A Multi-Chain Model for CBDC

Author:Wei-Tek Tsai, Zihao Zhao, Chi Zhang, Lian Yu, Enyan Deng

Affiliations:Digital Society & Blockchain Laboratory, Beihang University, Beijing, P. R. China

Beijing Tiande Technologies, Beijing, China.

IOB Laboratory, National Big Data Comprehensive Experimental Area, Guizhou, China

Arizona State University, Tempe, AZ 85287, USA

School of Software and Microelectronics,Peking University, Beijing, China

Andrew International Sandbox Institute, Qingdao, China

Abstract:Recently digital currency has received significant attention, and among many topics within digital currency, CBDC (Central Bank issued Digital Currency) has been a hot topic as it will affect national currency systems. RSCoin is the first CBDC model sponsored by Bank of England, and it uses the UTXO model from Bitcoin. This paper proposes a new CBDC model

Panda model that can store account balance like current banking systems, but use efficient consensus protocols to ensure that relevant parties have consistent views of transactions and accounts. The Panda model is scalable as it can include as many financial institutions or individuals as possible in the system with increasing or decreasing workloads. The model has been

simulated in the TaiShan Sandbox in Qingdao.

Keywords:Blockchain; CBDC; Internet-Blockchain;