Uk Blockchain Bank

[Pab]

 New start up from UK is coming at begining of 2016.Disrupt banks through blockchain

How will Secco be different, then? For a start, Gledhill said, it won't be anything like the image of a bank you've got in your head.

Unsurprisingly, it won't have branches – challenger banks don't tend to – but it also won't have an app, nor an interface to speak of.

Instead, Secco will operate as an 'underlying' service hidden in all the apps and social platforms we use day-to-day. The aim of the game is "customer disengagement," Gledhill said.

http://www.coindesk.com/meet-secco-the-uks-blockchain-inspired-challenger-bank/

I will love to try it

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[unamis76]

I'm not quite getting what they're doing, but some things raise a red flag

Secco and its users will each hold a cryptographic key, and both will be needed to confirm a transaction, in Secco's in-house token-based digital currency, from which the bank will take a small cut.

Are they creating a web wallet for apps? A tipping platform? They aren't really clear in what they're doing and why it is different from what we have...

[franky1]

I'm not quite getting what they're doing, but some things raise a red flag

Secco and its users will each hold a cryptographic key, and both will be needed to confirm a transaction, in Secco's in-house token-based digital currency, from which the bank will take a small cut.

Are they creating a web wallet for apps? A tipping platform? They aren't really clear in what they're doing and why it is different from what we have...

in house token.

in short they have their own private blockchain, its not using bitcoin. and as such people need to buy/swap bitcoin for their private altcoin. and then people can transfer the altcoin to represent moving value.

what issues i have is:
the blockchain is solely controlled by secco. (not decentralised)
the private keys are provided by secco (meaning they have access to both)

i dont see any reason for people to swap fiat/bitcoin to this unknown altcoin, and from a customers point of view it makes no difference if its a blockchain or a sql database. as the centralised and none user holding part of it means its not really holding all the benefits of what bitcoin is suppose to be.

i think this is just another ripple, ether, stella, nxt crappy business plan.. and not really a bitcoin centric plan..

[tom555]

is this the future of bank?

[doublemore]

Hope it works out for them will be very challenging in UK to compete with other banks.  If they to start to offer lending on large scale then i would be very interested

[Amph]

is this the future of bank?

no the future can't be centralized, they at best can offer something that average joe are willing to use more than dealing with the securty issue about bitcoin

this will at least help adoption, which is always good

[tom555]

is this the future of bank?

no the future can't be centralized, they at best can offer something that average joe are willing to use more than dealing with the securty issue about bitcoin

this will at least help adoption, which is always good

sound great,and  will be nice different bank.

[celebreze32]

I'm not quite getting what they're doing, but some things raise a red flag

Secco and its users will each hold a cryptographic key, and both will be needed to confirm a transaction, in Secco's in-house token-based digital currency, from which the bank will take a small cut.

Are they creating a web wallet for apps? A tipping platform? They aren't really clear in what they're doing and why it is different from what we have...

in house token.

in short they have their own private blockchain, its not using bitcoin. and as such people need to buy/swap bitcoin for their private altcoin. and then people can transfer the altcoin to represent moving value.

what issues i have is:
the blockchain is solely controlled by secco. (not decentralised)
the private keys are provided by secco (meaning they have access to both)

i dont see any reason for people to swap fiat/bitcoin to this unknown altcoin, and from a customers point of view it makes no difference if its a blockchain or a sql database. as the centralised and none user holding part of it means its not really holding all the benefits of what bitcoin is suppose to be.

i think this is just another ripple, ether, stella, nxt crappy business plan.. and not really a bitcoin centric plan..

What's the point of a "blockchain bank" if it doesn't let you convert fiat into Bitcoins, and back again? It's not a bank if you have to buy some centralized server based coin to use any of it's services. Further I wonder how regulated it is if it's not offering any traditional banking services. What if it goes bankrupt as a high number of startups do? If it's not fully regulated as a bank its customers will lose their money.

[Denker]

is this the future of bank?

I believe this is more a future failure!
Just another centralized controlled project which has absolutely nothing to do with Bitcoin.

[Denker]

"Secco and its users will each hold a cryptographic key, and both will be needed to confirm a transaction"

It means without Secco permission, users can't make transaction as they like
Also it means Secco will know details of every transaction

They use blockchain, but it's centralized & we don't have full control over our coins.
I don't have reason use this stupid altcoin

Yes that seems to be the case as I understand it.This system is not different to the actual banks. Your money lies on the bank's account and if the bank doesn't want you be able to withdraw they just won't let you.The same here with Secco.Even worse as they might be able to track your transactions completely.

[AtheistAKASaneBrain]

The word disrupt cannot be followed by bank. It is an oxymoron that banks are going to disrupt anything. I don't see a single bank using a true decentralized blockchain. A centralized blockchain is just a regular ledger. This thing is getting out hand. All those idiots need to learn that the aren't doing anything new. But then again im sure they know that and just want to make average joes think they are all being revolutionary.

[Kprawn]

Wtf? They piggy back onto Bitcoin, but they have a centralized token on a private ledger? This is just the wolf in sheep skins, and no different from what we have at the moment.

This private centralized control is nothing new....it lacks innovation and gives banks control over your private keys.. The principles are the same.. you still own the money, but they have full control. 

These banks do not get it... most people support decentralized network for a reason... and you do not have to be a Libertarian or a extremist to see what is wrong with their model. 

[tiggytomb]

They will still be taking fees and the whole offline transactions to be merged at a later date sounds like it will open to a whole load of abuse.  Can't blame him for thinking like a bank as that's where he came from but i don't see this really taking off.

[okae]

is this the future of bank?

no the future can't be centralized, they at best can offer something that average joe are willing to use more than dealing with the securty issue about bitcoin

this will at least help adoption, which is always good

uff god heard you, my friend, i also wish that, but you know whats the banks spirit, if they think that can try to do things "on his way" just to be more rich, they will not-stop until they get it...

but this time, we are more and better

[batesresearch]

This is very interesting!

Especially this:

"However, it will run on something Gledhill calls a 'blocktree', currently awaiting patent, which he claims will solve a lot of the problems that come with bitcoin's technology"