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author | Christian Grothoff <grothoff@gnunet.org> | 2021-05-22 09:24:43 +0200 |
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committer | Christian Grothoff <grothoff@gnunet.org> | 2021-05-22 09:24:43 +0200 |
commit | a218dbb0ceb8be30748deb96b1aca0aaef5ebf1f (patch) | |
tree | 5db1cb0a0a74108267684169bf4daedd46ecbd05 | |
parent | 110ef7f0f1ef64623ce9c6e5ae03731985d14d26 (diff) | |
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diff --git a/presentations/2021-cb/bp.png b/presentations/2021-cb/bp.png Binary files differnew file mode 100644 index 0000000..8e97f1c --- /dev/null +++ b/presentations/2021-cb/bp.png diff --git a/presentations/2021-cb/cbc.tex b/presentations/2021-cb/cbc.tex new file mode 100644 index 0000000..70d8866 --- /dev/null +++ b/presentations/2021-cb/cbc.tex @@ -0,0 +1,468 @@ +\pdfminorversion=3 +\documentclass[fleqn,xcolor={usenames,dvipsnames}]{beamer} +\usepackage{amsmath} +\usepackage{multimedia} +\usepackage[utf8]{inputenc} +\usepackage{framed,color,ragged2e} +\usepackage[absolute,overlay]{textpos} +\definecolor{shadecolor}{rgb}{0.8,0.8,0.8} +\usetheme{boxes} +\setbeamertemplate{navigation symbols}{} +\usepackage{xcolor} +\usepackage{tikz,eurosym} +\usepackage[normalem]{ulem} +\usepackage{listings} +\usepackage{adjustbox} + +% CSS +\lstdefinelanguage{CSS}{ + basicstyle=\ttfamily\scriptsize, + keywords={color,background-image:,margin,padding,font,weight,display,position,top,left,right,bottom,list,style,border,size,white,space,min,width, transition:, transform:, transition-property, transition-duration, transition-timing-function}, + sensitive=true, + morecomment=[l]{//}, + morecomment=[s]{/*}{*/}, + morestring=[b]', + morestring=[b]", + alsoletter={:}, + alsodigit={-} +} + +% JavaScript +\lstdefinelanguage{JavaScript}{ + basicstyle=\ttfamily\scriptsize, + morekeywords={typeof, new, true, false, catch, function, return, null, catch, switch, var, if, in, while, do, else, case, break}, + morecomment=[s]{/*}{*/}, + morecomment=[l]//, + morestring=[b]", + morestring=[b]' +} + +\lstdefinelanguage{HTML5}{ + basicstyle=\ttfamily\scriptsize, + language=html, + sensitive=true, + alsoletter={<>=-}, + morecomment=[s]{<!-}{-->}, + tag=[s], + otherkeywords={ + % General + >, + % Standard tags + <!DOCTYPE, + </html, <html, <head, <title, </title, <style, </style, <link, </head, <meta, />, + % body + </body, <body, + % Divs + </div, <div, </div>, + % Paragraphs + </p, <p, </p>, + % scripts + </script, <script, + % More tags... + <canvas, /canvas>, <svg, <rect, <animateTransform, </rect>, </svg>, <video, <source, <iframe, </iframe>, </video>, <image, </image> + }, + ndkeywords={ + % General + =, + % HTML attributes + charset=, src=, id=, width=, height=, style=, type=, rel=, href=, + % SVG attributes + fill=, attributeName=, begin=, dur=, from=, to=, poster=, controls=, x=, y=, repeatCount=, xlink:href=, + % CSS properties + margin:, padding:, background-image:, border:, top:, left:, position:, width:, height:, + % CSS3 properties + transform:, -moz-transform:, -webkit-transform:, + animation:, -webkit-animation:, + transition:, transition-duration:, transition-property:, transition-timing-function:, + } +} + +\lstdefinelanguage{JavaScript}{ + basicstyle=\ttfamily\scriptsize, + keywords={typeof, new, true, false, catch, function, return, null, catch, switch, var, if, in, while, do, else, case, break, for}, + keywordstyle=\color{blue}\bfseries, + ndkeywords={class, export, boolean, throw, implements, import, this}, + ndkeywordstyle=\color{darkgray}\bfseries, + identifierstyle=\color{black}, + sensitive=false, + comment=[l]{//}, + morecomment=[s]{/*}{*/}, + commentstyle=\color{purple}\ttfamily, + stringstyle=\color{red}\ttfamily, + morestring=[b]', + morestring=[b]" +} + +\usetikzlibrary{shapes,arrows} +\usetikzlibrary{positioning} +\usetikzlibrary{calc} + +\title{GNU Taler as a Retail CBDC} +%\subtitle{} + +\setbeamertemplate{navigation symbols}{\includegraphics[width=1cm]{inria.pdf} \includegraphics[width=2.3cm]{bfh.png} \includegraphics[width=1.6cm]{fub.pdf} \includegraphics[width=0.4cm]{ashoka.png} \includegraphics[width=0.4cm]{gnu.png} \includegraphics[width=1cm]{logo-2020.jpg} \hfill} +%\setbeamercovered{transparent=1} + +\author[C. Grothoff]{J. Burdges, F. Dold, {\bf C. Grothoff}, M. Stanisci} +\date{\today} +\institute{The GNU Project} + + +\begin{document} + +\justifying + +\begin{frame} + \begin{center} + \LARGE {\bf GNU} + + \vfill +% \includegraphics[width=0.66\textwidth]{logo-2017-fr.pdf} + \includegraphics[width=0.66\textwidth]{logo-2020.jpg} + + as a Retail CBDC + \vfill + \end{center} +\begin{textblock*}{6cm}(.5cm,7.7cm) % {block width} (coords) + {\Large {\bf \href{https://taler.net/}{taler.net}} \\ + \href{https://twitter.com/taler}{taler@twitter} \\ + \href{https://taler-systems.com/}{taler-systems.com}} +\end{textblock*} + +% Substitute based on who is giving the talk! + \begin{textblock*}{6cm}(6.7cm,7.7cm) % {block width} (coords) + {\hfill {\Large {\bf Florian Dold \&} \\ + \hfill {\bf Christian Grothoff}} \\ + \hfill \{dold,grothoff\}@taler.net } +\end{textblock*} + +\end{frame} + +\section{Introduction} + +\begin{frame}{Main Points} + \framesubtitle{https://taler.net/} +Our CBDC: +\begin{itemize} +\item is token-based (no accounts), centrally issued (not DLT); as efficient and cost-effective +as modern real-time gross settlement (RTGS) systems operated by central banks; +\item is designed to provide an electronic equivalent to banknotes, therefore no material +impact on monetary policy and/or financial stability expected; +\item guarantees privacy for the payer, combined with KYC/AML/CFT compliance and +income transparency to promote tax compliance; +\item is implemented as Free/Libre and Open Source Software (FLOSS) to provide +transparency, accountability, and security (part of the GNU project). +\end{itemize} +\end{frame} + + +\begin{frame}{Payment Systems: Accounts vs. Tokens} +Two types of payment systems: +\begin{enumerate} +\item {\bf account-based system}: transfer occurs by charging the payer’s account and crediting +the payee’s account (e.g., bank deposits) +\item {\bf token-based (value-based) system}: transfer occurs by transferring the value itself, or a +token that represents the monetary asset (e.g., banknotes) +\end{enumerate} +Key Difference is the information carried by the information asset: +\begin{itemize} +\item account (assets): associated with a transaction history +\item token (assets): carry information about value and entity that issued the token +\end{itemize} +Bitcoin, and Distributed Ledger Technologies (DLTs) in general, are account-based systems! +Novelty is that the ledger is distributed (decentralized). +\end{frame} + + +\begin{frame}{Simplistic CBDC Designs} +\begin{itemize} +\item Account-based CBDC (e.g., Bindseil 2020, Berentsen and Schär 2018): +\begin{itemize} +\item simplest solution: central bank account for all +\item responsibility to perform KYC and ensure AML/CFT (could be outsourced); +\item potential for mass-surveillance (threat to CB independence); +\item in direct competition with commercial banks +\end{itemize} +\item Token-based CBDC: +\begin{itemize} +\item requires a system to ensure that electronic tokens are not easily copied +(hardware-based or software-based) $\rightarrow$ double-spending problem +\item KYC and AML/CFT compliance? +\end{itemize} +\end{itemize} +\end{frame} + + +\section{What is Taler?} +\begin{frame}{What is Taler?} + \begin{center} +Taler is an electronic instant payment system based on tokens. + \end{center} + \begin{itemize} + \item Uses electronic coins stored in {\bf wallets} on customer's device + \item Like {\bf cash} + \item Pay in {\bf existing currencies} (i.e. CHF, EUR, USD) + \end{itemize} + \vfill + \pause + \noindent + However, Taler is + \begin{itemize} + \item \emph{not} a currency + \item \emph{not} a long-term store of value + \item \emph{not} a network or instance of a system + \item \emph{not} decentralized + \item \emph{not} based on proof-of-work or proof-of-stake + \item \emph{not} a speculative asset / ``get-rich-quick scheme'' + \end{itemize} +\end{frame} + + +\begin{frame}{The Big Picture} +\begin{center} +\includegraphics[width=0.8\textwidth]{bp.png} +\end{center} +\end{frame} + + +\begin{frame}{Design Principles} + \framesubtitle{https://taler.net/en/principles.html} +GNU Taler must ... +\begin{enumerate} + \item {... be implemented as {\bf free software}.} + \item {... protect the {\bf privacy of buyers}.} + \item {... must enable the state to {\bf tax income} and crack down on + illegal business activities.} + \item {... prevent payment fraud.} + \item {... only {\bf disclose the minimal amount of information + necessary}.} + \item {... be usable.} + \item {... be efficient.} + \item {... avoid single points of failure.} + \item {... foster {\bf competition}.