Bank Indonesia to Issue Digital Rupiah

The digital rupiah will be trialled this year in an effort to help make the payment system more efficient
29 January 2018   458

Despite Bank Indonesia (BI) prohibiting the use of cryptocurrency as a payment instrument, the central bank is considering issuing digital rupiah. Assistant to BI executive director for payment systems Susiato Dewi said the digital rupiah will be trialled this year in an effort to help make the payment system more efficient.

The physical banknotes we currently use may be converted into digital money. However, no country has released such money yet.

 

Susiato Dewi

Executive director for payment systems, Bank Indonesia

She said that the digital currencies issued by BI and other central banks will be different from current cryptocurrencies because digital money will be based on the certain values of assets.

She also added that the amount of the digital money will be based on the current currency system, and will take into account the inflation rate.

Previously, BI Governor Agus Wartowardojo said that using Bitcoin as a payment and transaction instrument violated Law No. 7/2011 on currency, which defines the rupiah as the only official transaction and payment instrument in the country.

Ethereum Scaling Solution Raiden to Launch Last Testnet

As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second
20 July 2018   137

On Thursday, July 19, at the Dappcon developer conference in Berlin, the last test network of Raiden for the Ethereum blockchain was launched, CoinDesk reports.

The release includes a minimal implementation of the scaling solution, which will allow the transfer of Ethereum tokens outside of the main blockchain. This is the last test phase before the introduction of technology into the core network of Ethereum.

It's the first step towards going to the mainnet. We really want people to really test this so we have a user interface, we have an API and we've created an open Github for everything they could find, so if we go hopefully bug-free on the mainnet.
 

Lefteris Karapetsas

Core Developer, Raiden

According to him, the new release represents an early implementation for the core network and contains a new rewritten code of smart contracts and payment channels that can be restored in case of unintended closure.

Also, Karapetsas urged developers to join the test network to help detect possible bugs, adding that a bounty program will be launched to encourage this activity.

The release date for the main network has not yet been assigned, but the developers intend to follow this earlier promise and launch Raiden this summer.

Karapetsas also promised to publish regular updates and code optimizations after the full release, adding that Raiden will complement other Ethereum scaling solutions that are currently being developed.

Raiden is essentially the payment channel network for ethereum, it's supposed to help us scale token transfers. The long term goal would be to have people use Raiden from a mobile device and be able to make off-chain token transfers just from their phone. That would be the long term vision, it would probably work in combination with various scaling solutions, sharding, plasma, a sort of hybrid.
 

Lefteris Karapetsas

Core Developer, Raiden

Raiden is developing from the 2015 and is written mostly on Python. The project is much like the Lightning Network. As noted by the developers, after implementing the new solution, the Ethereum network will be able to provide more than a million transactions per second.