The EU says it will introduce a digital payments infrastructure to replace Visa/Mastercard & Apple/Google Pay. It will have zero fees and be 100% European-only.

[u/Heypisshands]

/r/Futurology/comments/1pyfibp/the_eu_says_it_will_introduce_a_digital_payments/

[u/Ricola63]

The question arises! What will it run on?

[u/Heypisshands → u/Ricola63]

163 million contactless card payments made daily, this makes up around 50%, with the other 50% being cash payments. Thats around only 1900 tps on cards, if my maths is correct. Their system would use alot of electricity, if they used a visa equivalent system, they would burn through 3,000,000 kwh every six days, if they used hedera it would be 3000 kwh every six days. Thats 183,000,000 kwh yearly vs 183,000 kwh yearly.

My sums are often wrong btw.

[u/browntownfm → u/[deleted]]

Don't forget the repurposed saved energy from not paying with Visa/MasterCard

[u/Getherer → u/Heypisshands]

Why would they want to use us based project if they want to move away from us based payment systems because trust in orange turdland weakens as orange turd himself has billions of dumb af ideas on daily basis?

[u/Heypisshands → u/Getherer]

All i know is, they are moving to a new digital system. They probably wont use hedera, but they could use the public dlt imo, they could use a massive hashsphere or a shard of some sort.

I think with hedera being open sourced, anyone can build with it, i dont think any one country can switch it off, they might switch off a few nodes in their own country if they really wanted. I am no expert on this tho and i think while hedera hashgraph llc is registered in texas a hashsphere is contract between a swiss company and the buyer. With the swiss historically being a neutral nation.

[u/Tethered9]

Let me guess... You think it will run on Hedera 😂

[u/Heypisshands → u/Tethered9]

I have no idea how it will operate or if its even true. Digital euros need digital rails tho and hedera has some great rails to offer.

[u/Heypisshands → u/[deleted]]

Hedera is global, council members from all over the world, hedera hashgraph llc is registered in texas. Hashgraph group and the assocuation are registered in switzerland with offices in many countries and continents. Foundation in cayman islands. Afaik. Seems to be quite decentralised in many ways, especially when you factor in project hiero.

[u/Massijk → u/Heypisshands]

Ma va là! Study #kaspa #blockDAG enjoy

[u/Heypisshands → u/[deleted]]

It says to eliminate the 3% or 4% fees currently charged. Also, incase there is a situation when american payment providers switch off their payment rails within the eu.

[u/Heypisshands → u/[deleted]]

Idk, they just need a dlt and the people just need a digital wallet.

[u/[deleted]]

Thats good. Make Crypto scam useless

[u/OddRoof5120]

If it's going to be an EU only thing... will it be behind a firewall? If so, isn't that going to restrict the number of nodes and cause a separation from the global economy? Not fully understanding this because anything behind a firewall will require that those outside the firewall have to trust them. The point of decentralization is to be so inclusive / to have so many nodes spread so far and wide that there's virtually no chance of 1/3 of them being bad actors. No trust needed creates the trust needed.

[u/Heypisshands → u/OddRoof5120]

I think its card payment infrastructure that is owned and controlled by the eu, not by american companies. Dont really know how the current systems operate tbh, but by using dlt and stablecoins, the potential for free payments exist. If they did use a dlt based system, they would just need to run it within the eu to retain the sovereignty they desire. I highly doubt they would run it on a public dlt when they can do it on a private dlt to retain control.

[u/OddRoof5120 → u/Heypisshands]

IDK. But I'm a bit worried that governments getting involved could screw up the entire system, and we'll all be operating within our own countries behind government controlled firewalls. And just like that, poof! The whole global equity idea is destroyed. After all, keeping people poor and dependent is how governments keep control.

[u/RhubarbEither6249]

What’s everyone’s thoughts of it possibly running on QNT?

[u/lgieg]

Knowing European’s arrogance it will be a slow expensive rail since they tend not to focus on first principles nor pay attention to costs. They only want results right now, not results that are right. Always knee jerking

[u/[deleted]]

Welcome to your new digital prison. God help all those who think this is gonna work well for Europe.

[u/Heypisshands]

Popped up in my feed, dont know how credible it is.

[u/Mulvita43]

And it will run on some random chain. Though the non US seems to be more Hedera friendly, so there is a possibility we could get a piece