Ethereum as a currency will never go mainstream with a price swings like this
There are various price-stable currency projects hosted on the eth/evm, backed by uncorrelated off-chain and on-chain collateral.
Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
131–140 of 177 posts
Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
#132Earlier quoted context omitted.
By using a blockchain, you enable auditing organizations to participate in the authentication process. For instance, I might publish a private message to the blockchain that is an authentication request to resource X. A smart contract would then act on that authentication request, and publish either an ACCEPT or REJECT message. By bringing auditing organizations into the blockchain, every authentication attempt is se…
Here is your schema: DATA | auditor_sig ------------------ Now: a) Assume 3 components: client, server, auditorService b) How to write to server: 1- client sends DATA to auditorService 2- auditorService signs DATA and returns S(DATA) 3- client writes (DATA, S(DATA)) to server c) How to read: 1- client reads (DATA, S(DATA)) from server 2- client verifies S(DATA) 3.1- valid? -> continue 3.2- invalid? -> delete DATA fro…
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Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
#133Ethereum as a currency will never go mainstream with a price swings like this
Unlike bitcoin which was originally intended to be used by the consumer for paying for real-world things, ETH is mostly intended to be used for paying for 'gas' in order to execute code in the virtual machine. The good thing is that gas and ETH have been decoupled, which means that the gas prices are always constant, and what you pay per transaction tends to get automatically adjusted based on the price of Ether, so transaction costs don't fluctuate as much.
What you're probably interested in are "Stable Coins", crypto that is pegged to a fiat currency such as the USD or EUR. It may be possible that stable coins may be developed to run on top of Ethereum as smart contracts. One interesting project under development is Maker Dao, see https://makerdao.com/
Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
#134Where are the press releases from Master Card, Cisco, and Scotiabank about this? Press releases of "big company partners with little company", coming from the little company, are always suspicious. It may just mean "they signed up for our mailing list".
Seems like they're doing a separate press release.
[1] https://www.reddit.com/r/ethereum/comments/6o2o3d/comment/dk...
Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
#135Title didn't mention the significant partner showcased in the website - 'Andhra Pradesh Government'. The first state govt (India) outside the US to join the alliance. AP was recently divided into separate state (Telengana) and lost it's capital (Hyderabad- home to top IT MNC's) to it. They are actively investing in Fintech, including a new institute for blockchain - http://www.apeita.in/blockchain/
Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
#136I heard the head of R&D (of Scotiabank) talk at a conference a little over a month ago and at the time he made it seem like Scotiabank had experimented with existing cryptocurrencies and blockchain tech and were disatisfied and thought it would be some time before the technology was approachable for their bank. I guess they were just playing coy.
I too saw that guy speak and spoke to him before he went on. Oddly dismissive of all things crypto/blockchains....
Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
#137It seems like Ethereum is getting a lot more industry support than Bitcoin ever did. If Ethereum continues it looks like it could kill off Bitcon, the looming possibility of a hard fork might be contributing make that happen really soon.
They are complimentary to each other.
Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
#138Earlier quoted context omitted.
Ethereum is planning a switch away from proof of work.
It's unclear whether or not the alternative 'proof of stake' technique will be more efficient than proof of work. It is susceptible to abuse, and is likely to require an arms race of CPU power to prevent attackers from abusing it.
It's definitely more efficient than proof-of-work, since no energy is burned off with the only purpose being to calculate a proof of this.
The problem is that it makes consensus harder to reach, since there's no problem with having 10 different chains, because no energy needs to be burned off for each chain. This, effectively, makes your account balance a democratic decision by nodes in the Ethereum network (as opposed to forcing someone to burn off large amounts of energy if they want to alter your balance).
History being decided by democratic vote is exactly what proof-of-work avoids, or at least makes extremely expensive.
Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
#139Earlier quoted context omitted.
Are they? I know it's possible but I can't think of a single use where traditional software and/or contracts are more convenient. What does Ethereum with no PoW bring to the table?
The only thing I can think of is that the data you store is still distributed across multiple servers and can’t be removed or tampered with easily.
That's what every distributed database in the world does.
Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance
#140I heard the head of R&D (of Scotiabank) talk at a conference a little over a month ago and at the time he made it seem like Scotiabank had experimented with existing cryptocurrencies and blockchain tech and were disatisfied and thought it would be some time before the technology was approachable for their bank. I guess they were just playing coy.
I too saw that guy speak and spoke to him before he went on. Oddly dismissive of all things crypto/blockchains....
At BigDataTO/AIToronto?
There was a lot of positivity toward blockchain tech on whole. My favourite was Dr. Dan McGillivray (Associate, Yeates School of Graduate Studies)[0] dept discussing Toronto's [and Brooklyn's] microgrid projects.
I really enjoyed Suhail's[1] talk. He came from engineering as I recall, so as a lead he was very in tune with the technicals. He was also very cautious. I don't think he was too down on blockchain tech as a potential solution for certain problems (otherwise why bother experimenting), but he was very clear about their sentiment toward existing cryptocurrencies. However, I'm starting to think maybe he was referring more to Bitcoin because of the selection of his audience -- which was largely bankers and other corporate non-technicals receiving an introduction to new tech.
But overall the sentiment seemed to lean toward positivity, even if it was not directed at a singular implementation.
[0] https://www.canadianinstitute.com/ontario-power-277w15-tor/s...