Blockchain

R3 Plagued by Internal Conflicts Over Corda, Sources Claim

single-image

bitbond bitcoin lending

The development of R3’s enterprise blockchain platform Corda is being plagued by fundamental disagreements over its core vision, causing frustration and delay.

The claim was made in a report from FT Alphaville on Aug. 22, citing numerous insider sources.

“Corda maximalists” versus interoperability proponents

Sources close to R3 reportedly allege that there is a gulf between Corda’s engineers and its senior management as regards the product’s design and development. The engineers have purportedly lost faith in the technology itself, considering it to be functioning poorly and underscoring that it lacks scalability. 

They have also pointed to the allegedly 5-figure monthly bills R3 is ratcheting up in payments for cloud services, which cast a shadow over the platform’s long-term viability.

Other sources have spoken of tensions at the level of the workforce, accusing the R3 engineers of being susceptible to a “three-year itch” they believe besets the enterprise blockchain sector as a whole.

Sources have spoken of irresolution as regards R3’s identity — split between pitching itself as being a financial software firm to a more wide-ranging tech consortium. 

As regards Corda itself, they claim there is a lack of ambition and clarity regarding exactly what kind of blockchain it aspires to be — and whether or not it will at all remain committed to distributed ledger technology also known as DLT. 

This split has become tribal, they allege, with a split between so-called Corda maximalists and those open to pursuing interoperability.

The bottom line is that many reportedly fear the platform will not offer diverse businesses the efficiency gains it promises.

“Powerful but not very useful”

Among the R3 engineers, anonymous sources have said the consortium is trying to market software that is still ill-conceived and underdeveloped; they added that R3 is struggling to manage its burgeoning client base.

FT Alphaville was told by other in-house engineers that the flagship product “still feels like an engine without a car — powerful but not very useful.”

Notably, some have alleged the company would have faced a cash crisis had it not reached a settlement in 2018 with erstwhile rival Ripple over a legal dispute involving the breach of an option agreement that would have allowed R3 to purchase XRP at a discounted price.

Earlier this month, R3 announced plans to open a second European office in Dublin in 2020, just weeks after doubling the size of its London hub as part of an aggressive expansion plan.





Source

Leave a Reply

avatar
  Subscribe  
Notify of

You may also like

Bitcoin

Bitcoin Price Drop Mirrors Last Golden Cross Which Led to 170% Gains

single-image

bitbond bitcoin lending

Bitcoin (BTC) may not see a 170% increase after its fifth “golden cross” price event, historical data suggests as markets stay down 8%.

Analysis of price movements since 2009 shows Bitcoin has had a total of ten “golden cross” and “death cross” moments in its lifespan. 

BTC price dip challenges December 2017

A “golden cross” is when BTC/USD sees its 50-day moving average rise to cross over its 200-day moving average. A “death cross” is the opposite. 

As Cointelegraph reported, hopes are currently high that the most recent golden cross will spark an identical reaction to the previous one — a 170% price surge in just two months. 

Overall, however, two out of four golden crosses have resulted in gains, while the other two in fact saw price losses. Similarly, some death crosses were followed by price gains.

Bitcoin traders continue to dig for answers after BTC/USD abruptly dropped $1,000 in…

View More Article
Blockchain

Aussie Blockchain Startup Tells Gov’t Its Tax Laws Are Stifling ICOs

single-image

bitbond bitcoin lending

You need nothing short of “a miracle” to succeed with an initial coin offering (ICO) in Australia, a local industry leader told the government this week.

At a Select Committee on Financial Technology and Regulatory Technology hearing on Feb. 20, Dr. Jemma Green said her blockchain firm had succeeded despite, not thanks to, government policy. 

Dr. Green is the executive chairman and co-founder of Australian blockchain energy firm Power Ledger, which develops blockchain-based software for decentralized energy trading. ZDnet reported her remarks on the day of the hearing.

Tax system not “fit for purpose”

Dr. Green appeared before the committee in her capacity as a fellow of domestic blockchain industry body Blockchain Australia. Earlier this year, Blockchain Australia published a report, together with the RMIT Blockchain Innovation Hub at RMIT University,…


View More Article
Blockchain

Juventus Soccer Club Offers Digital Trading Cards through Sorare

single-image

bitbond bitcoin lending

The Italian soccer team Juventus has a number of traditional collectibles available for purchase by its fans, but this week it’s taking them into the digital age. The sports club announced on Feb 19. it would be offering digital trading cards of its players through the blockchain-enabled platform Sorare.

By using Ethereum technology, Sorare will provide digital cards that soccer fans can collect and trade. The cards function like non-fungible tokens and will feature star players like forward Cristiano Ronaldo. 

