monsanto (OP)
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Activity: 1241
Merit: 1005
..like bright metal on a sullen ground.
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August 13, 2015, 08:49:35 PM |
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Wonder just how this is going to work. Imagine a hacker gets into the network with some miners. http://www.coindesk.com/itbit-reveals-top-secret-bankchain-project-wont-use-bitcoin/"It is a proprietary itBit protocol, not blockchain based, but is derived off of blockchain. We will also not be using bitcoin as the native token it will be an itBit proprietary token." Wager sought to underscore that Bankchain is "inspired by" bitcoin's blockchain, but that it is a consensus-based alternative system. Upon release, he said itBit has no plans to open source the code or distribute it outside of participants in the network. |
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hexafraction
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Activity: 392
Merit: 259
Tips welcomed: 1CF4GhXX1RhCaGzWztgE1YZZUcSpoqTbsJ
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August 13, 2015, 10:25:47 PM |
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Any benefits to the end-user? Transparency is screwed up if end-users can't connect, even in a read-only manner.
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meono
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August 14, 2015, 02:56:43 AM |
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Wonder just how this is going to work. Imagine a hacker gets into the network with some miners. http://www.coindesk.com/itbit-reveals-top-secret-bankchain-project-wont-use-bitcoin/"It is a proprietary itBit protocol, not blockchain based, but is derived off of blockchain. We will also not be using bitcoin as the native token it will be an itBit proprietary token." Wager sought to underscore that Bankchain is "inspired by" bitcoin's blockchain, but that it is a consensus-based alternative system. Upon release, he said itBit has no plans to open source the code or distribute it outside of participants in the network. Awww............... they should have used mySQL, its much cheaper and can run on a 30w computer. |
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The Bitcoin Co-op
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Activity: 1268
Merit: 1006
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August 14, 2015, 03:43:51 AM |
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ItBit sounds like a bunch of sell-outs.
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We work hard to promote Bitcoin adoption and the decentralization of society. You can support our efforts by donating BTC to 35wDNxFhDB6Ss8fgijUUpn2Yx6sggDgGqS
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Envrin
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August 14, 2015, 03:46:37 AM |
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Cool article, except I still have no clue what itBit is.
The article didn't really say anything, except itBit is working on some software, and trying to wow large financial institutions.
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Searing
Copper Member
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Activity: 2898
Merit: 1464
Clueless!
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August 14, 2015, 03:57:36 AM |
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Cool article, except I still have no clue what itBit is.
The article didn't really say anything, except itBit is working on some software, and trying to wow large financial institutions.
private bank to bank network from what i can see ..could use it instead of wire xfers overseas etc is my guess and currency exchanges could all go thru their private blockchain anyway my guess |
Old Style Legacy Plug & Play BBS System. Get it from www.synchro.net. Updated 1/1/2021. It also works with Windows 10 and likely 11 and allows 16 bit DOS game doors on the same Win 10 Machine in Multi-Node! Five Minute Install! Look it over it uninstalls just as fast, if you simply want to look it over. Freeware! Full BBS System! It is a frigging hoot!:) |
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Envrin
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August 14, 2015, 04:33:10 AM |
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So itBit is going to wipe out SWIFT, and other similar networks?
Talk about an uphill battle.
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meono
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August 14, 2015, 04:40:48 AM |
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So itBit is going to wipe out SWIFT, and other similar networks?
Talk about an uphill battle.
Its funny because they're making the exact clone of SWIFT but lets call it bankchain to be hip. |
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TheMage
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August 14, 2015, 04:48:17 AM |
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This isn't Bitcoin related, heck according to the article is isn't even Blockchain related.
Why is this posted in the general section? The only relationship with Bitcoin is the fact that they arent using it nor the same technology.
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Envrin
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August 14, 2015, 04:58:04 AM |
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Its funny because they're making the exact clone of SWIFT but lets call it bankchain to be hip.
Yeah, I think in the near future itBit is going to begin realizing they bit off more than they can chew. Let's compete with SWIFT. We'll give our product a hip name for competitive advantage. That sure sounds like a good business plan to me. What could go wrong?  |
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TheMage
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August 14, 2015, 05:01:46 AM |
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Its funny because they're making the exact clone of SWIFT but lets call it bankchain to be hip.
Yeah, I think in the near future itBit is going to begin realizing they bit off more than they can chew. Let's compete with SWIFT. We'll give our product a hip name for competitive advantage. That sure sounds like a good business plan to me. What could go wrong? More like Ripple 2.0 from the sounds of it. |
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monsanto (OP)
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Activity: 1241
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..like bright metal on a sullen ground.
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August 14, 2015, 05:32:40 AM |
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This isn't Bitcoin related, heck according to the article is isn't even Blockchain related.
Why is this posted in the general section? The only relationship with Bitcoin is the fact that they arent using it nor the same technology.
Okay, you could have a point there, maybe it should be moved to a different section. I thought the fact that yet another company is trying to institute a private blockchain was interesting nevertheless. |
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gentlemand
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Welt Am Draht
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August 14, 2015, 01:05:14 PM |
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Okay, you could have a point there, maybe it should be moved to a different section. I thought the fact that yet another company is trying to institute a private blockchain was interesting nevertheless.
Well, they themselves don't even call it a blockchain. Consensus based ledger is the closest they get. |
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LiteCoinGuy
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Activity: 1148
Merit: 1011
In Satoshi I Trust
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August 14, 2015, 02:46:56 PM |
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"It is a proprietary itBit protocol, not blockchain based, but is derived off of blockchain. We will also not be using bitcoin as the native token it will be an itBit proprietary token."= 
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thejaytiesto
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Activity: 1358
Merit: 1014
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August 14, 2015, 03:40:55 PM |
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Any benefits to the end-user? Transparency is screwed up if end-users can't connect, even in a read-only manner.
There are no benefits to the end user. It's still closed source crap where you cannot see if the fees they ask you to pay for make sense or not. All the extras of decentralization aren't there. These fucking scammers are back at it. Did you really think banks would use Bitcoin? wake up people, this is a war and to be on the good side you need to be on the Bitcoin side. |
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