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In this work, we investigate how the governance features of a managedcurrency (e.g., a fiat currency) can be built into a cryptocurrency in order toleverage potential benefits found in the use of blockchain technology and smartcontracts. The resulting managed cryptocurrency can increase transparency andintegrity, while potentially enabling the emergence of novel monetaryinstruments. It has similarities to cash in that it enables the general publicto immediately transfer funds to a recipient without intermediary systems beinginvolved. However, our system is account-based, unlike circulating bank notesthat are self-contained. Our design would allow one to satisfy know yourcustomer laws and be subject to law enforcement actions following legal dueprocess (e.g., account freezing and fund seizure), while mitigatingcounterparty risk with checks and balances. Funds can thus be transferred onlybetween approved and authenticated users. Our system has on-chain governancecapabilities using smart contracts deployed on a dedicated, permissionedblockchain that has different sets of control mechanisms for who can read data,write data, and publish blocks. To enable the governance features, onlyauthorized identity proofed entities can submit transactions. To enableprivacy, only the block publishers can read the blockchain; the publishersmaintain dedicated nodes that provide access controlled partial visibility ofthe blockchain data. Being permissioned, we can use a simple consensus protocolwith no transaction fees. A separate security layer prevents denial of serviceand a balance of power mechanism prevents any small group of entities fromhaving undue control. While permissioned, we ensure that no one entity controlsthe blockchain data or block publishing capability through a voting system withpublicly visible election outcomes.

Augmenting Fiat Currency with an Integrated Managed Cryptocurrency