The German central bank chooses an unknown company Crypto to develop its dependence on the blockchain - Takeny

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Thursday, November 12, 2020

The German central bank chooses an unknown company Crypto to develop its dependence on the blockchain

 

On October 28, the German central bank or Deutsche Bundesbank announced the award of a contract to Ocean Protocol in a public tender .


As is known at the present time, many central banks are seeking to establish their digital currencies, as many of these banks have advanced in this endeavor, and some have already launched their CBDC.


However, the German central bank bucked this trend by approaching and researching the development of a decentralized network that would allow participants, on an equal basis, permanent and symmetric access to data in order to achieve real-time updates to the statistics while maintaining data integrity.


Through this goal, the German central bank believes that blockchain technology is the best option, to announce earlier a public tender for blockchain and crypto companies and projects to progress and highlight what can be done.


Where the German central bank set the following condition:


A distributed database must be provided in a high-performance manner, and the system to be developed must be in a position to process and distribute large data sets in a decentralized and permanent manner.


Another criterion and condition was mentioned, which is meeting the minimum standards and presenting the first projects that have been successfully implemented and similar use cases.


Accordingly, and in light of the conditions set by the Central Bank, the institutions concerned with the selection decision were identified.


The Bundesbank found Ocean Protocol to be the only company that could offer a technical solution outside of the visual stage.


According to the observers, the selection process for the Ocean Protocol was due to the absence of competitors similar to this protocol, and most of the conditions are available in the Ocean Protocol referred to by the German Central Bank.


Neither Ethereum, Polkadot, or IOTA Germany's central bank chooses Ocean Protocol:

Although the companies and other projects that have submitted their bid to the German Federal Bank are not known, it is striking that a somewhat unknown alternative project, which ranks 65th by market value, won the contract.


The Ocean Protocol project provides a platform that facilitates the creation of markets for private and secure publishing, sharing and use of data.


Recently the project announced the V3 version of its protocol.


Ocean v3's goals make it possible to democratize the value of data and artificial intelligence (AI) by creating a platform through which data can be exchanged freely while protecting users' privacy.


To this end, Ocean launched the first data AMM (Automated Market Maker) in collaboration with “Balancer Labs” allowing individuals and startups to monetize data.


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