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Tezos Technology Used In Digital Euro Model Experiments

It has been confirmed in a ‘Digital Euro experiment Combined feasibility’ report that Tezos technology has been used as one of the model experiments. A private fork of the Tezos blockchain was used for experimentation.

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The Digital Euro Experiment

It has been confirmed that Tezos technology is being used in Digital Euro experimentation as stated in the ‘Digital Euro Experiment Combined Feasibility – Tiered Model’ published by the Banque De France here.

In the report it stated:

“Two distributed ledgers (a private fork of the Tezos blockchain and a customized fork of the NEM blockchain) enabled the implementation of a value-based Tier 2 system.”

This tiered-model experiment was brought together by many different central banks in Europe including Banque de France, Banca d’Italia, Banco de España, Banque centrale du Luxembourg, Banque Nationale de Belgique, the European Central Bank, Lietuvos Bankas, and Oesterreichische Nationalbank.

It was concluded in the report that:

Overall, the experiment assessed that a tiered model such as the one described in this report could be a suitable architecture for the digital euro. From a technical point of view, it demonstrated the feasibility of combining centralized and distributed systems, which allows accommodating several use cases and supporting various functionalities of a potential future digital euro.

This is not the first time that Tezos has been included in central bank experiments regarding a potential CBDC (Central Bank Digital Currency). In September 2020, it was announced that Société Générale Forge had selected the Tezos blockchain to run Central Bank Digital Currency (CBDC) experiments.

This was after Société Générale had been selected by the Banque De France as part of its call for applications to experiment the use of Central Bank Digital Currency for interbank settlements in July 2020.

Later it was announced that the French banking giant Société Générale, who are the 3rd largest bank in France and 7th in Europe have issued the first structured product on the Tezos Blockchain. 

In this latest advancement, the use of a private fork of the Tezos blockchain was used as part of the ‘Value-Based’ tier 2 system.

Here you can see highlighted on the image of where the Tezos technology was used:

The tier 2 ‘Value-Based’ system where Tezos technology was used:

is made of multiple coexisting and interoperable systems where all supervised intermediaries open and manage accounts (account-based D€) or wallets (value-based D€) for end-users

Notice the D€ sign here symbolizing the Digital Euro.

What is of particular interest here is that end-users are mentioned in relation to the tier 2 system, which was experimented on using Tezos technology. This tier 2 system contains Digital Euro value-based wallets for end users.

Disclaimer

Nature of Content: All content published on https://xtz.news, whether written, auditory, or visual, is for informational purposes only. Opinions expressed therein are solely those of the individual authors and do not reflect the views of XTZNews or its management.

Not Financial Advice: No content on this website constitutes investment, financial, legal, or tax advice. Users should not construe any such information as a recommendation to buy, sell, or hold any investment or security or to pursue any particular investment strategy.

Accuracy and Completeness: While XTZNews makes every effort to ensure the accuracy and reliability of information, we do not warrant or guarantee the timeliness, completeness, or accuracy of the information presented. The website may contain errors, omissions, or inaccuracies. We disclaim all warranties, both express and implied, regarding the information, including but not limited to, any warranty of merchantability or fitness for a particular purpose.

Endorsements: References to specific entities, products, services, processes, or other information does not constitute or imply endorsement, sponsorship, or recommendation by XTZNews. Blockchain technology is in a developmental phase, and the engagement with the technology and its associated entities carries inherent risks.

User’s Responsibility: Users are encouraged to conduct their own research and due diligence and to seek the advice of qualified professionals before making any investment or decisions related to content on this site. Engaging with blockchain technology, cryptocurrencies, and associated applications should be undertaken with caution, understanding the inherent risks involved.

Limitation of Liability: Under no circumstances will XTZNews or its affiliates, partners, officers, directors, employees, shareholders, agents, or licensors be liable for any direct, indirect, incidental, special, consequential, or punitive damages, including without limitation, loss of profits, data, use, goodwill, or other intangible losses, resulting from (i) your access to or use of or inability to access or use the site; (ii) any content obtained from the site; or (iii) unauthorized access, use, or alteration of your transmissions or content, whether based on warranty, contract, tort (including negligence), or any other legal theory, whether or not we have been informed of the possibility of such damage, and even if a remedy set forth herein is found to have failed its essential purpose.

Seek Independent Advice: Before undertaking any financial investments, potential investors are advised to seek guidance from independent financial, legal, and tax professionals.

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