Researchers Propose RSCoin, a Permissioned Blockchain Currency Controlled by Central Banks
In September Bitcoin Magazine reported that Andrew G. Haldane, chief economist at the Bank of England (BoE), hinted at the possibility that the U.K. government might issue a digital currency. “What I think is now reasonably clear is that the distributed payment technology embodied in Bitcoin has real potential,” said Haldane. “Bitcoin’s ‘blockchain’....
Related News
The Bank of England (BoE), the central bank of the United Kingdom has sought a digital currency of its own. A centralized, completely central-bank controlled bitcoin clone in the form of a cryptocurrency called RSCoin. While financial institutions such as securities exchanges are openly favoring and investing in blockchain technology, central banks are going a step further in borrowing from bitcoin technology. Several central banks, including the recent prominent example of the People’s Bank of China, have revealed plans of developing their own digital currency. A report in the MIT....
Two London researchers have proposed a new kind of cryptocurrency for central banks, one that puts command of the network in control of a central authority while retaining a transparent, distributed ledger. First presented at the Network & Distributed System Security (NDSS) Symposium in San Diego, the RSCoin concept was developed by George Danezis and Sarah Meiklejohn of University College London. In their introductory white paper, Danezis and Meiklejohn argue that the bitcoin network suffers from a scalability problem tied to its computationally intensive mining process, by which....
RSCoin, a cryptocurrency controlled by the Bank of England for the purpose of strengthening the country’s economy and global trade, combines the benefits of distributed ledger technology with the control of traditional, centrally managed currencies, according to The Deal Room, a financial news website. RSCoin was developed by University College of London researchers at the central bank’s suggestion. While RSCoin uses cryptography – making it tamper-proof and resistant to counterfeiting – the digital ledger used by the newly-developed cryptocurrency is entirely held within the confines of....
On February 21, 2016, the Bank of England reported that it had partnered with researchers at University College in London to produce RSCoin, a digital currency designed for central bankers. Sarah Meiklejohn and George Danezis, two students from University College, created RSCoin which, they announced, offered a protocol superior to that of Bitcoin. The researchers said their work was a response to Bitcoin’s limited transaction throughput, which is capped at around seven transactions per second today based on the 1 megabyte block size limit and current network conditions. In comparison,....
The Bank of England has announced a plan to launch its own Bitcoin-like cryptocurrency. The cryptocurrency called RSCoin will also function on Blockchain, the distributed ledger system on which Bitcoin and other cryptocurrencies are built. Radical Shift from Traditional Crypto. Earlier, in January 2016, China’s National Bank also announced plans to launch a virtual currency. RSCoin was originally developed by researchers at the University College of London (UCL) which provides greater centralized control compared to Bitcoin and other cryptocurrencies. “RSCoin’s radical shift from....