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HTTP wasn’t needed for you to send that comment to hacker news, they could have used other technologies instead. What’s your point?

• root_axis 8y ago
  My point is that the advantages you described (an API) don't justify the complexity of blockchain technology since APIs can be implemented without them.
  • dkoston 8y ago
    That’s a purely technical perspective on the situation. One could make the same argument about gRPC versus SOAP versus XML. What would have been a more constructive response was: This looks like JPMC is trying to profit off hype by building a new accounting and settlement system on blockchain. Since they control all aspects of their network and ultimately are the only one redeeming tokens for dollars, they could have used something simpler. However, I bet they did it this way because they think forking ethereum is cheaper than building a new system from scratch and also they might get a bump in stock price from the hype. If they built and announced the same system using bespoke tech (that likely solves the problem more effectively), no one would have probably cared.
  • dkoston 8y ago
    I think maybe it wasn’t clear that I was responding to your comment about no innovation was made versus that blockchain was required. The innovation is that JPMC actually has an internal accounting and settlement system they can trust, not what database it uses or what language it was written in. Previously they relied on ACH and Wires which they didn’t control.