DREP Xiaolong: DREP Payment SDK Will Integrate Chinese Central Bank’s Digital Currency DC/EP as One of The Payment Currencies
Recently, a photo of Agricultural Bank of China’s digital currency internal testing spread on the Internet. It is said that the central bank’s digital currency (CBDC) was tested in four pilot cities: Shenzhen, Xiong’an, Chengdu, and Suzhou. This internal testing can be a great progress of Chinese CBDC since the official chairman of the China International Economic Exchange Center, Huang Qifan, officially proposed this concept on October 28, 2019.
In recent years, China’s consistent promotion of DC/EP has aroused widespread concern at home and abroad. The governments and enterprises in Xiangcheng District, Suzhou, as well as the staff whose salary was paid by Chinese 4 state-owned banks will install the digital wallet for DC/EP by April. 50% of the transportation subsidy of the salary will be paid in terms of digital currency in May. There is every reason to believe that 2020 will become a landing year of DC/EP.
CBDC belongs to the liabilities of central bank, which has national credit and is equivalent to fiat money. As it was revealed earlier, DC/EP is the substitute for M0 (banknotes and coins) only, not for M1 (M0+Demand Deposit) or M2 (M1+ Time Deposit). To put it specifically, CBDC in the digital wallet doesn’t require interest and is suitable for small deals, retail industry and high-frequency businesses.
1. How DC/EP Complements Current Payment Methods
As a means of payment, CBDC shares the legal status with fiat money, with high efficiency and security, as well as low issuing cost and high trade convenience. Cash payments are not as supported by the internet and may be confined by the shortage of cash in hand. In addition, the step of changing further holds off the procedure. DC/EP can fulfill payments both on line and off line.
The electronic payments through banks, Alipay and WeChat adopt the deposit money in CBs, which belongs to M1 and M2, while DC belongs to M1. That is to say, DC/EP boasts higher legal power. Besides, DC/EP doesn’t rely on bank accounts or any third-party accounts, hence it can safeguard privacy and ensure negotiability better. Deals under the same trading system may not differ much, but for the cross-border ones, especially those with small amount and high frequency, DC/EP will be a much better choice.
2. DREP Payment SDK will add DC/EP as One of The Payment Currencies
Developed by DREP team, DREP payment SDK supports various developer tools for various types of digital currency payment and settlement. It supports payment, exchange, storage, and lock-up of any currency required by public chain and applications, including the currencies based on different public chains. DREP SDK provides a complete payment SDK. Developers can complete multi-currency payment, clearing and settlement through simple parameter settings. Compared with traditional payment channels, multi-currency payment SDK has below advantages:
Low threshold: No registration, no real-name authentication, payment can be completed with only a private key.
Strong circulation: The blockchain network is global, so the digital currency payments are not restricted by regions. Users can pay in digital currency anytime and anywhere.
Convenience: In the blockchain network, transaction is settlement. Developers can receive digital currency immediately after the payment, no need for clearing settlement.
Low cost: peer-to-peer payment, no financial intermediary, reducing payment costs.
DREP co-founder Xiaolong Xu states: The purpose of DREP payment SDK is to make payment easier and faster. The value of CBDC is stable and its denomination is small. Compared with common digital currencies such as Bitcoin and ETH, DC/EP is suitable for small-value and high-frequency transactions, complementing digital currency payment. If DC/EP is open to third-party wallet apps, DREP will conduct the technical docking with DC/EP as soon as possible. Based on the digital currency payment, DREP wallet will add the function of DC/EP payment.
At present, DREP payment SDK has been launched in “DREP MINING”, a parkour game developed by DREP team, and is available for Chinese, English, and Korean users. At the same time, DREP payment SDK can be applied not only to blockchain games, but also to the Internet and e-commerce fields.
About DREP Foundation
DREP is committed to building “connectors” and “toolkits” based on blockchain technology, providing solutions that combine ease of use, flexibility and frictionless integration. Based on DREP Chain, DREP ID and DREP SDK, DApp R&D teams are able to release multi-public-chain asset versions, built-in wallets and asset trading platforms with one-click.
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