Now Mike Hearn has left Bitcoin and that exposes Number 1 of those problems. Bitcoin code relies on the goodwill of developers. The 'Hearn' effect is just another reason why I favour permissioned networks. Those like minded souls, that are permitted, driven by a common commercial cause, have an ownership and governance structure that focuses users on maintaining the best code base.
Credit to Dan Page for the piccie. I have a lot of respect for graphic artists who convert concepts in images. I liked this one.
What an interesting couple of weeks for Digital Asset. From being reported at the end of last year as struggling and now they raise 50myn. I'm sure this is just around a tweaking of some of the commercials and having ASX come on board as a 'use case'.
Early commitments to this work come from Accenture, ANZ Bank, Cisco, CLS, Credits, Deutsche Börse, Digital Asset Holdings, DTCC, Fujitsu Limited, IC3, IBM, Intel, J.P. Morgan, London Stock Exchange Group, Mitsubishi UFJ Financial Group (MUFG), R3, State Street, SWIFT, VMware and Wells Fargo.
The R3-managed private peer-to-peer distributed ledger connected Barclays, BMO Financial Group, Credit Suisse, Commonwealth Bank of Australia, HSBC, Natixis, Royal Bank of Scotland, TD Bank, UBS, UniCredit and Wells Fargo.
Participants were able to explore the technology's potential to execute financial transactions instantaneously across the global private network. The banks simulated exchanging value, represented by tokenised assets on the distributed ledger without the need for a centralised third party, said R3 in a statement.
R3 also announced the addition of another 12 banks, taking the total to 42 who have pledged their financial and technical support since launching in September.
The latest bank additions are: BMO Financial Group, Danske Bank, Intesa Sanpaolo, Natixis, Nomura, Northern Trust, OP Financial Group, Banco Santander, Scotiabank, Sumitomo Mitsui Banking Corporation, US Bancorp and Westpac Banking Corporation. R3 said the initial window for admittance of new bank members is now closed.
"We are going to aim to try and do things in an automated fashion. And so we have these things called smart contracts. These are essentially code; rules written into code which determine what happens when money comes in or when certain actions take place.
"And so we have things here called policies. These are things that the artist might decide on; the terms under which they are willing to allow their music to be used.
"So in the case of just the stems, for example, you could say, I'm happy for them to be downloaded for non-commercial use for $45. If you want to use it in a commercial record then I'll give you 50% of the rights and the recording but I still own the song.
"This is pre-known to everybody, recorded on the blockchain meaning it's transparent and visible to everybody. And when you enact these policies by buying music, this happens automatically – everybody knows who is getting paid and how much.
Digital Asset Holdings, LLC, a developer of Distributed Ledger Technology for the financial services industry, today announced that it has raised more than $50 million in funding from a broad range of leading firms from all corners of the international financial ecosystem consisting of ABN AMRO, Accenture, ASX Limited, BNP Paribas, Broadridge Financial Solutions, Inc., Citi, CME Ventures, Deutsche Börse Group, ICAP, J.P. Morgan, Santander InnoVentures, The Depository Trust & Clearing Corporation (DTCC) and The PNC Financial Services Group, Inc.
How to measure the health of Bitcoin? (as per Tim Swanson)
1. Number of Transactions per Day:
FCA Policy statement on Resolution Pack.