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Visa Introduces the Visa Tokenized Asset Platform

72 points by beefman 2y ago

Phantomfool 2y ago
[flagged]
- deleted 2y ago
  [deleted]
dartos 2y ago
Blockchain and b2b banking infrastructure seems like a more sensible use case, since the transaction processing infrastructure can be offloaded to the ethereum network instead of the visa’s infrastructure for some kinds of transactions. What used to take days may now only take minutes. Unless this is just another avenue for speculative trading…
- MuffinFlavored 2y ago
  I always had a dumb question on this. Say I'm Walmart and I want to adopt blockchain to hold distributors accountable or whatever usecase. Why does that have to be tied to some coin / why does it have to be public? aka... I'm sure Walmart has (many) instances of things like free-open-source software like Postgres, Redis, etc. Why not "blockchaind"? Big companies host their own infrastructure (or use it hosted by AWS). Why do we have to buy into this proof of work, proof of stake, public, tied to NFTs and memecoins crypto-currency for blockchain?
  - lottin 2y ago
    Why would anyone use a private blockchain instead of a regular database?
    - Jimmc414 2y ago
      Byzantine generals not trusting each other
      - dartos 2y ago
        If your blockchain is private, you already need to approve and this trust each member.
      - trog 2y ago
        They don't have to trust each other, they just have to trust Walmart.
      - antifa 2y ago
        That's why we had to bring in the Ponzinscheme Generals.
- nailer 2y ago
  > What used to take days may now only take minutes. A transaction is processed in 2-3 seconds on modern L1 blockchains
Bloedcoins 2y ago
Its so funny to see these type of things. Blockchain / crypto was started as a decentralized thing, than gambling happened. And now it transforms to 'whatever people thought it would be' to 'normal big companies we all know and use are leverging it now in a way to be able to say "But we also do blockchain and crypto" completly destroying the originally idea of it. But i don't mind. Make the ecosystem even more complicated and complex so that even less people care and use it. Crypto/Blockchain/NFT was the biggest 'transfer money from a lot of people to a few people' scam for a while now.
- yieldcrv 2y ago
  It’s permissionless, anyone can deploy anything on those networks I’m missing the joke about what’s funny or ironic about large companies using it Can you explain it more? Its still permissionless when the production environment is deployed on the public blockchain so how does that “completely destroy the original idea of it”, which was permissionless Visa can permissionlessly deploy a permissioned asset backed by off chain collateral that you dont have to interact with at all a network concept thats used Visa’s capabilities as a goal post for nearly 2 decades now has Visa using it
  - Bloedcoins 2y ago
    The blockchain is decentralized (as far as you can call it decentralized when a lot of stuff is running on well known cloud providers or you actualyy don't know if someone circumvented the staking mechanism and owns more staking server that you know, imagine a state actor like china) but all the assets are not. You still need the centralized classical PoS system to make sure that these assets are actually lawfully owned by the right people. Also for plenty of big companies, a decentralized system is dimetral to their standing. I 'trust' visa. "For example, a bank could automate processes like administering complex lines of credit using smart contracts and use fiat-backed tokens to release payments when payment terms are met." this even reads like a weird joke. Imagine some expert being needed by a smart contract to evaluate if a flat has the estimated value. The expert needs to verify themselve against a system to even be able to add this trusted expertise onto the blockchain. This requires an additional trust anker because again blockchain doesn't add any trust at all and than nothing is left of the original blockchain besides a standardized way of publishing some information decentral. You could have done this 20 years ago with public/private keys, certificate authority and ah yeah i think you know how our ca system works right? :P Edit: "There is a growing ecosystem where tokenized real-world assets are being issued across multiple permissioned and public blockchain networks. " thats even a better joke. Cross blockchain transactions are not a solved problem. Peple lost billions due to this... Apparently who ever does this project in Visa has 0 idea what they are doing. Dead on birth
turnsout 2y ago
I guess this shows you how long it takes a big company to ship software, because there's no way they started this project after 2022.
WhereIsTheTruth 2y ago
I was right since the beginning, the cryptocurrency fad was a test, to both harden and crowdfund the development of a CBDC To make people perhaps want to "want" it https://www.edps.europa.eu/press-publications/publications/techsonar/central-bank-digital-currency_en https://www.edps.europa.eu/press-publications/publications/t... https://www.federalreserve.gov/central-bank-digital-currency.htm https://www.federalreserve.gov/central-bank-digital-currency... What's interesting tho, is Brazil (Lula's administration), let Visa acquire their crypto fintech Pismo last year https://investor.visa.com/news/news-details/2023/Visa-to-Acquire-Pismo/default.aspx https://investor.visa.com/news/news-details/2023/Visa-to-Acq...
deleted 2y ago
[deleted]
mikhael28 2y ago
Ethereum’s smart contracts are inherently insecure. Look at all the money lost through oracle hacks and bridge attacks. If crypto ever becomes viable, mark my words - Ethereum will not be that platform.
yieldcrv 2y ago
I wish we could still do gas rebates, the sub 1 gwei prices on Ethereum right now are the perfect time to load up when gas prices skyrocket again
- kinakomochidayo 2y ago
  That’s unless they’re building on an Ethereum rollup, similar to what Sony and Coinbase are doing
- counterpartyrsk 2y ago
  Maybe a good time to renew ENS
  - yieldcrv 2y ago
    because the gas is cheap for transactions? and visa going to bring attention to the network
- 3np 2y ago
  OotL: (Why) don't gas future contracts work no more? Did they nerf the "refund-discount-on-free" hack?
  - yieldcrv 2y ago
    They still exist but were nerfed in 2021’s London hard fork
sfjailbird 2y ago
A Visa run corollary to the ethereum blockchain? Why wouln't a bank just issue its own ERC-20 token?
- yieldcrv 2y ago
  Its a package of friction reducing things that simply launching a standard or non standard erc20 token doesnt do

