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cbdc:public:cbdc_omg:04_doc:90_recommend:93_recomend:start [2022/05/15 21:51] nick [Possible SBIR/STTR Topics] |
cbdc:public:cbdc_omg:04_doc:90_recommend:93_recomend:start [2022/06/17 19:45] (current) terrance |
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| ====== 6.11 Perform Research Development Test & Evaluation (RDT&E) ====== | ====== 6.11 Perform Research Development Test & Evaluation (RDT&E) ====== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:90_recommend:start| Return to Recommendations]] | + | |< 100% >| |
| + | | [[cbdc:public:cbdc_omg:04_doc:90_recommend:start| Return to Recommendations ]] | <WRAP> | ||
| + | <html><b> | ||
| + | <a href="mailto:[email protected]?Subject=OMG's CBDC WG Response: | ||
| + | 6.11 Perform Research Development Test & Evaluation (RDT&E) | ||
| + | ">Provide Feedback</a></b> | ||
| + | </html> | ||
| + | </WRAP> | | ||
| ===== Overview ===== | ===== Overview ===== | ||
| - | [[cbdc:private:cbdc_omg:04_doc:90_recommend:93_recomend:start | Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:90_recommend:93_recomend:start| Return to Top]] |
| - | There are a couple of ways that the OMG members recommend pursuing a U.S. CBDC [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:r:rtd_e | Research Development Test & Evaluation (RDT&E) ]] effort. | + | There are a couple of ways that the OMG's CBDC WG members recommend pursuing a U.S. CBDC [[https://www.omgwiki.org/dido/doku.php?id=dido:public:ra:xapend:xapend.a_glossary:r:rtd_e | Research Development Test & Evaluation (RDT&E) ]] effort. |
| * Either the Federal Reserve directly funds the RDT&E effort | * Either the Federal Reserve directly funds the RDT&E effort | ||
| Line 36: | Line 43: | ||
| </table> | </table> | ||
| - | ===== Possible SBIR/STTR Topics ===== | + | ===== Limitations of Blockchain Technology ===== |
| - | [[cbdc:private:cbdc_omg:04_doc:90_recommend:93_recomend:start | Return to Top]] | + | [[cbdc:public:cbdc_omg:04_doc:90_recommend:93_recomend:start| Return to Top]] |
| - | The following subsections are provided by the OMG members on some possible RDT&E topics and some discussion the Federal Reserve can pursue with a partnering Federal Agency (see {{ref>sbirOrgs}} | + | Orla Ward and Sabrina Rochemont presented a list of Limitations to Blockchain Technologies to the Institute and Faculty of Actuaries. (( |
| + | Orla Ward, Sabrina Rochemont, | ||
| + | __An addendum to “A Cashless Society- Benefits, Risks and Issues (Interim paper)” - Understanding Central Bank Digital Currencies (CBDC)__, | ||
| + | Institute and Faculty of Actuaries, | ||
| + | page 17-18, | ||
| + | March 2019, | ||
| + | Accessed: 18 May 2022, | ||
| + | [[https://www.actuaries.org.uk/system/files/field/document/Understanding%20CBDCs%20Final%20-%20disc.pdf]] | ||
| + | )). Table {{ref>understandCBDC}} presents a summary of the limitations outlined by Orla et al. Many of these are issues are similar to those proposed by the OMG's CBDC WG members in [[cbdc:public:cbdc_omg:04_doc:90_recommend:93_recomend:start#possible_sbir_sttr_topics| Possible SBIR STTR Topics]]. | ||
| + | <table understandCBDC> | ||
| + | <caption>Limnitations of Blockchain Technology.(( | ||
| + | Orla Ward, Sabrina Rochemont, | ||
| + | __An addendum to “A Cashless Society- Benefits, Risks and Issues (Interim paper)” - Understanding Central Bank Digital Currencies (CBDC)__, | ||
| + | Institute and Faculty of Actuaries, | ||
| + | page 17-18, | ||
| + | March 2019, | ||
| + | Accessed: 18 May 2022, | ||
| + | [[https://www.actuaries.org.uk/system/files/field/document/Understanding%20CBDCs%20Final%20-%20disc.pdf]] | ||
| + | )) | ||
| + | </caption> | ||
| + | |<100% 5% 20% >| | ||
| + | ^ Paragraph Number ^ Title ^ Description | | ||
| ^ 4.7.1 ^ Slow transactions | <WRAP> | ^ 4.7.1 ^ Slow transactions | <WRAP> | ||
| Physical performance affecting public Blockchains is a major limitation and barrier to adoption, as | Physical performance affecting public Blockchains is a major limitation and barrier to adoption, as | ||
| this comparative chart illustrates. | this comparative chart illustrates. | ||
| + | |||
| + | <figure TransactionSpeed> | ||
| + | {{ cbdc:04_doc:15_common:50_international:screen_shot_2022-05-15_at_6.32.42_pm.png?500 |}} | ||
| + | <caption>Cryptocurrencies Transactions Speeds compared to Visa and Paypal(( | ||
| + | HowMuch.net, | ||
| + | __Transactions Speeds: How Do Cryptocurrencies Stack Up To Visa or PayPal?__, | ||
| + | Accessed: 15 May 2022, | ||
| + | [[https://howmuch.net/articles/crypto-transaction-speeds-compared]] | ||
| + | ))</caption> | ||
| + | </figure> | ||
| </WRAP>| | </WRAP>| | ||
| ^ 4.7.2 ^ Consensus time delay | <WRAP> | ^ 4.7.2 ^ Consensus time delay | <WRAP> | ||
| The mining process (“Proof of Work”) requires vast amounts of computing power to record | The mining process (“Proof of Work”) requires vast amounts of computing power to record | ||
| - | transactions and because all payments require miner approval there is a limit on the number of | + | transactions and because all payments require miner approval, there is a limit on the number of |
| transactions that can be processed at any time. Once a transaction has been completed, it is | transactions that can be processed at any time. Once a transaction has been completed, it is | ||
| irreversible. Miners are critical to ensuring the validity of each transaction and are rewarded by | irreversible. Miners are critical to ensuring the validity of each transaction and are rewarded by | ||
| Line 91: | Line 129: | ||
| implementations. | implementations. | ||
| </WRAP>| | </WRAP>| | ||
| + | </table> | ||
| + | ===== Possible SBIR/STTR Topics ===== | ||
| + | [[cbdc:public:cbdc_omg:04_doc:90_recommend:93_recomend:start| Return to Top]] | ||
| + | The following subsections are provided by the OMG's CBDC WG members on some possible RDT&E topics and some discussions the Federal Reserve can pursue with a partnering Federal Agency (see {{ref>sbirOrgs}} for a list of possible Federal Government Department SBIR/STTR partners. | ||
| <nspages -tree -r -exclude -subns -pagesInNs -h1 -textNs=""> | <nspages -tree -r -exclude -subns -pagesInNs -h1 -textNs=""> | ||
cbdc/public/cbdc_omg/04_doc/90_recommend/93_recomend/start.1652665864.txt.gz · Last modified: 2022/05/15 21:51 by nick
