In a recent interview with Kalilah Reynolds on Taking Stock, Jonathan Dharmapalan who is the founder and chief executive officer of ecurrency, made a bold statement that the technology behind Jamaica’s digital currency is safer than the standard blockchain system that powers bitcoin.
As countries start to see the impact of cryptocurrency and what it has to offer, they are all flocking to create a standalone currency for their own economy.
Jamaica is no exception, recently it was announced that the country minted J$230 million of (CDBC) Central Bank Digital Currency which is to be used among certain segments of the financial market.
In the interview, Jonathan stated that they made it difficult for scammers to create counterfeit digital currencies.
“We provided the bank with a cryptographic engine that can go through that process and ensure that it cannot be counterfeited,” he said.
He also went to great lengths to describe the technology’s prowess against the rudimentary infrastructure of cryptocurrencies.
“Blockchain has some very intricate features but it is quite rudimentary. It uses a relatively vulnerable security mechanism for cryptography. It is necessary but not sufficient. We believe multiple levels of security have to be applied simultaneously to make sure that the three forms of security are met and those cannot be achieved by using relatively simple blockchain technology,” he said.
Whether his statements can hold the test of time is yet to be seen as hackers are getting smarter at dissecting the underlying framework of digital currencies. A recent example is the attack on a Japanese crypto firm.
