Precisely. It is kind of amusing to see people write something like
> The Fed would create a new blockchain called Fedcoin. Or it might create a Ripple style ledger by the same name.
Do they not realize that if a central bank or any other entity wanted to create a convenient electronic currency system that is publicly accessible, it would be much simpler for them to just set up a boring old webservice with a REST API?
With an efficient implementation, the amount of hardware required to replicate a Bitcoin level of transactions is miniscule.
> The Fed would create a new blockchain called Fedcoin. Or it might create a Ripple style ledger by the same name.
Do they not realize that if a central bank or any other entity wanted to create a convenient electronic currency system that is publicly accessible, it would be much simpler for them to just set up a boring old webservice with a REST API?
With an efficient implementation, the amount of hardware required to replicate a Bitcoin level of transactions is miniscule.