Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / NewStats: 3,194,890 members, 7,956,360 topics. Date: Monday, 23 September 2024 at 10:38 AM |
Nairaland Forum / Science/Technology / E-NAIRA The Nigeria Awaited CBDC, My Review (1711 Views)
BREAKING - Nigeria’s E-naira Platform Goes Live / My Review On Microsoft Dynamics 365 MB2-877 Exam Practice Test / Snow In The Nigeria (2) (3) (4)
(1) (Reply)
E-NAIRA The Nigeria Awaited CBDC, My Review by Botking: 3:37pm On Sep 12, 2021 |
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 |
Re: E-NAIRA The Nigeria Awaited CBDC, My Review by CBDC: 7:10am On Sep 27, 2021 |
Ok I am here |
(1) (Reply)
Temperature Humidity Power Monitoring For Server Room - TWS50, / A Chemist In France Unboiled An Egg / 2013 Nobel Prize Winners: Physicists Who Discovered The "God Particle"
(Go Up)
Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health religion celebs tv-movies music-radio literature webmasters programming techmarket Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 12 |