72 points by beefman 2y ago

Phantomfool 2y ago

[flagged]

deleted 2y ago
[deleted]

dartos 2y ago

Blockchain and b2b banking infrastructure seems like a more sensible use case, since the transaction processing infrastructure can be offloaded to the ethereum network instead of the visa’s infrastructure for some kinds of transactions. What used to take days may now only take minutes. Unless this is just another avenue for speculative trading…

MuffinFlavored 2y ago
I always had a dumb question on this. Say I'm Walmart and I want to adopt blockchain to hold distributors accountable or whatever usecase. Why does that have to be tied to some coin / why does it have to be public? aka... I'm sure Walmart has (many) instances of things like free-open-source software like Postgres, Redis, etc. Why not "blockchaind"? Big companies host their own infrastructure (or use it hosted by AWS). Why do we have to buy into this proof of work, proof of stake, public, tied to NFTs and memecoins crypto-currency for blockchain?
- lottin 2y ago
  Why would anyone use a private blockchain instead of a regular database?
  - Jimmc414 2y ago
    Byzantine generals not trusting each other
    - dartos 2y ago
      If your blockchain is private, you already need to approve and this trust each member.
    - trog 2y ago
      They don't have to trust each other, they just have to trust Walmart.
    - antifa 2y ago
      That's why we had to bring in the Ponzinscheme Generals.
nailer 2y ago
> What used to take days may now only take minutes. A transaction is processed in 2-3 seconds on modern L1 blockchains

Bloedcoins 2y ago

Its so funny to see these type of things. Blockchain / crypto was started as a decentralized thing, than gambling happened. And now it transforms to 'whatever people thought it would be' to 'normal big companies we all know and use are leverging it now in a way to be able to say "But we also do blockchain and crypto" completly destroying the originally idea of it. But i don't mind. Make the ecosystem even more complicated and complex so that even less people care and use it. Crypto/Blockchain/NFT was the biggest 'transfer money from a lot of people to a few people' scam for a while now.

