Bitcoin News and Finance
Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology Skip to main content

Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology

Norway Releases Source Code for Digital Krone Sandbox, Utilizes Ethereum Technology

A crypto company working with the central bank of Norway has published the source code for the sandbox created to trial the digital version of the Nordic nation’s fiat currency. The prototype digital krone is being built on the Ethereum network and the regulator wants to test various technologies and evaluate the potential impact on financial stability.

Norges Bank, Nahmii Fintech Provide Access to Source Code for CBDC Sandbox Developed for Norway

Norway’s monetary authority, Norges Bank, and the Norwegian company Nahmii AS have made public the source code for the sandbox for the Scandinavian country’s central bank digital currency (CBDC). The two are working together on the prototype of the state-issued coin.

The code is now available on Github, offered under an open-source Apache 2.0 license, Nahmii recently announced in a blog post on its website. The fintech’s main task is to create a sandbox environment with open-sourced services for the digital krone.

“This allows for the testing of basic token management use cases, including minting, burning and transferring ERC-20 tokens,” explained the firm, which is a developer of a Layer-2 scaling solution for the Ethereum blockchain.

The sandbox features a frontend, which has been designed to offer an interface for interacting with the test network, and network monitoring tools. It will facilitate the deployment of smart contracts and provide access controls, Nahmii detailed.

The company intends to add complex use cases in the future, including batch payments, security tokens and bridges, while further developing the custom frontend of the sandbox. It plans to deliver the second part of the project to Norges Bank by mid-September.

The central bank of Norway is among dozens of monetary policy regulators currently working to develop and issue their own digital currencies. The trials are meant to establish whether its CBDC will be safe and efficient for the public without negatively affecting the stability of the Norwegian krone and the nation’s financial system.

When it announced it is conducting experimental testing to determine if a digital currency should be issued, the authority acknowledged the role of cash as an alternative to bank account money. At the same time, the bank pointed out that the use of cash is declining and warned this could undermine its functions.

Do you expect Norway to eventually issue a central bank digital currency? Tell us in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory