LONDON, Sept. 30, 2022 /PRNewswire/ -- The European Central Bank released on 29thSeptember 2022, their latest progress report on the investigation phase of their digital euro project and elaborates on foundational design features approved by the Governing Council. The report highlights key operational transfer mechanism requirements for the digital euro including:
- Online validation by third-parties
- Offline functionality (where payee or payer are not connected to the internet) and peer-to-peer validation
- Privacy level at least equal to current private sector digital solutions
- Compatibility with current regulatory framework
Further detailed information can be found at the following ECB link.
Aureum is Fluency's proprietary blockchain account-based ledger technology designed to enable the implementation and on-going operation of CBDC systems. Specifically, Aureum, with its unique account-based ledger architecture, achieves:
- Peer-to-peer validation;
- Online payments validation by certified third-parties;
- Dual offline functionality (when neither payee or payer has mobile or internet connection);
- Instantaneous and programmable payments; and
- Double spending protection through its ledger stored architecture
Inga Mullins, Fluency's CEO and founder, stated "We are extremely pleased to see that our solution, Aureum, fulfils all foundational design aspects for the digital euro as approved by the ECB's Governing Council, and look forward to continuing our ongoing engagements with the world's major central banks focusing on Central Bank Digital Currency".
For more information, please contact info@fluencytech.com
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