Swift To Build a Global Financial Blockchain (reuters.com) 19
Camembert writes: In a move that is sure to make Ripple nervous, traditional financial network Swift announced yesterday that it is partnering with Consensys and more than 30 global banks to build a blockchain based network that will run in parallel with its traditional network. Interestingly, unlike XRP, there is no native coin, rather it aims for interoperability (probably using Chainlink with whom the company did case studies for a few years already). There is also a strong focus on regulatory compliance. There are several news articles and opinion pieces on this event; I linked the Reuters article.
just FYI (Score:3)
Someone making or planning to make a blockchain product is as much news as some butterfly flapping its wings.
When somebody manages to come up with a useful product, that's when I want to hear about it.
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I have googled these terms. I have received a bunch of buzzword gobbledygook.
From what I can deduce, it's all yet another crypto crap.
Not impressed.
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I have googled these terms. I have received a bunch of buzzword gobbledygook.
From what I can deduce, it's all yet another crypto crap.
Not impressed.
Weird, I searched those terms with google and the AI synopsis showed me this:
XRP, Flare, and Firelight are interconnected projects focused on bringing decentralized finance (DeFi) utility to the XRP ecosystem. Flare is a layer-1 blockchain that serves as a bridge, while Firelight is a staking protocol built on Flare that allows XRP holders to earn yield.
So Flare and Firelight allow XRP holders to earn interest on their XRP. Sounds useful to me. You're not interested in compounding interest? Are you su
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Are you sure your blindness to greed isn't... blinding you?
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Child porn and extortion are 100% legitimate uses of crypto. Why, without crypto, many billions of dollars would be lost to North Korea and criminal syndicates. Think of the scum!
Probably the best use case.. (Score:2)
Honestly this is probably the best use case for the entire concept.
Settlements among a finite number of entities that actually do know and trust each other. You get a robust and crypto graphically secure audit trail so if anyone has an internal controls failure it will be easy to spot what happened. At the same time because all the entities have some relationship, nobody is going to piss in the pool and attempt shenanigans like creating processing delays or trying to attack/capture the quorum etc.
Wow (Score:2)
Yeah but... (Score:2)
It's SWIFT (Score:2)
Yup, it's an acronym (Score:2)
I was confused for a second because you used "Swift" instead of "SWIFT". The name is captialised.
Indeed - in this case, it's an acronym. [youtube.com]
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I was thinking "Wow, is there anything she can't do??"
Is blockchain still a thing? (Score:2)
I thought we had passed that hype already.
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The music hasn't stopped yet, but the end is near.