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May 06, 2016, 05:11:25 PM |
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This is how a bank or a central bank will create a blockchain with coins:
1. The government or central bank will instruct each major bank to install computers that can keep the blockchain for their coin.
2. So between the central bank and each smaller bank, and their branches, you now have 10,000 nodes.
3. Each bank will want their own mining hardware.
4. The central bank will pre-mine the equivalent fiat, and distribute that to the banks.
5. The central bank will then order all the other banks to accept fiat in exchange for the new coin at a fixed exchange rate, or 1 is to 1.
6. It is likely there are also 10,000 miners in addition to 10,000 nodes, as each branch of each bank will be ordered to maintain a running miner.
7. The block reward would be fixed to some low number, each bank has to "register" their miners with the central bank, and the central bank controls the generation of new coins.
8. Big corporations may also have their own nodes and miners, particularly big businesses and merchants.
9. Each bank may operate their own mining pool, and give incentives to miners, such as lower bank fees or something. Or maybe there will be one or two pools chosen by the central bank.
The normal citizens now have access to digital money which is equivalent in value to their fiat money. It is centralized by the central bank or by the country, but it is decentralized across all the banks and businesses in that country, and it is somewhat protected from interference by outside forces... somewhat.
At least, that's how I see a country or a bank would try to do their own country-coin.
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