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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#161

Post by markasoftware »

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.

exactly. This is the main value of the "web3" era of blockchains. There's absolutely no decentralization in the way they are governed. It's just enough decentralization so that it can be argued that the users are interacting with a piece of software that the developers wrote, rather than the developers themselves, so that way there's no legal relationship between the two.

That being said, I'm not entirely sure it's a bad thing...especially outside of the US/europe banking I get the impression that banking regulations are arbitrary and political and if all we get from crypto is escape from those regulations it may be worth the extra fraud and so on.

Re: Stripe Launches L1 Blockchain: Tempo

#162

Post by Goofy_Coyote »

jrm4 wrote: post #125

Ah the layers. Okay, so one: Obviously pointless from a tech POV. There is nothing that a Stripe controlled blockchain could offer that a database could not. But then, why? Sadly, as someone who does like the ideals of true cryptocurrency, yet another way to make sure "real" crypto doesn't happen, much like what is happening to BTC. Here's hoping (yeah, it's a long shot) people see through all of this and maybe, MAYB…

Can you elaborate on what is real crypto, vs what’s happening now with BTC or other decentralized stable coins, please?

I’m curious to know more.

Thanks

Re: Stripe Launches L1 Blockchain: Tempo

#163

Post by avnfish »

jstummbillig wrote: post #47

Unironically excited to learn: Why is this a blockchain? Why could stripe not just do this (maybe better) without the blockchain bit? I am actually optimistic that, finally, there could be a convincing answer, because stripe does not strike me as the type of company that would do this without a very good reason. (I am slightly less optimistic, because the page itself does not offer an answer to this question, and ins…

Here is my attempt: blockchain is a 'good enough' way to bootload a platform for making permissionless dollar-denominated payments. You could technically achieve the same functionality, with better performance, off an interoperable open standards database and communication protocol. But everyone from global south governments, to the CFTC/SEC, to Mastercard would be after you before liability could be effectively distributed. With the design they're going for, you can vaguely gesture to the stablecoin issuers, node operators and on/off ramp operators that will be there on day 1 as legally separate parties each carrying part of the liability.

I will end with this thought: If we can get to a new local equilibrium where global transaction costs are 10x lower and >30% of global GDP can get paid faster / with better price signals / etc., shouldn't we try even if the tech is non-optimal?

Re: Stripe Launches L1 Blockchain: Tempo

#164

Post by petertodd »

jrm4 wrote: post #125

Ah the layers. Okay, so one: Obviously pointless from a tech POV. There is nothing that a Stripe controlled blockchain could offer that a database could not. But then, why? Sadly, as someone who does like the ideals of true cryptocurrency, yet another way to make sure "real" crypto doesn't happen, much like what is happening to BTC. Here's hoping (yeah, it's a long shot) people see through all of this and maybe, MAYB…

> There is nothing that a Stripe controlled blockchain could offer that a database could not.

One way of thinking about a blockchain is to think of it as a shared datastructure to keep databases in sync. Any time you want to distribute your database over more than just a single central place, in a cryptographically secure way, you're probably going to re-invent a blockchain to do it.

Re: Stripe Launches L1 Blockchain: Tempo

#165

Post by barrenko »

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…

So what should I "buy" to invest in this vision? Eth?

Re: Stripe Launches L1 Blockchain: Tempo

#166

Post by solumos »

jstummbillig wrote: post #47

Unironically excited to learn: Why is this a blockchain? Why could stripe not just do this (maybe better) without the blockchain bit? I am actually optimistic that, finally, there could be a convincing answer, because stripe does not strike me as the type of company that would do this without a very good reason. (I am slightly less optimistic, because the page itself does not offer an answer to this question, and ins…

Because you can transfer stablecoins to an end-user without taking custody of it, and that end-user can redeem it in their local market without the local + US-based bank having to talk. It’s faster and cheaper.

Stablecoins are a sort of “glue” between global banking infrastructure that otherwise would be difficult to set up as a provider (due to regulation), slow (due to bank technology for global payments being slow), and opaque (due to the shortcomings of global payments between financial institutions).

Re: Stripe Launches L1 Blockchain: Tempo

#167

Post by ed »

zeven7 wrote: post #136

The job listing[1] for Rust Engineer at Tempo says > Attributes: High motor What is meant by that? [1] https://jobs.ashbyhq.com/tempo-xyz/aab97703-13e2-42e8-9fb9-9...

It’s a phrase used by sports commentators.

There’s a physicality in the definition that doesn’t really describe the best programmers I’ve worked with.

> In sports, "high motor" describes a player who consistently exerts maximum effort and intensity on every play, showing relentless energy, enthusiasm, and a refusal to take plays off, even when tired or the game situation is difficult.

Re: Stripe Launches L1 Blockchain: Tempo

#168

Post by ceejayoz »

bboygravity wrote: post #160
rcpt wrote: post #133

Earlier quoted context omitted.

I don't think SpaceX is that great of a data point

[flagged]

I mean, I'd like more details on "managing money in long-tail markets" and why it's best done with stablecoins rather than... money.

Re: Stripe Launches L1 Blockchain: Tempo

#169

Post by stale2002 »

jrm4 wrote: post #125

Ah the layers. Okay, so one: Obviously pointless from a tech POV. There is nothing that a Stripe controlled blockchain could offer that a database could not. But then, why? Sadly, as someone who does like the ideals of true cryptocurrency, yet another way to make sure "real" crypto doesn't happen, much like what is happening to BTC. Here's hoping (yeah, it's a long shot) people see through all of this and maybe, MAYB…

> There is nothing that a Stripe controlled blockchain could offer that a database could not.

There absolutely is. Its called having access to the ecosystem. The money features that exist in the current blockchain landscape are simply a better developer ecosystem, with many more features, than the non existent "Database driven", uhh money tools.

Blockchains are no longer about the singular feature of having a trustless ledger that bitcoin tried to provide. No, instead it is about a whole variety of money related features and developer ecosystems that simply do not exist outside of the crypto space.

Recreating all that exists in the crypto space, but using a database instead, sounds like a lot of wasted work when you can just use the tools that are already available.

Re: Stripe Launches L1 Blockchain: Tempo

#170

Post by baobabKoodaa »

> A diverse group of independent entities, including some of Tempo’s design partners, will run validator nodes initially before we transition to a permissionless model.

Ah yes, the good old "permissionless" blockchain, that's 100% centralized for just the first 100 years of operation, give or take [subject to updated timelines after 100 years]

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