Most of you are aware of the E-NAIRA launching by CBN on first October 2021.

Now my review here's, from what I read on the E-NAIRA CBDC litepaper, it's totally devoid of what a cryptocurrency is.


Now what is cryptocurrency?

A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist out central authorities.

A digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.

A cryptocurrency is a binary data designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.

Now my Vedic (1) is from my understanding of what a cryptocurrency is that E-NAIRA is devoid of that definition, because it's totally control by a centralized authority, against decentralized methods used by most cryptocurrency.

Now what are the components of a cryptocurrency

(1 ) HASHING ALGORITHM
A hashing algorithm is a mathematical algorithm that converts an input data array of a certain type and arbitrary length to an output bit string of a fixed length. Hashing algorithms take any input and convert it to a uniform message by using a hashing table.

Hashing is a critical aspect of cryptocurrency, as the security–and efficiency–that it affords to the blockchain are two of its most defining characteristics.

Here are the different types of cryptocurrency hashing algorithms

SHA-256
Skein-SHA2
Scrypt
X11
SHA-256d
NeoScrypt
X13
Quark
Multi-algorithm
CryptoNight
Lyra2Z
Ethash
X16R
Equihash 200_9
Nist5
Lyra2REv2
Xevan
Skein
C11
CryptoNightV7
HMQ1725
Equihash 144_5 (ZHash)
Qubit
BLAKE-256
DaggerHashimoto
CryptoNight-Custom
CryptoNightLiteV1
X16S
SkunkHash
BLAKE2s
CryptoNightHeavy
Tribus
X15
Scrypt-N
Scrypt-ChaCha
X14
Keccak
PHI1612
Argon2
Lyra2REv3
Yescrypt
CryptoNightFast
PHI2
YescryptR32
Argon2d
Equihash 192_7
Lyra2z330
YescryptR16
Shabal256
Allium
YesPoWer
X21S
Fresh
Pascal (Random Hash)
BLAKE2b
X11Binarium
VerusHash 2.0
MTP
HEX
Tensority
SoftCrypton
CryptoHello
A5A v2
X11Evo
Argon2i
BTHash
Polytimos
TimeTravel
Prime Constellation
Aergo
pGap
MD5
SonoA
Balloon Hashing
SHA-256T
ProgPoW
X11Spread
Scrypt²
Exosis
LBK3
TimeTravel10
Lyra2Zoin
CryptoNightLite
UBQhash
LBRY
BCD
SHA-224
Cunningham chains
Dcrypt
Equihash 210_9
Grøstl-512
Lyra2RE
DEDAL
Lyra2vc0ban
Prime Six

(2) CONSENSUS MECHANISM
A consensus mechanism is a fault-tolerant mechanism that is used in computer and blockchain systems to achieve the necessary agreement on a single data value or a single state of the network among distributed processes or multi-agent systems, such as with cryptocurrencies. It is useful in record-keeping, among other things.

Type of Consensus Mechanism
Proof of Work (PoW)
Proof of Stake (PoS)
Proof of Capacity (PoC)
Proof of Activity (PoA)
Proof of Elapsed Time (PoET)
Proof of History (PoH)
Proof of Burn (PoB)

(3) DISTRIBUTED LEDGER TECHNOLOGY
Distributed ledger technology (DLT) is a digital system for recording the transaction of assets in which the transactions and their details are recorded in multiple places at the same time. Unlike traditional databases, distributed ledgers have no central data store or administration functionality.

In a distributed ledger, each node processes and verifies every item, thereby generating a record of each item and creating a consensus on its veracity. A distributed ledger can be used to record static data, such as a registry, and dynamic data, such as financial transactions.

Example}
Blockchain is a well-known example of a distributed ledger technology.

Full Node
Lite Node

Now from my research this is my concluding judgment, E-NAIRA is devoid of everything that entails a cryptocurrency, it is just like an online mobile wallet of our domestic bank account and others example like QuickTeller and Kuda bank.


lalasticlala
Mynd44
mukina2
dominique
UjSizzle
mkmyers45

Ok I am here