CBDCs are inherently public, right? One founder is trying to bring a privacy-based CBDC to life, and the details are intriguing.
Chaum developed the protocols that act as the basis of DigiCash — the world’s first digital currency secured by cryptography. As the CEO of privacy-focused network developer Elixxir, David Chaum is working with the Swiss central bank to develop athat could also attract the crypto ecosystem due to its privacy features.
“[Moser] couldn’t understand why people weren’t using eCash for CBDC,” Chaum started explaining. Big banks have too much to consider in terms of reliability and future readiness. So, they are not eager to invest in something that isn’t quantum-resistant. According to the official announcement, Project Tourbillon aims to reconcile trade-offs between cyber resiliency, scalability and privacy by combining technologies like blind signatures and mix networks with the groundwork prepared by David Chaum and Thomas Moser.
Within the context of central bank digital currencies, when a user wants to join the CBDC system as a user, they can go to a bank office to prove that they know their inalienable key by confirming specific placements of random letters in the phrase. In the inalienable system, the user doesn’t have to go through the physical confirmation step after the first time. They can send their confirmation electronically and also create pseudonyms for every other specific situation, Chaum explains. He likened the pseudonyms to notebooks with specific signatures or “credentials.” He believes that the usability of inalienable keys extends beyond finance.
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