Decentralized Apps: Key Questions from a Bank Innovation Director
For the last few months, I have been grappling with a gut feeling that somehow Ethereum’s smart contract-based distributed application (dapp) model has a different dynamic to that of hardwired protocols like bitcoin or Ripple. This week that feeling has crystalized into a semi-coherent thought. Hardwired protocols do not have a separation of concern between the protocol and business logic. The same set of protocol designers, software developers and miners control how the emergent distributed autonomous organisation (DAO) functions. It’s different for dapps – there is a clear separation of....
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Fabio Araujo, Director of the Central Bank of Brazil, has praised the properties of Bitcoin, saying it is a financial innovation using new technologies. To Araujo, Bitcoin was the catalyst for what is today known as Web3. At an event, Araujo also commented about the status of the development of the digital real, stating that his organization hopes to add smart functions to the currency.
Central Bank of Brazil Praises Bitcoin as Pioneer of Web3 Tech
More and more central banks around the world are dealing with the issue of cryptocurrencies and how to innovate to keep up with these....
The director of the ABN Amro's Innovation Centre is apparently not a fan of Bitcoin, a decentralized payment system. According to a report, chief Arjan Van Os exemplified Bitcoin's previous track record to prove his point, saying that their bank does not want to associate itself with anything that has/had a role in financing illicit activities. Instead, the bank wishes to experiment with its underlying technology - the blockchain. "We want to prevent bitcoin's poor image reflecting on what we do with the blockchain, it's underlying technology," Van Os stated. "We see many opportunities [in....
The chief of the Office of the Comptroller of the Currency (OCC) has came in support of a balanced approach when it comes to regulating new financial technologies like Bitcoin. In his speech on Friday, OCC director Thomas Curry called for amalgamating innovation with the traditional risk management practices, saying it would be a "financial win-win" situation for all. To make this happen, he wondered whether the US regulators would be ready to avoid creating superincumbent rules that hamper the growth of newer payment technologies within the existing banking infrastructure. Curry noted how....
Spanish megabank Santander has been experimenting with blockchain technology. Its head of research and development will discuss applications of the technology at Consensus 2015. Twenty billion dollars a year - that's how much banks could save on cross-border payments, compliance and securities trading if they used blockchain tech to move money and assets around the world, according to a report co-written by Spanish megabank Santander published last month. Julio Faura is one of the Santander executives playing a crucial role in making that massive cost-saving a reality. He commissioned a....
With the Verse token sale slated for June, and registration already open at getverse.com, Bitcoin.com’s Head of Financial Services Corbin Fraser hosted an ‘Ask-Me-Anything’ with special guest Director of Engineering Andrei Terentiev.
Addressing questions submitted across Twitter, Discord, and Telegram, the AMA premiered today and can be viewed in its entirety here.
Topics addressed in Bitcoin.com’s Verse AMA included:
How Verse fits into the Bitcoin.com ecosystem and the synergy created
Initial distribution and....