Societe Generale selects Tezos for its central bank digital currency experiment

 By Staff Writer

On July 20, 2020, Banque de France has tapped Societe Generale – Forge as part of its call for applications to experiment the use of Central Bank Digital Currency for interbank settlements.

The experiment will explore the feasibility of financial securities being digitally settled and delivered in Central Bank Digital Currency. A pool of technology providers and advisors — which includes Nomadic Labs (one of the largest research and development centers in the Tezos ecosystem) — will participate in the project.

Based in Paris, Nomadic Labs has gained several years of experience working on the development of the Tezos blockchain, as well as promoting its adoption.

It is one of the largest research and development centers within the Tezos ecosystem. Based in Paris, it brings together more than 40 engineering researchers working on the development of the Tezos protocol.

The Nomadic Labs team is integral to the development of the core Tezos protocol and native smart contract language which contain features – such as on-chain governance, a consensus algorithm based on Proof-of-Stake, and the ability to facilitate formal verification of smart contracts. These features make Tezos an ideal long-term solution for high-value financial applications.

Tezos is a decentralized, public blockchain that evolves by upgrading itself. Stakeholders of the Tezos network vote on amendments to the protocol to reach social consensus on proposals, creating a secure and organic upgrading mechanism. The protocol’s on-chain governance system, its consensus algorithm based on Proof-of-Stake (PoS) and its ability to facilitate formal verification of smart contracts, make Tezos an ideal long-term solution for high-value financial applications.

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