} +\end{enumerate} +\end{frame} + + +\begin{frame} +\frametitle{Architecture of Taler} +\begin{center} + \includegraphics[width=1\textwidth]{operations.png} +\end{center} +\end{frame} + + +\begin{frame}{Taler: Unique Regulatory Features for CBs} + \framesubtitle{\url{https://www.snb.ch/en/mmr/papers/id/working_paper_2021_03}} + \begin{itemize} + \item Central bank issues digital coins equivalent to issuing cash \\ + $\Rightarrow$ monetary policy remains under CB control + \item Architecture with consumer accounts at commercial banks \\ + $\Rightarrow$ no competition for commercial banking (S\&L) \\ + $\Rightarrow$ CB does not have to manage KYC, customer support + \item Withdrawal limits and denomination expiration \\ + $\Rightarrow$ protects against bank runs and hoarding + \item Income transparency and possibility to set fees \\ + $\Rightarrow$ additional insights into economy and new policy options + \item Revocation protocols and loss limitations \\ + $\Rightarrow$ exit strategy and handles catastrophic security incidents + \item Privacy by cryptographic design not organizational compliance \\ + $\Rightarrow$ CB cannot be forced to facilitate mass-surveillance + \end{itemize} +\end{frame} + + +\begin{frame} +\frametitle{Taler Core Components} +\begin{center} +\begin{tikzpicture} + \tikzstyle{def} = [node distance= 5em and 6.5em, inner sep=1em, outer sep=.3em]; + \node (origin) at (0,0) {}; + \node (exchange) [def,above=of origin,draw]{Exchange}; + \node (customer) [def, draw, below left=of origin] {Customer}; + \node (merchant) [def, draw, below right=of origin] {Merchant}; + \node (auditor) [def, draw, above right=of origin]{Auditor}; +% \node (regulator) [def, draw, above=of auditor]{CSSF}; + + \tikzstyle{C} = [color=black, line width=1pt] + + \draw [<-, C] (customer) -- (exchange) node [midway, above, sloped] (TextNode) {withdraw coins}; + \draw [<-, C] (exchange) -- (merchant) node [midway, above, sloped] (TextNode) {deposit coins}; + \draw [<-, C] (merchant) -- (customer) node [midway, above, sloped] (TextNode) {spend coins}; + \draw [<-, C] (exchange) -- (auditor) node [midway, above, sloped] (TextNode) {verify}; +% \draw [<-, C] (regulator) -- (auditor) node [midway, above, sloped] (TextNode) {report}; + +\end{tikzpicture} +\end{center} +\end{frame} + + +\begin{frame}{The Taler Software Ecosystem} + \framesubtitle{\url{https://taler.net/en/docs.html}} + Taler is based on modular components that work together to provide a + complete payment system: + \vfill + \begin{itemize} + \item {\bf Exchange:} Service provider for digital cash + \begin{itemize} + \item Core exchange software (cryptography, database) + \item Air-gapped key management, real-time {\bf auditing} + \item LibEuFin: Modular integration with banking systems + \end{itemize} + \item {\bf Merchant:} Integration service for existing businesses + \begin{itemize} + \item Core merchant backend software (cryptography, database) + \item Back-office interface for staff + \item Frontend integration (E-commerce, Point-of-sale) + \end{itemize} + \item {\bf Wallet:} Consumer-controlled applications for e-cash + \begin{itemize} + \item Multi-platform wallet software (for browsers \& mobile phones) + \item Wallet backup storage providers + \item {\bf Anastasis}: Recovery of lost wallets based on secret splitting + \end{itemize} + \end{itemize} +\end{frame} + + +\begin{frame}{Usability of Taler} + \vfill + \begin{center} + \url{https://demo.taler.net/} + \end{center} + \begin{enumerate} + \item Install browser extension. + \item Visit the {\tt bank.demo.taler.net} to withdraw coins. + \item Visit the {\tt shop.demo.taler.net} to spend coins. + \end{enumerate} + \vfill +\end{frame} + + +\begin{frame}{Requirements: Online vs. Offline Digital Currencies} +\framesubtitle{\url{https://taler.net/papers/euro-bearer-online-2021.pdf}} +\begin{itemize} + \item Offline capabilities are sometimes cited as a requirement for digital payment solutions + \item All implementations must either use restrictive hardware elements and/or introduce + counterparty risk. + \item[$\Rightarrow$] Permanent offline features weaken a digital payment solution (privacy, security) + \item[$\Rightarrow$] Introduces unwarranted competition for physical cash (endangers emergency-preparedness). + \end{itemize} + We recommend a tiered approach: + \begin{enumerate} + \item Online-first, bearer-based digital currency with Taler + \item (Optional:) Limited offline mode for network outages + \item Physical cash for emergencies (power outage, catastrophic cyber