Bank of England looks into ‘centralised’ bitcoin alternative, RSCoinhttps://thestack.com/cloud/2016/03/10/bank-of-england-looks-into-centralised-bitcoin-alternative-rscoin/The Bank of England is working with researchers at University College London to design a Bitcoin clone of its own that can be centrally controlled.
A recent MIT Technology report claimed that the UK’s central bank had reached out to university researchers to help it create a cryptographically secure digital currency. The resulting system has now been revealed, and is named RSCoin.
The RSCoin system, developed by Sarah Meiklejohn and George Danezis, employs cryptography to obviate counterfeiting and tampering. Unlike other mechanisms, the digital ledger used by the new cryptocurrency is handled exclusively by a central body. The report explained that RSCoin will only be made accessible to central bank users in possession of a specific encryption key.
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