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Stripe Launches L1 Blockchain: Tempo

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Re: Stripe Launches L1 Blockchain: Tempo

#271

Post by serial_dev »

louisanderson01 wrote: post #261
serial_dev wrote: post #212

Earlier quoted context omitted.

Care to elaborate?

udev is probably referencing smart contracts(which turn blockchains from shared dbs to shared state-machines), and zk(which allows for cryptographic guarantees of arbitrary computation, and facts about said computation without revealing details of computation). Those are two major innovations on the tech side, there's also rollups, blobs, and a whole host of other interesting developments in the EVM(ethereum virtual…

But we were talking about “cryptocurrency”. Smart contracts, roll ups, zk are not cryptocurrencies. I get that they are related.

Re: Stripe Launches L1 Blockchain: Tempo

#272

Post by fruitworks »

dkobia wrote: post #67

This is a pretty big deal. Stripe is already processing billions of transactions. Additionally Stripe already has the relationship with merchants that other L1's lack along with the payment network expertise. If Stripe’s closed-loop system scales, banks and card networks could lose significant transaction volume, fees and even merchant relationships. Merchants and customers win with lower transaction fees. This marks…

What is blockchains reputation and who cares?

Blockchain is used as an umbrella term to lump useless systems like this and ripple into the same category as actual decrentralized cryptocurrencies.

Re: Stripe Launches L1 Blockchain: Tempo

#273

Post by kinakomochidayo »

arccy wrote: post #198
xpl wrote: post #155

Why not use actual Ethereum as a base layer? If you want speed, build (or use) an L2 on top of it. I can hardly see any value in "yet another private blockchain" — just use a database, duh.

ethereum is expensive, and there's scaling limits, see all the posts coinbase puts out for their base chain.

Those scaling limits are temporary though. PeerDAS in the next hardfork should increase scalability even more on the rollups.

Most of these L1s will likely end up becoming L2s in the near future, especially if they can rake in revenue via sequencers

Re: Stripe Launches L1 Blockchain: Tempo

#274

Post by irusensei »

udev4096 wrote: post #219
apinstein wrote: post #151

Here's the play. It's very simple, and it's quite good. Stripe processes a LOT of money. The customers that get that money need to move it around. Often to banks. Stripe makes no money on that. Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc). Stablecoin providers make money on their float -- selling stablecoins means you get free deposits, and risk-free…

Bullshit. The biggest stable coin, Tether, is pure scam. They are essentially creating money out of nowhere. They were found guilty of massive fraud and were fined $18M [1]. They refuse to get audited by a third-party [2]. The ones that do audit them are just as sketchy as them [3]. I would recommend watching this video to grasp the scope of their fraud [4] [1] - https://coingeek.com/tether-bitfinex-prohibited-from-o…

Isn't coingeek big SV shills? The whole thing is a fraud starting with its creator Craig Wright.

Re: Stripe Launches L1 Blockchain: Tempo

#275

Post by afiori »

hvb2 wrote: post #209
baby wrote: post #182

Earlier quoted context omitted.

I'll attempt an answer: Today, if you want to transact between businesses or retail (folks like you and I), you need to find a route between the two entities' banks. This route might take several hops, passing through some central banks, and some of these hops might be instant or might take days to actually settle. On top of that, you need to pay the service that helped you find a route (SWIFT) and potentially the no…

So why can a traditional bank not solve this? In Europe you can wire money across borders for free, you just need to know the account number. Arrives in seconds at 0 cost. I feel like a lot of the fintech in the US is purely a result of a lack of regulation. For the example of Argentina, the real reason that business is using crypto is because their currency is unreliable. It might be a good fit there but trading in…

That is because the EU acts as a coordinating authority, if you wanted to transfer money from Greece to Iran it would be a different issue.

I suspect that banks cannot solve this because it would be illegal for them to do so.

If many banks could send and receive money from across the world money laundering would become way way easier (in this sense the lack of privacy in many blockchains can be seen as a strength) and it is how offshore fiscal paradises work

Re: Stripe Launches L1 Blockchain: Tempo

#276

Post by jamesmccann »

__MatrixMan__ wrote: post #229
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…

> Stripe controlled blockchain could offer that a database could not. A database cannot resist tampering by somebody with admin access to the database. It may be the only thing that blockchains have going for them, but it's a big one.

You can sign records in a normal database. Implement some segregation of duty and don't give your DB admins access to any signing keys.

Re: Stripe Launches L1 Blockchain: Tempo

#277

Post by fruitworks »

kristjansson wrote: post #174
agambrahma wrote: post #141

[I'm likely missing something, but] "EVM-compatible, built on Reth" => they're essentially building a private Ethereum fork with a fancy validator selection process. Couldn't they just get these benefits (predictable fees, fast settlement) by ... running a database between these financial institutions? If Stripe controls the validator set (even indirectly), then ... just a distributed database with extra steps, no?

Blockchains are foremost a social technology :)

All cryptography is about solving coordination problems

Re: Stripe Launches L1 Blockchain: Tempo

#278

Post by bloggie »

nisegami wrote: post #171
jchw wrote: post #148

Earlier quoted context omitted.

A lot of us are not really deep into the finance space. Maybe there's a good reason it's left unsaid, but the question I came away with after reading that page and this comment is, why are businesses finding crypto easier/faster/better? To me, it's not 100% clear exactly who Tempo is for and not for, and why blockchain is more suitable than traditional centralized database technology here. And it sounds like this sys…

In the case of Argentina, and similarly for my country, access to USD is fraught and often involves off-market transactions.

So transactions are difficult because they are illegal, and blockchain helps to facilitate crime?

Are there other uses? Surely a large and legitimate operation like Stripe and the companies they mention in the blog post would have found additional use cases?

Re: Stripe Launches L1 Blockchain: Tempo

#279

Post by realcul »

jchw wrote: post #148
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…

A lot of us are not really deep into the finance space. Maybe there's a good reason it's left unsaid, but the question I came away with after reading that page and this comment is, why are businesses finding crypto easier/faster/better? To me, it's not 100% clear exactly who Tempo is for and not for, and why blockchain is more suitable than traditional centralized database technology here. And it sounds like this sys…

Simple ans. Crypto provides regulatory arbitrage. The steps and process to do the same in Fiat is riddled with regulation and hurddles. the same on crypto side is easy to do as of now. that is it.

Re: Stripe Launches L1 Blockchain: Tempo

#280

Post by j2kun »

apinstein wrote: post #151

Here's the play. It's very simple, and it's quite good. Stripe processes a LOT of money. The customers that get that money need to move it around. Often to banks. Stripe makes no money on that. Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc). Stablecoin providers make money on their float -- selling stablecoins means you get free deposits, and risk-free…

> Over the last few years, stablecoins have become a preferred means to hold and move money (for convenience, etc).

For avoiding regulation.

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