yieldcrv 2y ago
It’s permissionless, anyone can deploy anything on those networks I’m missing the joke about what’s funny or ironic about large companies using it Can you explain it more? Its still permissionless when the production environment is deployed on the public blockchain so how does that “completely destroy the original idea of it”, which was permissionless Visa can permissionlessly deploy a permissioned asset backed by off chain collateral that you dont have to interact with at all a network concept thats used Visa’s capabilities as a goal post for nearly 2 decades now has Visa using it
- Bloedcoins 2y ago
  The blockchain is decentralized (as far as you can call it decentralized when a lot of stuff is running on well known cloud providers or you actualyy don't know if someone circumvented the staking mechanism and owns more staking server that you know, imagine a state actor like china) but all the assets are not. You still need the centralized classical PoS system to make sure that these assets are actually lawfully owned by the right people. Also for plenty of big companies, a decentralized system is dimetral to their standing. I 'trust' visa. "For example, a bank could automate processes like administering complex lines of credit using smart contracts and use fiat-backed tokens to release payments when payment terms are met." this even reads like a weird joke. Imagine some expert being needed by a smart contract to evaluate if a flat has the estimated value. The expert needs to verify themselve against a system to even be able to add this trusted expertise onto the blockchain. This requires an additional trust anker because again blockchain doesn't add any trust at all and than nothing is left of the original blockchain besides a standardized way of publishing some information decentral. You could have done this 20 years ago with public/private keys, certificate authority and ah yeah i think you know how our ca system works right? :P Edit: "There is a growing ecosystem where tokenized real-world assets are being issued across multiple permissioned and public blockchain networks. " thats even a better joke. Cross blockchain transactions are not a solved problem. Peple lost billions due to this... Apparently who ever does this project in Visa has 0 idea what they are doing. Dead on birth

turnsout 2y ago

I guess this shows you how long it takes a big company to ship software, because there's no way they started this project after 2022.

WhereIsTheTruth 2y ago

I was right since the beginning, the cryptocurrency fad was a test, to both harden and crowdfund the development of a CBDC To make people perhaps want to "want" it https://www.edps.europa.eu/press-publications/publications/techsonar/central-bank-digital-currency_en https://www.edps.europa.eu/press-publications/publications/t... https://www.federalreserve.gov/central-bank-digital-currency.htm https://www.federalreserve.gov/central-bank-digital-currency... What's interesting tho, is Brazil (Lula's administration), let Visa acquire their crypto fintech Pismo last year https://investor.visa.com/news/news-details/2023/Visa-to-Acquire-Pismo/default.aspx https://investor.visa.com/news/news-details/2023/Visa-to-Acq...

deleted 2y ago

[deleted]

mikhael28 2y ago

Ethereum’s smart contracts are inherently insecure. Look at all the money lost through oracle hacks and bridge attacks. If crypto ever becomes viable, mark my words - Ethereum will not be that platform.

yieldcrv 2y ago

I wish we could still do gas rebates, the sub 1 gwei prices on Ethereum right now are the perfect time to load up when gas prices skyrocket again

kinakomochidayo 2y ago
That’s unless they’re building on an Ethereum rollup, similar to what Sony and Coinbase are doing
counterpartyrsk 2y ago
Maybe a good time to renew ENS
- yieldcrv 2y ago
  because the gas is cheap for transactions? and visa going to bring attention to the network
3np 2y ago
OotL: (Why) don't gas future contracts work no more? Did they nerf the "refund-discount-on-free" hack?
- yieldcrv 2y ago
  They still exist but were nerfed in 2021’s London hard fork

sfjailbird 2y ago

A Visa run corollary to the ethereum blockchain? Why wouln't a bank just issue its own ERC-20 token?

yieldcrv 2y ago
Its a package of friction reducing things that simply launching a standard or non standard erc20 token doesnt do