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South African Reserve Bank Circulates Smart Contract Using Ethereum Blockchain

38 points by tefo-mohapi 10y ago

bathory 10y ago
I wonder why they'd opt for Ethereum (which incorporates proof-of-work) instead of using something like Hyperledger Fabric. I mean the banks all know each other already, so they might as well just use a permissioned blockchain, instead of a permissionless. Big banks like UBS are also on the Hyperledger train [0]. [0] - https://www.hyperledger.org/news/2016/09/29/ubs-to-build-blockchain-based-trade-finance-system https://www.hyperledger.org/news/2016/09/29/ubs-to-build-blo...
- DennisP 10y ago
  There are some forks of Ethereum that use the same virtual machine but different consensus mechanisms like Byzantine Paxos. I don't have links handy but maybe that's what their actually talking about, since they say it's a private Ethereum-based chain.
- brighton36 10y ago
  Hyperledger's core value proposition is that you can find efficiencies in your business by putting your transactions into folders, and sending them to your competitors. This isn't a very well thought out project.
- patrickk 10y ago
  It's worth noting that the Etherum project will switch over to proof of stake at some point in the future, possibly within the next two years.
  - brighton36 10y ago
    And you can count on it forking shortly thereafter. Just like: NXT, Ripple, Stellar, Peercoin, and all other PoS chains before it
protomyth 10y ago
Is there a good book out yet that explains the different block chain implementations and theory behind them? Something that starts pretty basic and walks its way through the subject.
- brighton36 10y ago
  This field is almost entirely composed of scams and buzzword surfers. Don't get your hopes up about learning any terribly scientific here. This South African Reserve Bank will give this project up when they realize this smart contract offers no efficiency over incumbent systems
frakr 10y ago
That site has text on the bottom for links that aren't populated. Is this a valid news source? Or a marketing outlet? Missing links: ABOUT | PRIVACY POLICY | TERMS OF USE | PARTNERSHIPS & ADVERTISING

38 points by tefo-mohapi 10y ago

I wonder why they'd opt for Ethereum (which incorporates proof-of-work) instead of using something like Hyperledger Fabric. I mean the banks all know each other already, so they might as well just use a permissioned blockchain, instead of a permissionless. Big banks like UBS are also on the Hyperledger train [0]. [0] - https://www.hyperledger.org/news/2016/09/29/ubs-to-build-blockchain-based-trade-finance-system https://www.hyperledger.org/news/2016/09/29/ubs-to-build-blo...

DennisP 10y ago
There are some forks of Ethereum that use the same virtual machine but different consensus mechanisms like Byzantine Paxos. I don't have links handy but maybe that's what their actually talking about, since they say it's a private Ethereum-based chain.
brighton36 10y ago
Hyperledger's core value proposition is that you can find efficiencies in your business by putting your transactions into folders, and sending them to your competitors. This isn't a very well thought out project.
patrickk 10y ago
It's worth noting that the Etherum project will switch over to proof of stake at some point in the future, possibly within the next two years.
- brighton36 10y ago
  And you can count on it forking shortly thereafter. Just like: NXT, Ripple, Stellar, Peercoin, and all other PoS chains before it

protomyth 10y ago

Is there a good book out yet that explains the different block chain implementations and theory behind them? Something that starts pretty basic and walks its way through the subject.

brighton36 10y ago
This field is almost entirely composed of scams and buzzword surfers. Don't get your hopes up about learning any terribly scientific here. This South African Reserve Bank will give this project up when they realize this smart contract offers no efficiency over incumbent systems

frakr 10y ago

That site has text on the bottom for links that aren't populated. Is this a valid news source? Or a marketing outlet? Missing links: ABOUT | PRIVACY POLICY | TERMS OF USE | PARTNERSHIPS & ADVERTISING