Thread by @UtilityTheory

New IMF Document Released Jan 26, 2022.

Blockchain Consensus Mechanisms - A primer for global IMF supervisors.
Differences between PoW, PoS, DPoS, & fBFT ($XRP $XLM)

#XRP #XLM Mentioned! #regulated #research #blockchain #DLT #XRPCommunity
--Thread of important quotes--

1. This is a very important document as the IMF represents a consortium of 190 countries and pushing for carbon-neutral countries by 2030.

They are sharing their views in which supervisors around the world will read and use this information to help form their opinion.

2. If you want a video overview I took 4 hours to edit and record this full document overview.

Timestamps and info are in the thread / Video description to make things easier as well!

#XRP #XLM #Cryptocurrency #XRPCommunity #XRPARMY

https://twitter.com/UtilityTheory/status/1489763863457239040?s=20&t=p7x0RE4OOLKD0DCeYBwQ5g

3. BTC Blockchain - PoW is the most popular consensus mechanism, but it suffers from significant drawbacks. PoW is a secure and resilient method of forming consensus, but it consumes significant energy and can be slow and expensive during times of high network traffic

4. Authorities should also consider
• A technology-neutral / agnostic approach
• Upskill supervisors
• Participate in TechSprints and regulatory sandboxes & deeper public-private collaboration via formal reviews
@secgov Did u not get invited to the sandboxes?? 😂

#XRP

@SECGov 5. Difference between Technology Neutral / Technology Agnosticism

Explanation of what consensus mechanisms are

Definitions of blockchain terminology

#blockchain #DLT #PoW #PoS #DPoS #fBFT #crypto #regtech #IMF

@SECGov 6. Layers of a Blockchain Network

•Distributed ledgers are considered Byzantine Fault Tolerant if they have 1 consistent and honest ledger and that distributed participants can come to an agreement to solve such problems and ensure agreement.

#XRP #XLM #blockchain #technical

@SECGov 7. @IMF WARNING: Consensus mechanisms should not harm or interfere with the global aim to transition to a LOW Carbon economy

Energy Intensive methods present unacceptable risks to financial stability and society

Mentions Sweden PoW Ban Report
Sign of Attack on #PoW coming soon?

@SECGov @imf 8. Public & Private Blockchains

Public - Less susceptible to cyber-attacks / operational failures.

#Blockchain #DLT #Finance #IMF #News #Crypto #CryptoNews #RegulatedContent #Finance #Update

@SECGov @imf 9. This is where it starts to get interesting🔥

🚨The IMF has set out that the financial sector has an important role to play in the fight against climate change and seeks to support reductions in climate change risk and mitigate the impact of adverse climate events🚨

BTC 7 TPS

@SECGov @imf 10. IMF says PoW is seen to be potentially centralizing
As mathematical puzzles become increasingly complex, more powerful computing power is needed to solve them. Given the large cost involved, such technology is available only to certain individuals or entities, or mining pools

@SECGov @imf 11. IMF view on PoS $ETH #RichGetRicher #Robbery 😱

PoS is built like the legacy system to enrich the already wealthy.

"We" Know B.H. @SecGov The @IMFNews Just told us why you guys are giving a #freepass to #ETH haha😉

#Corruption #XRP #NotASecurity #Flashboys #GasProblems

@SECGov @imf @IMFNews 12. DPoS - Benefits of DPoS include energy savings, greater decentralization, and promotes great democratization.

DPoS promotes greater democratization, Decentralization, and can create positive outcomes for regulated activities in payments or trade finance 😉

@SECGov @imf @IMFNews 13. fBFT is a Byzantine Fault Tolerant C.M. that aims to solve issues of centralization with greater scalability
$XRP $XLM Referenced
✔ Membership is open & control is decentralized
✔ BFT creates large efficiencies for retail payments, wholesale settlements, and other functions

@SECGov @imf @IMFNews 14. @IMFNews says PoW is too Energy Intensive e considered a viable consensus mechanism involving many regulated financial services activities
🚨 It runs counter to several of the IMF’s aims, particularly those that involve transitioning to a greener economy🚨
#BTC #PoW #Uhoh 👇

@SECGov @imf @IMFNews 15. PoW significant energy consumption, the nature of forking, and the attendant
issues around probabilistic settlement are likely to create friction with many regulatory frameworks, regulatory mandates, and the (BFA)

imf.org/en/News/Articl…

#AttackonPoW #Incoming #BTC #BeReady

@SECGov @imf @IMFNews 16. I believe these are the emerging financial standards across institutions the IMF talks about in the document ISO20022 & ISO TC 307.

#banking #finance #regtech #fintech #upgrade #system #newera #digitalization #standards #DLT #Carbonneutral #PoW

@SECGov @imf @IMFNews 17. Regulatory authorities should consider the implications of different consensus mechanisms in terms of
regulation, supervision and consider a TECHNOLOGY AGNOSTIC approach *Cough Tag the @SECGOV*

I think the SEC is just grumpy they were never invited to the big boy sandboxes

@SECGov @imf @IMFNews 18. Please note, I am technology-agnostic and cheer for $BTC as it's the grandfather of the blockchain markets.

I am just interpreting the IMF's views from my perspective. As I write on regulated DLT content.

I hope you enjoyed my highlighted notes of this IMF document! #DLT

@SECGov @imf @IMFNews 19. This was my notes from the Swedish Financial Authority's suggested ban on #PoW.

Could be nothing but something to be aware of

Released Nov 2021

#BTC #Attack #From #Regulators #Warning

https://twitter.com/UtilityTheory/status/1457245277593776131?s=20&t=Gqhekyeek0CSTFLA0UdaGg

@SECGov @imf @IMFNews 20. If you got anything from this please like, RT and tag friends/influencers!

This document was released on Jan 26, 2022

It is meant for supervisors worldwide and I think everyone in the mainstream crypto markets needs to read this!

#Blockchain #News #DLT #RegTech

Additional proof to show the power of the IMF. #IMF 👀

Great mention by @Xanon24

I forgot about this interview!

@Ripple + @IMFNews 🤝

#XRPCommunity #XRP $XRP #DLT #Blockchain #Fintech #RegTech #Finance #Banking #Innovation

Dont forget this @Ripple + @IMFNews Connection.

https://twitter.com/UtilityTheory/status/1459981184952193026?s=20&t=bAfIPg8_C7x0IrwMMP63EA

This is also an awesome mention that everyone should be aware of $FLR #FLR

Excited for the network to launch!

#smartcontacts #XRPL #finance #crypto #utility

https://twitter.com/ftso_eu/status/1490428297771204612?s=20&t=mSPLUjdGALtzMF7cZye4nA