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2020-05-06

2020-05-06

May 06, 2020

Date

May 6, 2020

Attendees

  • @Vipin Bharathan

  • @Manivannan Pillai

  • @Natalia Garciagonzalez

  • @Karen Ottoni (Deactivated)

  • @Kirthi K

  • @David Hochhauser

  • @Kumaravel N

Goals

Reports on progress on the various projects and look at future work.

Discussion items

Time

Item

Who

Notes

Time

Item

Who

Notes

5 min

Anti-Trust

VB

  • Anti-trust and other items

 15 min

eThaler 

VB  & MP

Latest status 

 

AOB

 

 

Recording

Posting only audio since there was mo presentation.

Minutes

eThaler Status:

Main phase I objective complete

  • Truffle testing over

  • Java Interface complete

  • Besu testing with Java interface complete privately (deploy, mint, burn etc.)

  • We will test with more participants

  • We can now transfer the code from private github to the public

  • We need DCO for this transfer - more of a HL governance activity

  • Aim to do this before the next meeting

  • UI needed for the demo to be powerful

  • Presentation or webinar under the DH

Custody

  • David - Hubsecurity - key management platform (ultra secure)- security tokens, smart contract

  • Multisig approvals- policy manager, hand held device- policy for multi-sig approval process

  • Multisig is happening at the wallet level- much better before the blockchain

  • Some do some dont (much more control outside)

  • Bitco different - custodian service is provided

  • HS does not provide custodian service- open source not provided

  • eThaler will be compatible- but the MPC platform is usually proprietary.

  • Open Source can be extended

  • Here is the core function of CBDC from a SC , but MPC 

  • France- French bank- they are highly secretive- 

  • Hurdles and requirements for custody etc. is stringent (EU based)

  • Kirthi - Brexit prevents - EU union is needed, ask legal consultant

  • Service provider vouched by French Bank 

  • Credit Agricole (DCM contacts?) are not aware due to size of bank.

Standards around custody

  • Common principles for standards document with TTF

  • We can start after 1 month or so- integrate into the asset-

  • Already custody as a standard- token definition compliance function, roles function and limitations

  • Note about custody to Marley

  • Wyoming regulation was passed- aspects for custody perspective- critical asks for legal regulations

  • Wyoming and Switzerland as regulations, specific things (decent list of legal requirements)

  • SEC & SIFMA(?) control of assets, settlement guarantees, custody functions 15-C3 (SIFMA 19-7 rules? Operable in US markets

  • Oscar Jofre from Kore Conx - book on digital assets, custody- free thinking of asking him to present

  • Follow up with Kore Connex

Future presentations

  • CBDC presentation

  • Next week Consensus distributed - huge virtual conference Panel with Junji Katto moderating

  • IEEE - from 8:30 am onwards- HL virtual booth as a sponsor

UI

  • UI plan to do it? Platform demo by Mani- but does not focus on CBDC

  • ERC 1155 vs ERC 20 - Fed interaction is better modeled with ERC 1155- Direct payments to the public, 1155 - does not mean we have to implement

  • What should the UI look like?

  • Different roles (Central Bank, Dealer A or B)- support

  • Central Bank : Minting, burning,  pause  transferring, Register dealer, check the balance, get decimals

  • Logged in as dealer - cannot mint burn  

  • Ideally should interact with Java Interface+Keystore 

  • Model the UI using the easier to collaborate in eThaler labs.

  • Simple and intuitive UI is important for testing-

  • Bonds and Equities - 

  • Help with Bond definition? By Natalia.

Action items