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Gungun Bhatia
Nov 10, 2022
by Gungun Bhatia

David Chaum Launches CBDC Technology That Preserves Privacy

David Chaum CBDC

Table of contents

  1. BIS to Supervise CBDC Technology
  2. Project Tourbillon to Balance Trade-Offs
David Chaum, who invented eCash, a forerunner of Bitcoin and, more recently, the cryptocurrency Elixxir, thinks the civilized world can establish a type of CBDC that safeguards privacy. He is collaborating with the Swiss National Bank (SNB) on Project Tourbillon, intended for central bank money that prioritizes confidentiality.

BIS to Supervise CBDC Technology

The Bank of International Settlements (BIS) Innovation Center will oversee the project's development, the agency said on Thursday. The initiative will expand the selection of CBDC trials already being developed by the BIS Innovation Hub, such as the projects Mariana and Helvetia, which also involve the SNB.

According to the BIS statement, the technology behind Project Tourbillon would integrate Chaum's quantum-resistant cryptography with confidentiality functions. According to the press statement, the platform will also be extensible since it will use a structure that is interoperable with, but not predicated on, distributed ledger technology.

Project Tourbillon to Balance Trade-Offs

Chaum and Thomas Moser, an alternative member of the SNB governing council, together published a research paper outlining the idea based on Chaum's blind signature approach. According to Morten Bech, Director of the BIS Innovation Hub Swiss Center, the initiative avoids balancing user privacy, productivity, and cybersecurity. In the BIS release, Bech stated that Project Tourbillon would create and validate a prototype that balances these trade-offs and advances central banks' technical frontier. The prototype is expected to be finished by mid-2023.

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Cryptocurrency CBDC David Chaum Bank of International Settlements (BIS)
David Chaum Launches CBDC Technology That Preserves Privacy
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.