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Stripe Launches L1 Blockchain: Tempo

tempo.xyz

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Re: Stripe Launches L1 Blockchain: Tempo

#51

Post by garbthetill »

asdev wrote: post #17

I'm trying to figure out how this is decentralized? "A diverse group of entities" will run validator nodes. This sounds like it's just a Solana clone then.

it says its an evm clone, so it may not be like solana. Im shocked they didnt go the l2 route like many seem to do. They might pull a bsc with a limited number of validators and just make the stake requirements stupidly high and wink wink the company or entities close to said company, have acquired the majority of said tokens to become a validator and you would need to pay a gazzilion dollars to enter the pool

Re: Stripe Launches L1 Blockchain: Tempo

#52

Post by Lerc »

throw0101d wrote: post #14

NIST's Blockchain Overview , IR 8202, document often comes top of mind when "blockchain" is mentioned: * https://www.nist.gov/blockchain Specifically the yes/no flowchart on whether "you may have a useful blockchain use case" (Figure 6 - DHS Science & Technology Directorate Flowchart): * https://csrc.nist.gov/CSRC/media/Projects/enhanced-distribut...

That flow chart seems pretty reasonable to me. The big one is

"Are the entities with write access having a difficult time deciding who should be in charge of the data store"

The vast majority of pointless blockchaining come from organisations that have already decided that they are going to be in charge. Which is just great for them, but it doesn't induce others to join them. I wonder how much of promoting blockchains is to project the illusion of relinquishing a degree of control. I guess all the ones doing it just because others were doing it are looking at AI now.

Re: Stripe Launches L1 Blockchain: Tempo

#53

Post by brunohaid »

adastra22 wrote: post #31
m00dy wrote: post #18

The folks on Hacker News seem pretty anti-crypto, but I feel like they're missing the point. If we're actually looking for ways to fix the US debt, stablecoins are definitely worth considering

What does a separate payment rail have to do with the US debt?

It’s a hilarious definition of “fix” but the basic argument is that when you mandate stablecoins to hold treasuries and they start seeing actual adoption, you create demand/sink for a couple extra trillion dollars of treasury bonds.

Eg if Australian locals suddenly switch transacting cocaine at scale in Tether instead of AUD, the US government can borrow more money by providing that collateral to Tether.

Edit: Izzy Kaminska recently had a, as always, solid and less snarky summary at https://www.financialsense.com/blog/21379/redollarization-an...

Re: Stripe Launches L1 Blockchain: Tempo

#54

Post by agd »

anon191928 wrote: post #38

it will never be full available to us unlike bitcoin or ethereum? this is literally like a fast db? like you people here used to say. Finally HN is right and stripe founders joined on calling fast db a "blockchain" with lie. they will censor you and block you in blockchain level so literally db for few big companies, lol.

If you want to be censorship resistant, stick to decentralized blockchains (ethereum + bitcoin). There's still value in Tempo vs traditional payment rails - (much) lower fees, faster + 24/7 transactions.

Re: Stripe Launches L1 Blockchain: Tempo

#55

Post by doug_durham »

colesantiago wrote: post #3

I don't get it. Why does Stripe want to creatively ruin their reputation by venturing into crypto / blockchain? I don't see anyone in the real world using blockchains at all. I get AI as it was a real world paradigm shift, but I have never seen anything in this blockchain / crypto space that has reached 100-500 million users let alone 1 billion users, that isn't based on speculation.

Because money laundering and tax evasion are perpetually lucrative businesses. Since the Federal government is going to turn a blind eye then why not get in make some money.

Re: Stripe Launches L1 Blockchain: Tempo

#56

Post by gdbsjjdn »

colesantiago wrote: post #3

I don't get it. Why does Stripe want to creatively ruin their reputation by venturing into crypto / blockchain? I don't see anyone in the real world using blockchains at all. I get AI as it was a real world paradigm shift, but I have never seen anything in this blockchain / crypto space that has reached 100-500 million users let alone 1 billion users, that isn't based on speculation.

Dorsey and Tobi (Shopify CEO) are insane crypto true believers. It feels like they're trying to realize some ancap dream of Randian ubermensch controlling the whole economy and being answerable to noone.

Re: Stripe Launches L1 Blockchain: Tempo

#57

Post by nasmorn »

pc wrote: post #46

There are lots of crypto skeptics on HN (and we ourselves were disappointed with crypto's payments utility for much of the past decade), so it might be interesting to share what changed our mind over the past couple of years: we started to notice a lot of real-world businesses finding utility in stablecoins. For example, Bridge (a stablecoin orchestration platform that Stripe acquired) is used by SpaceX for managing…

Because they are legally barred to doing the same thing in USD. Which is exactly what’s going to happen to this once enough people actually use it.

Re: Stripe Launches L1 Blockchain: Tempo

#58

Post by mvdtnz »

agd wrote: post #40
colesantiago wrote: post #3

I don't get it. Why does Stripe want to creatively ruin their reputation by venturing into crypto / blockchain? I don't see anyone in the real world using blockchains at all. I get AI as it was a real world paradigm shift, but I have never seen anything in this blockchain / crypto space that has reached 100-500 million users let alone 1 billion users, that isn't based on speculation.

> I don't see anyone in the real world using blockchains at all. Many companies are using stablecoins for cross border transactions, and for payouts in countries with volatile currencies. There's clear value for these use-cases. Not to mention lower fees and 24/7 availability.

What companies?

Re: Stripe Launches L1 Blockchain: Tempo

#59

Post by dperfect »

throw0101d wrote: post #14

NIST's Blockchain Overview , IR 8202, document often comes top of mind when "blockchain" is mentioned: * https://www.nist.gov/blockchain Specifically the yes/no flowchart on whether "you may have a useful blockchain use case" (Figure 6 - DHS Science & Technology Directorate Flowchart): * https://csrc.nist.gov/CSRC/media/Projects/enhanced-distribut...

Exactly. The only way for this to deliver on its goals would be for it to not be public or permissionless. And if that's the case, then it should really just be a database and/or a shared protocol between financial institutions.

Once it's truly "open", you can't have any sensitive identifiers in there, so you need another protocol/system for correlating opaque identifiers with real-world entities (thus defeating the purpose).

And if financial institutions are involved, they'll want the ability to do what they do now: rewrite history whenever they feel the need (or are compelled by governments). Another strike against using blockchain.

Re: Stripe Launches L1 Blockchain: Tempo

#60

Post by garbthetill »

javier123454321 wrote: post #27
asdev wrote: post #17

I'm trying to figure out how this is decentralized? "A diverse group of entities" will run validator nodes. This sounds like it's just a Solana clone then.

It's just an attempt at obfuscating the governance for non-technical regulators to think it's beyond the control of stripe. It's the game that all these L1s are doing, participating in the minimum amount of decentralized theater in order to evade regulations.

it depends, regulators can still force validators to censor. I have kept up with the scene in a minute, but i remember builders and even some wallets were dropping tx from tornado cash because of some compliance issues, dont think the trump admin would care
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