I read somewhere that such government-backed blockchains would only use its own private hashing networks, thereby restricting public access to the ledgers and having some control over the currency. Is this even possible technically?
I read somewhere that such government-backed blockchains would only use its own private hashing networks, thereby restricting public access to the ledgers and having some control over the currency. Is this even possible technically?
If the government can dedicate time, money, and people towards making this happen then it is safe to assume the answer to your question is yes. This is exactly what the government would do, they would make it so all of our transactions are on the public ledger, yet theirs remain private due to "national security" concerns. It's a win-win for them, while we lose the right to privacy even more so.
Technically yes, but the limited number of computers and the limited number of blocks will reduce the value.. It defeats the whole purpose as in which the more people use it, the valuable it becomes, I don't think they can compete.
Thinking about it, there's a million ways they can spin it but the same problem remains.
If it's only digital money they need, no need to have a private hashing, just stick with fiat which 90%+ doesn't exist in the real world, just created by keystrokes on the computer so it's the same scam.. Which means it's not a solution for them.
Excellent question btw. Wish I knew the answer but I guess no one knows what stuff these people would come up with.