CEV Framework: A Central Bank Digital Currency Evaluation and Verification Framework with Focus of Consensus Algorithms and Operating Models

12/02/2021
by   Si Yuan Jin, et al.
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We propose a general framework (CEV Framework) for recommending and verifying technical solutions in central bank digital currency(CBDC) system, in which we build two sub-frameworks: an evaluation sub-framework that analyzes current problems about CBDC and provides solutions in terms of consensus algorithms and operating models, and a verification sub-framework that proves the feasibility of recommended solutions. Our framework provides a workflow and can be used as a reference to design CBDC systems based on related national economic and regulatory conditions. The working procedure to generate customized solutions is to split consensus algorithms into different components and analyze their impact on CBDC systems. Furthermore, we propose two operating models to cover operational aspects. Then we build a verification sub-framework to verify potential solutions through empirical experiments and formal logic proof. By iterating with our framework, CBDC designers can find a balanced point in designing a CBDC system. To the best of our knowledge, we are the first to propose a framework to recommend and verify CBDC related technical solutions.

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