional Requirement ^ Benefits, Policy Considerations, Risks and Design requirements | | ^ Non-Functional Requirement ^ Benefits, Policy Considerations, Risks and Design requirements | | ||
| ^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:2_nonfunc:10_portability:01_adapt | Adaptability ]] | <WRAP> | ^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:2_nonfunc:10_portability:01_adapt | Adaptability ]] | <WRAP> | ||
| Line 88: | Line 95: | ||
| : P: P0023, P0026, P0028-6 | : P: P0023, P0026, P0028-6 | ||
| </WRAP>| | </WRAP>| | ||
| - | | **''B''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] || | + | | **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] || |
| - | | **''P''** = [[cbdc:private:cbdc_omg: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:private:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] || | + | | **''R''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] || |
| - | | **''D''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] || | + | | **''D''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] || |
| </table> | </table> | ||
| - | : **Note:** There should be no tradeoffs between **Non-Functional Requirements** and any existing requirements identified in [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] as determined by the OMG [[cbdc:private:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] | + | : **Note:** There should be no tradeoffs between **Non-Functional Requirements** and any existing requirements identified in [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] as determined by the OMG's CBDC WG [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] |
| === Discussion of Example === | === Discussion of Example === | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| The first requirement listed under [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:2_nonfunc:10_portability:01_adapt | Adaptability ]] is Benefit **''B0008''**: | The first requirement listed under [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:2_nonfunc:10_portability:01_adapt | Adaptability ]] is Benefit **''B0008''**: | ||
| ^ B0008 ^ 3 | Provide entrepreneurs a platform on which to create new financial products and services | | ^ B0008 ^ 3 | Provide entrepreneurs a platform on which to create new financial products and services | | ||
| - | | **''B''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] ||| | + | | **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] ||| |
| - | | **''P''** = [[cbdc:private:cbdc_omg: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:private:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] ||| | + | | **''R''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] ||| |
| - | | **''D''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] ||| | + | | **''D''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] ||| |
| In order to realize **''B0008''**, the CBDC needs to be considered a system that can support both: | In order to realize **''B0008''**, the CBDC needs to be considered a system that can support both: | ||
| - | * //[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:swadapt | Software Adaptability]] - A software component with a well-defined, stable [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | Spplication Programming Interface (API)]] can be exchanged using another component with minimal effort, as long as that component adheres to the API. For example, [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sql|SQL]] describes an API for a database component. As long as the software adheres to the standard SQL API, the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:dbms | Database Management System (DBMS)]] can be exchanged between, for example, [[https://www.oracle.com/database/technologies/| Oracle | Oracle ]] and [[https://www.postgresql.org/ | PostgreSQL]], with no to minimal impact.// | + | * //[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:swadapt | Software Adaptability]] - A software component with a well-defined, stable [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:api | Application Programming Interface (API)]] can be exchanged using another component with minimal effort, as long as that component adheres to the API. For example, [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:s:sql|SQL]] describes an API for a database component. As long as the software adheres to the standard SQL API, the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:d:dbms | Database Management System (DBMS)]] can be exchanged between, for example, [[https://www.oracle.com/database/technologies/| Oracle | Oracle ]] and [[https://www.postgresql.org/ | PostgreSQL]], with no to minimal impact.// |
| * //[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:archdaptability | Architecture Adaptability]] - Connectors between software components change without having to change the components. This again comes down to having well-defined, stable APIs for the connectors. For example, the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:unix|Unix]] File System (UnixFS) is a connector between software components and the physical filesystem. The associated UnixFS library can be exchanged for the [[https://ipfs.io/ | InterPlanetary File System (IPFS) ]] UnixFS connector and the software component should have no to minimal impact.// | * //[[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:a:archdaptability | Architecture Adaptability]] - Connectors between software components change without having to change the components. This again comes down to having well-defined, stable APIs for the connectors. For example, the [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:u:unix|Unix]] File System (UnixFS) is a connector between software components and the physical filesystem. The associated UnixFS library can be exchanged for the [[https://ipfs.io/ | InterPlanetary File System (IPFS) ]] UnixFS connector and the software component should have no to minimal impact.// | ||
