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Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

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Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#41

Post by 52-6F-62 »

jerguismi wrote: post #36
Veelox wrote: post #33

It 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.

Is this industry support, or more collaborative research project like R3? I have talked to some bank representatives, and while they have been testing ethereum technology, they do it on their private chains on their private networks. No word of production use. In general banks seem to budget a lot of funds towards various r&d activity, on which majority of stuff never ends up anywhere.

It's industry support for this particular implementation of blockchain tech, which seems to have a validating effect on the larger community surrounding it.

There have been talks/speculation about interaction between the public chain and private chains in an analog to internet/intranet relationships -- that is, being of a common protocol.

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#43

Post by DennisP »

jethro_tell wrote: post #39
Torai wrote: post #12

> The EEA describes itself as a standards group designed to help enterprises build their own interoperable technology, mostly using private versions of the ethereum blockchain. Ether price soaring right now, but isn't Master Card's bussiness direct competition of the public Ethereum blockchain as a payment system?

I don't understand why the coin would increase in value, it's the tech that they are looking at, to use among themselves on private block chains.

For now, because the public chain doesn't have the privacy and scalability they need. They expect that to change, and which point they plan to migrate some applications to the public chain. In the meantime they're being careful to stay compatible, and contributing development resources. Also JP Morgan has a client that bridges public and private chains.

Source: I watched the EEA conference, and some smaller presentations later.

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#44

Post by jerguismi »

52-6F-62 wrote: post #41
jerguismi wrote: post #36

Earlier quoted context omitted.

Is this industry support, or more collaborative research project like R3? I have talked to some bank representatives, and while they have been testing ethereum technology, they do it on their private chains on their private networks. No word of production use. In general banks seem to budget a lot of funds towards various r&d activity, on which majority of stuff never ends up anywhere.

It's industry support for this particular implementation of blockchain tech, which seems to have a validating effect on the larger community surrounding it. There have been talks/speculation about interaction between the public chain and private chains in an analog to internet/intranet relationships -- that is, being of a common protocol.

The question is, do they use or plan to use this technology in production? I very much doubt that, at least anytime soon. However great opportunity to pump the price :)

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#45

Post by 52-6F-62 »

jerguismi wrote: post #44
52-6F-62 wrote: post #41

Earlier quoted context omitted.

It's industry support for this particular implementation of blockchain tech, which seems to have a validating effect on the larger community surrounding it. There have been talks/speculation about interaction between the public chain and private chains in an analog to internet/intranet relationships -- that is, being of a common protocol.

The question is, do they use or plan to use this technology in production? I very much doubt that, at least anytime soon. However great opportunity to pump the price :)

I suppose it depends on whether or not their work with other members of the EEA produces anything viable. If not, c'est la vie. It's a step in that direction, though.

I think it's definitely a plus to have industry-experienced groups participating in looking into whether or not the tech is worthwhile. (It's kind of the Jobs-mind to the Wozniaks who dominate the space presently)

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#46

Post by JumpCrisscross »

raesene9 wrote: post #38
JumpCrisscross wrote: post #18

Earlier quoted context omitted.

Better politics, internally and externally. Internally because the community isn't as hardcore. Externally because it hasn't been publicly associated with black markets the way Bitcoin has.

As a relative outsider, it doesn't seem to me like ethereum has a great history of good politics, given the whole DAO, hard fork, eth classic setup ( https://www.cryptocompare.com/coins/guides/the-dao-the-hack-... )

I'm not a fan of the DAO decisions, but reversing a prima facie fraudulent transaction is uncontroversial in banking.

Bigger than that is the tone with which the Bitcoin communicates. There's that prominent Bitcoin enthusiast who likes to cuss and scream and demonize perceived opponents on Twitter. There's another one (maybe the same guy?) who moderates with a vengeful bias on Reddit. That kind of shit-throwing is anathema to a large company.

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#47

Post by metroidfan832 »

mpfundstein wrote: post #9
lpasselin wrote: post #7

What are the advantages Ethereum has over Bitcoin, except faster transactions?

a Turing complete scripting language for smart contracts that looks like Java

That is not an advantage though.

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#48

Post by metroidfan832 »

JoshTriplett wrote: post #8
lpasselin wrote: post #7

What are the advantages Ethereum has over Bitcoin, except faster transactions?

More capable embedded code that can implement interesting criteria to be enforced on transactions.

That is a disadvantage. You can shoot yourself in the foot with real money.

Re: Master Card, Cisco, and Scotiabank Join the Enterprise Ethereum Alliance

#49

Post by Asdfbla »

Always surprises me a bit because it seems to me like those large corporate players don't necessarily need all the features offered by Ethereum (or Bitcoin), especially proof-of-work, since there's enough non-adversarial cooperation between them that a simple distributed ledger with traditional (efficient) consensus mechanisms would suffice for most of their applications. They wouldn't have to deal with the drawbacks of Ethereum's very strict threat model.

I'm curious what applications they have in mind, or if they maybe just participate to get in on the hype and explore their options.

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