Used in conjunction with the platform’s fantasy soccer game, the cards can be used to create teams, compete in tournaments for cryptocurrency prizes, and trade in secondary markets. According to Sorare, some of the rare cards have sold for over $2,000. 

In a press release obtained by Cointelegraph, Sorare CEO Nicolas Julia spoke on the new deal:

“We are very proud to have signed this agreement with…


View More Article
Blockchain

United Nations Is Among New Entrants in Forbes’ 2nd Blockchain 50 List

single-image

bitbond bitcoin lending

Newly released Blockchain 50 list by major finance publication Forbes features some new entrants like major international association, the United Nations.

Shortly after including six blockchain-focused firms into its Fintech 50 list last week, Forbes has released another compilation of 50 global enterprises actively embracing blockchain technology.

Newcomers include the United Nations, China Construction Bank, Square and others

Published on Feb. 19, the new Forbes’ Blockchain 50 list is the second release of its annual Blockchain 50, which was first introduced in April 2019. Similarly to last year’s edition, the new compilation includes industry giants like Amazon, Microsoft, JPMorgan, Google, as well as cryptocurrency-focused firms like Bitfury, Coinbase and Ripple.

At the same time, about half of the firms on the list are newcomers, including the UN, the world’s second-largest bank China…


View More Article
Bitcoin

Bitcoin Price Fights to Hold $9.5K to Stave Off a Trend Reversal

single-image

bitbond bitcoin lending

On Feb. 20 Bitcoin (BTC) price surprisingly dropped 8.85%, a move which caught many investors off guard as up to that moment the digital asset had recovered well from the President’s Day weekend correction and was trading sideways in the $10,200 range. Citing data from CoinMetrics, ARK Invest crypto analyst Yassine Elmandjra tweeted that the $1,000 price drop was the fifth largest USD correction to occur on the hourly time frame since 2017.

Picture

Since the sharp downside move, traders, analysts, and crypto-Twitter have been attempting to pinpoint the source of the flash crash and a handful of theories have arisen. Some have attributed the volatility to the consecutive unplanned Binance exchange outages which halted trading on the platform and prevented many traders from being able to log into their accounts.

Others, like, Cointelegraph contributor and…

View More Article
Blockchain

Australian Stock Exchange Has New Blockchain Equity Competitor

single-image

bitbond bitcoin lending

NSX Limited, the operator of the National Stock Exchange of Australia (NSXA), is working on a joint blockchain-based project to enable same-day settlements.

According to a Feb. 20 announcement, NSX has partnered with iSignthis (ISX), a publicly listed firm specializing in payment authentication services, to establish a new venture that would provide “multicurrency, real-time and same day clearing of share trades across multiple exchanges.”

CHESS system will meet new competitor, DESS

Dubbed ClearPay, the new venture will develop a delivery versus payment (DvP) platform that is designed to replace the existing system of clearing and settlement process offered by current traditional domestic and foreign stock exchanges.

Using distributed ledger technology, ClearPay is expected to cut settlement processing time from three days to same-day or early the next day….


View More Article
Bitcoin

Watch Chartist Dan McDermitt Debate Analyst Ronnie Moas on Why Trading Can Beat Hodling

single-image

bitbond bitcoin lending

This week, technical analyst Dan McDermitt of The Chart Guys educational platform debates Standpoint Research founder Ronnie Moas on trading versus holding.

Can traders really outperform a simple buy and hold Bitcoin investment strategy?

McDermitt sees trading as a profitable route. “Had I just bought and held, I would be doing a lot more poorly than my current trading,” he said. McDermitt said trading over the past two and a half years has netted him between 3,000% and 5,000% in profits, whereas simply buying and holding Ethereum would have only yielded 500-600% in the same time frame.

Moas, on the other hand, does not think technical analysis works. Preferring to buy and hold, Moas does not think traders can beat a simple Bitcoin investment. “We’ve had tens of thousands of candles on the Bitcoin chart in the last…


View More Article
Blockchain

Paxos’ DLT Settlement Platform Is Live With Credit Suisse and Instinet

single-image

bitbond bitcoin lending

Paxos, a New York-regulated financial firm and the issuer of a USD-pegged stablecoin, has launched its blockchain-based settlement platform.

After announcing Paxos Settlement Service in late 2019, Paxos Trust Company has launched the product to settle select United States-listed equity trades between the two broker-dealers, Swiss financial services firm Credit Suisse and Nomura Group-owned Instinet, according to a Feb. 20 announcement.

Paxos to apply with the SEC for clearing agency registration later in 2020

As reported, Paxos Settlement Service is being launched under no-action relief from the U.S. major financial regulator, the Securities and Exchange Commission (SEC). The no-action relief means that the agency will take no action against Paxos when the firm starts to roll out its settlement platform.

However, Paxos still plans to submit its application for clearing agency registration with the SEC in 2020 in…


View More Article