This article is from www.blocknews.com.br and the original article can be read here in Portuguese
Mercado Bitcoin has partnered with the Stellar Development Foundation (SDF), which develops the open source Stellar blockchain network, for its project in the Central Bank (BC) digital real use case testing program. Thus, Stellar will be part of a group that also includes CPqD and ClearSale, which has anti-fraud solutions for e-commerce. The group presented a project to test a Delivery versus Payment (DvP) system for cryptocurrencies.
Stellar is a network that claims to be focused on financial products and services. In addition, it already participates in other central bank digital currencies (CBDCs), stablecoins and financial asset tokenization projects. The network says it can settle transactions in about five seconds, performs around 200 transactions per second, and the cost is low. Also, its cost is less than 1/10 of $0.01 per transaction. The network also allows anti-money laundering checks. And according to the foundation, operations with various assets or issuance of stablecoins, for example, are native functions. Thus, easy to be deployed on the network.
The test program is the LIFT Challenge Digital Real, a collaboration between the CB and the national federation of the bank’s servers, Fenasbac. In all, nine cases are in this LIFT. And the projects include several companies in the blockchain ecosystem, infrastructure providers and traditional banks with shares in this area. This is a result of the Central Bank’s interest in connecting the digital real to decentralized finance (DeFi). The president of the institution, Roberto Campos Neto, has already said that he would like the digital real to run on blockchain, but that nothing is guaranteed. Thus, the tests will help to define several points, including the infrastructure.
Stellar was made for asset issuance, says foundation
The forecast was that the pilots would start in the second half of 2022 in a restricted way, although the strike of CB servers may delay the schedule, as Campos Neto has also said. A second strike began on May 3rd.
According to Reinaldo Rabelo, CEO of Mercado Bitcoin, the “Stellar network will allow us to deliver a complete case for evaluation by the Central Bank”. According to Denelle Dixon, CEO of the Stellar Development Foundation, the network was made for issuing assets. Initially, Bitrust, a digital custody company owned by 2TM, a holding of several companies, including the Bitcoin Market, also appeared in the consortium.
CPQD will provide the tests with A CPQD iD, a blockchain digital identity that works as a service for decentralized digital identity creation, verification, digital signature and customization. That’s for people, organizations, assets and things, said Fernando Marino, Technical Responsible for Blockchain Products at CPQD. “The objective is to provide a reusable, secure, password-free identity that adheres to the General Law for the Protection of Personal Data (LGPD)”.
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