The entire problem solved by Pix is an artificially created obstacle put in place so banks can charge for something they do for free.
The article doesn't mention China's digital renminbi, but it is similar, including the aspect of being offered by the country's central bank.
Rather than this looking like "Alien tech" in the US, it's just another example of things in the US looking more like stone age tech to the rest of the world.
Like banned chinese EVs, and a pushback on solar electricity generation, all of these are manifestations of the US government primarily making it easier for multi-billion $$ multi-national corpses to filch the general population.
This isn't just the orange cheato, it's been the policy of every modern US administration, with the backing of the majority of the legislature.
And for some reason, the plurality of voters seem to be in favor.
It’s a distributed transaction, which is what makes it complicated. You need to atomically remove money from an account in one database and add money to an account in a totally separate database.
There’s a bunch of weird corner cases that come with that. What if the receiving account ID doesn’t exist, or the recipients bank flags the transaction, or the sender closes their account before the recipients bank has applied their end of the transaction.
I think some of these transfer systems are simpler because they’re global so both records are in the same database. Transactions can be technically atomic rather than organizationally atomic (ie atomicity is present in the technology, rather than approximated by processes).
The article doesn't mention China's digital renminbi, but it is similar, including the aspect of being offered by the country's central bank.
Rather than this looking like "Alien tech" in the US, it's just another example of things in the US looking more like stone age tech to the rest of the world.
Like banned chinese EVs, and a pushback on solar electricity generation, all of these are manifestations of the US government primarily making it easier for multi-billion $$ multi-national corpses to filch the general population.
This isn't just the orange cheato, it's been the policy of every modern US administration, with the backing of the majority of the legislature.
And for some reason, the plurality of voters seem to be in favor.