| - | Obviously, this is just an example, and the Federal Reserve should adopt the information and update the information in the [[cbdc:private:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] and also perform their own assessment a similar to that presented in Table {{ref>xreftable}}. The discussions and justifications for each requirement need to be captured for future reference. For example, **''B00008''** would have its own discussion area within the CBDC requirements document. | + | Obviously, this is just an example, and the Federal Reserve should adopt the information and update the information in the OMG's CBDC WG [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] and also perform their own assessment a similar to that presented in Table {{ref>xreftable}}. The discussions and justifications for each requirement need to be captured for future reference. For example, **''B00008''** would have its own discussion area within the CBDC requirements document. |
| ==== Functional Requirements Design Principles ==== | ==== Functional Requirements Design Principles ==== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| === Overview === | === Overview === | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| Some major design principles missing from the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] are the specification of [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:funcreq]]. The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra | Distributed Immutable Data Objects - Reference Architecture (DIDO-RA)]] provides a list of [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:1_func | Functional Requirements]] applicable to the CBDC. The following is an outline of the **Functional Requirements**: | Some major design principles missing from the [[https://www.federalreserve.gov/publications/files/money-and-payments-20220120.pdf | White Paper]] are the specification of [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:f:funcreq]]. The [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra | Distributed Immutable Data Objects - Reference Architecture (DIDO-RA)]] provides a list of [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:1_func | Functional Requirements]] applicable to the CBDC. The following is an outline of the **Functional Requirements**: | ||
| Line 131: | Line 138: | ||
| 2. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:1_func:access | Access Control ]] | 2. [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:1_func:access | Access Control ]] | ||
| - | Some of these **Functional Requirements** were alluded to in the White Paper, but not directly specified or defined. The Table {{ref>funcxreftable}} provides an example of cross-referencing the **Functional Requirements** to the Benefits, Policy Considerations, Risks and Design requirements identified in the [[cbdc:private:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] done by the [[https://www.omg.org/ | Object Management Group ]]. | + | Some of these **Functional Requirements** were alluded to in the White Paper, but not directly specified or defined. The Table {{ref>funcxreftable}} provides an example of cross-referencing the **Functional Requirements** to the Benefits, Policy Considerations, Risks and Design requirements identified in the [[cbdc:public:cbdc_omg:04_doc:12_summary:start| White Paper Analysis]] done by the [[https://www.omg.org/ | Object Management Group's ]] CBDC WG. |
| === Examples === | === Examples === | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| <table funcxreftable> | <table funcxreftable> | ||
| - | <caption>Example of mapping a subset of requirements identified during the White Paper Analysis conducted by the OMG.<caption> | + | <caption>Example of mapping a subset of requirements identified during the White Paper Analysis conducted by the OMG's CBDC WG.</caption> |
| ^ Functional Requirement ^ Benefits, Policy Considerations, Risks and Design requirements | | ^ Functional Requirement ^ Benefits, Policy Considerations, Risks and Design requirements | | ||
| ^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:1_func:platform:hw_arch | Hardware Platforms ]] | <WRAP> | ^ [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:1_func:platform:hw_arch | Hardware Platforms ]] | <WRAP> | ||
| Line 150: | Line 157: | ||
| : R: R0001, R0003, R0007, R0008, R0011, R0014, | : R: R0001, R0003, R0007, R0008, R0011, R0014, | ||
| </WRAP>| | </WRAP>| | ||
| - | | **''B''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] || | + | | **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] || |
| - | | **''P''** = [[cbdc:private:cbdc_omg: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:private:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] || | + | | **''R''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#risks| Risk Considerations ]] || |
| - | | **''D''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] || | + | | **''D''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#design| Design Considerations]] || |
| </table> | </table> | ||
| === Discussion of Example === | === Discussion of Example === | ||
| - | [[cbdc:private:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:20_comments:dsn:q22:start| Return to Top]] |
| The one of the first requirements listed under [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:1_func:platform | Platforms ]] is Benefit **''B00011''**: | The one of the first requirements listed under [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:1.4_req:1_func:platform | Platforms ]] is Benefit **''B00011''**: | ||
| - | ^ ^ B0011 ^ 7 | Make payments: <WRAP> | + | ^ B0011 ^ 7 | Make payments: <WRAP> |
| : 1. faster | : 1. faster | ||
| : 2. cheaper | : 2. cheaper | ||
| Line 167: | Line 174: | ||
| : 4. more accessible | : 4. more accessible | ||
| </WRAP>| | </WRAP>| | ||
| - | | **''B''** = [[cbdc:private:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] ||| | + | | **''B''** = [[cbdc:public:cbdc_omg:04_doc:12_summary:start#benefits| Benefit Considerations ]] ||| |
| Line 177: | Line 184: | ||
| * **''B00011-4''** - More Accessible | * **''B00011-4''** - More Accessible | ||
| - | -=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- | + | /**=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=-=- |
| /* To add a discussion page to this page, comment out the line that says | /* To add a discussion page to this page, comment out the line that says | ||
| ~~DISCUSSION:off~~ | ~~DISCUSSION:off~~ | ||
cbdc/public/cbdc_omg/04_doc/20_comments/dsn/q22/start.1652477064.txt.gz · Last modified: 2022/05/13 17:24 by terrance
