Postscript: What exactly is a digital renminbi? I used my knowledge to make a popular science. It is completely different from Alipay and WeChat, and is not a substitute for each other. This cartoon did not mention how the digital renminbi is implemented at the bottom, for example, is its underlying technology a blockchain? I saw the introduction of Mu Changchun, Director of the Central Bank:
At the beginning, the People's Bank of China's digital currency research team made a prototype that completely adopted the blockchain architecture. Later, a problem was discovered because our legal digital currency was replaced by M0. If we want to reach the retail level, high concurrency is a problem that cannot be avoided. On Double Eleven last year, Netlink’s transaction peak reached 92,771 transactions per second. For comparison, Bitcoin was 7 transactions per second. Ether is 10 to 20 transactions per second, and Libra, according to its newly released white paper, is 1,000 transactions per second. It is conceivable that when digital currency is issued in a large country like China, the pure blockchain architecture cannot achieve the high concurrency performance required by retail. Therefore, we decided that the central bank level should remain technologically neutral and not preset a technological route, which means that it does not necessarily rely on a certain technological route.
What is the underlying technology of the digital RMB? Welcome friends who are knowledgeable to comment.
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