incidents) + \end{enumerate} +\end{frame} + + +\begin{frame}{Scalability} +The design scales linearly with computing resources: +\begin{itemize} +\item Front-end logic at the central bank only needs to perform a few signature operations, a +single CPU core can typically do a few thousands per second. +\item Front-end servers need to talk to a database to prevent double-spending. A single database server can handle tens of thousands of such operations per second. +\item All operations are easily split across multiple database servers by simply assigning +each database server a range of values. +\item The frontends need to talk to the backends using an interconnect. The size of an +individual transaction is typically about 1–10 kilobytes. Modern interconnects +can support millions of such transactions per second. +\item To securely store 1-10 kilobytes per transaction, using AWS pricing, the cost of the +system (storage, bandwidth, computation) at scale would be 0.0001 USD per transaction. +\end{itemize} +\end{frame} + + +\begin{frame}{Taler: Project Status} +\framesubtitle{\url{https://docs.taler.net/}} +\begin{itemize} + \item Cryptographic protocols and core exchange component are stable + \item Current focus: Merchant integration, settlement integration, wallet backup + \item Pilot project at Bern University of Applied Sciences cafeteria + \item Internal alpha deployment with a commercial bank in progress + \end{itemize} +\end{frame} + + +\begin{frame}{Next Steps: Possible Projects and Collaborations} + \vfill +\begin{center} +\includegraphics[width=1.0\textwidth]{taler-in-use.png} +\end{center} +\end{frame} + + +\begin{frame}{Area I: System Integration and Partnerships} + Pilots with banking organizations could: + \begin{itemize} + \item Study integration with the underlying RTGS layer: + \begin{itemize} + \item Develop standardized operational procedures + \item Assess transaction performance at scale + \item Perform cost analysis in banking environment + \item Assess effort for integration with commercial banks + \end{itemize} + \item Analyze regulatory considerations for different legislations + \item Perform independent security audits of Taler components + \end{itemize} + In general, a major task is faciltation of integration at retailers: + \begin{itemize} + \item Hardware and software support + \item Integration into off-the-shelf E-commerce systems + \end{itemize} +\end{frame} + + +\begin{frame}{Area II: Development/Research Extensions} +% \framesubtitle{Background: \url{https://myoralvillage.org/}} +We have ideas for protocol extensions and ``programmable money'': + \begin{itemize} + \item Mediated wallet-to-wallet payments (instead of customer-to-merchant) + \item Privacy-preserving auctions (trading, currency exchange) + \item Age-restricted private payments for children (youth protection) + \end{itemize} +Public funding could be used to improve: + \begin{itemize} + \item General digital wallet usability and availability + \item Accessibility features for illiterate and innumerate users + \item Protocol extensions for automated tax reporting + \end{itemize} +\end{frame} + + +\begin{frame} +\frametitle{Do you have any questions?} +\vfill +References: +{\tiny + \begin{enumerate} + \item{David Chaum, Christian Grothoff and Thomas Moser. + {\em How to issue a central bank digital currency}. + {\bf SNB Working Papers, 2021}.} + \item{Christian Grothoff, Bart Polot and Carlo von Loesch. + {\em The Internet is broken: Idealistic Ideas for Building a GNU Network}. + {\bf W3C/IAB Workshop on Strengthening the Internet Against Pervasive Monitoring (STRINT)}, 2014.} + \item{Jeffrey Burdges, Florian Dold, Christian Grothoff and Marcello Stanisci. + {\em Enabling Secure Web Payments with GNU Taler}. + {\bf SPACE 2016}.} + \item{Florian Dold, Sree Harsha Totakura, Benedikt M\"uller, Jeffrey Burdges and Christian Grothoff. + {\em Taler: Taxable Anonymous Libre Electronic Reserves}. + Available upon request. 2016.} + \item{Eli Ben-Sasson, Alessandro Chiesa, Christina Garman, Matthew Green, Ian Miers, Eran Tromer and Madars Virza. + {\em Zerocash: Decentralized Anonymous Payments from Bitcoin}. + {\bf IEEE Symposium on Security \& Privacy, 2016}.} + \item{David Chaum, Amos Fiat and Moni Naor. + {\em Untraceable electronic cash}. + {\bf Proceedings on Advances in Cryptology, 1990}.} + \item{Phillip Rogaway. + {\em The Moral Character of Cryptographic Work}. + {\bf Asiacrypt}, 2015.} \label{bib:rogaway} +\end{enumerate} +} +\end{frame} + + +\end{document} + + |