[–] k_digi [S] ago (edited ago)
I believe it is (going to be) blockchain based.
it depends on what you call 'decentralized' not many 'cryptocurrencies' are issuance decentralized including 'Bitcoin' which is not issuance decentralized. (in terms of issuance) (so they are both not decentralized in that case, in terms of nodes then they are both decentralized)
yes the issuance will be interesting information to look at.
I don't think it is 'backed' by the Ruble that would be an error in terms.
No it's not the same as having an online bank account with the 'Ruble' IF the key difference is the balance of power of issuance - so IF the Russian central bank is not issuing it
here are the 'IFS':
Then by terms and fact it is no longer issued by 'The Central Bank' it is being issued by the algorithm.
If say in 20 years the people at the central bank become mentally ill due to eating some tainted donkey meat and decide to destroy the Ruble by printing trillions (or in any other way) well then in that case if the Cryptio ruble is issued by an algorithm then it would just gain that energy that the Ruble 'lost' - so it would gain that 'value' of the human energy attached, it would just re-balance.
if it was 'banned' well see 'cryptocurrency'
.....The article stated it's not blockchain based.
.....If Bitcoin we're not decentralized, we wouldn't have bicoin cash, and other hard forks that create derivatives. So, Bitcoin certainly is decentralized. There is no server to take down, and the community controls the source code. Bitcoin is the definition of decentralized. On the other hand, having a government control every aspect from coding to issuance and conversion back into cash is the definition of centralized. Bitcoin and "crypto rubles" couldn't be any farther apart on this spectrum.
....The article stated that it is backed by rubles, and people would have to explain where they received their online rubles from, or be taxed at 13%....
This is by no stretch of the imagination a crypto currency. This is more akin to having a bank account tied to a wallet address.
[–] k_digi [S] ago (edited ago)
@yergi
if the issuance is such that individuals have to 'swap' existing rubles with the new crypto ruble then the key point will be what is controlling the continued issuance. (the ongoing issuance)
again if it is some fixed algorithm then any new issuance is not controlled by the 'Central Bank' and all assessments of 'success' must come from the algorithm details.
if issuance is just at the whim of a programing change (an account entry of issuing the paper ruble) then you are totally correct in your overall assessment and nothing has changed.
again it's all about issuance (or ongoing issuance) dynamics and details.
Why i believe this swap will be the way this is initially issued is because it seems to solve a lot of the likely perceived problems/concerns
it certainly seems that's how issuance will proceed, then the details become continued issuance and the ratio swap (if any) upon initial 'issuance'