NEM partners with major bank, consortium of 5000 businesses, and cloud service

[jabo38]

The NEM core developers and marketing team have been working very hard silently in the background.  Today I would like to announce official deals that have been signed. 

https://forum.nem.io/t/major-announcement/1670

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[tokeweed]

Oh wow.  That's must be a nice surprise...  Congrats.

[Xeelee]

I have problems with your link. Can you copy the text also here? Gracias.

[jabo38]

I have problems with your link. Can you copy the text also here? Gracias.

Are you in China, would you like a Chinese version?  I think the Chinese press release will be out tomorrow as it is night there.

Here is part of the content

Infoteria connects over 5,000 Japanese businesses providing tech solutions for them.
http://www.prweb.com/releases/2015/12/prweb13122409.htm
http://www.coindesk.com/press-releases/infoteria-private-blockchain-startu/


Major bank in Japan has announced it too will be partnering to build on NEM and Mijin.
Japanese: http://www.atmarkit.co.jp/ait/articles/1512/16/news121.html
English: http://www.coindesk.com/japan-bank-sbi-sumishin-blockchain-proof-of-concept/
German: http://www.prnewswire.com/news-releases/startup-dragonfly-fintech-revolutioniert-traditionelle-banking-losungen-562618911.html


Additionally, Tech Bureau and Sakura Internet have announced a partnership to provide Mijin Couldchains. http://bitcoinist.net/mijin-offering-blockchains-world-free/

[jabo38]

Oh wow.  That's must be a nice surprise...  Congrats.

It has only been possible with the help of a lot of people, but especially there has been a lot of work by a team of hard working devs and Makoto has been great leading the marketing for NEM in Japan.

...goes off doing the funky chicken dance...

you have been watching us for a long time and posted a lot.  I did a little dance too    There will probably be more to celebrate, this news is just hitting the web and starting to get picked up by news outlets. 

[Snail2]

Good to hear such good news. As I see NEM is alive and well, in a good distance from the shit-throwng contests over here .

[KhalDrago]

but they arent going to use or buy nemcoin.

[tokeweed]

Jabo,

Please keep us updated on the technical side of the integration.  Thanks.

[TPTB_need_war]

jabo38,

Why did you make a duplicate thread in this forum? That is frowned upon and can be reported to the moderator.

You are obviously an investor and I can't help you if you are determined to lose your money chasing failed concepts. But I can offer my opinion for other speculators to consider.

Private block chains are a big yawn, because they break the trustless property of block chains (if you don't understand that, then you shouldn't be investing in anything until you finish a crypto 101 course):

The real world doesn't work that way. Business collaborate one day and compete the next (or even the very same day). Even when collaborating they don't want to share all information, and certainly not with every member of a group. To control access to information once access to the blockchain has been granted at all, privacy features are needed.

...

There are multiple choices for what level of privacy and sharability a permissioned blockchain may have in an actual company. Not in technology terms, but in business process rationale. Certain blockchains may not be accessible by a competing/cooperating company at all, just like you are not giving away the direct access to your database/CRM.

The time will show the corporate blockchain use cases, but I do see your point though. I believe I have to refine what I've been saying. Permissioned blockchains will need the privacy features to define the level of data access for the participants. However, this doesn't have much to do with the zero-trust privacy. This may have more to do with centralized privacy and centrally assigned roles.

Honestly, I haven't given much thought to the potential architecture of such a solution. It may well not be existing, or it might have a semi-centralized form (masternodes, anyone?). However, intuitively I'd say that ringsig is a clumsy option in this case.

There's a brighter side to my original post if you wish: focus on the bigger commercializable issues.

Smooth's post (included what is not quoted above) was astute and resonated with my point that private block chains are like closed source. The end-to-end principle applies again in spades. We all want to leverage the same infrastructure (e.g. TCP/IP) and independently run a myriad of applications on the ends, which is enabled because the intermediary infrastructure is agnostic to our applications. I mentioned this concept in my recent white paper on DDoS and footnote [8] in that paper. In short, there are virtually unlimited (much more than "multiple choices") degrees-of-freedom when the base infrastructure is agnostic to the use built on top of it.

This is why I believe privacy that can be done by the end applications will trump permissioned block chains. Sorry to James Dimon, IBM, and Blythe Masters. I will relish the day that James Dimon realizes that his money is a depreciating asset in our Knowledge Age.

However the network layers of the internet are not responsible for maintaining a global unified consistency, but a block chain does. Thus the network layers of the internet have no problem trading off consistency and access of the CAP theorm, in exchange for not losing functionality (that is promised by the network transport layer) during partitioning. Whereas, during partitioning a block chain loses the promised functionality of preventing double-spends globally.

But in reality the internet doesn't function well when partitioned. This why for example popular services (e.g. Google, Facebook) have server nodes all over the globe (which is very evident to me when our trunk line from Philippines is down yet I can still access Facebook and Google and the local inquirer.net but not most other sites). I think it is likely the world will build the same redundancy for block chains. For example one of the designs I've toyed with is that using efficient hash tables we can communicate between partitions the double-spend conflicts without needing to transfer the entire block chain between partitions.

How to not make an altcoin for the masses:

How do I install Java?
Check your java version HERE. If you are using Java Version 8, update 25 or above, you are ready to install the NEM client.

How do I open Port 7890?

 

fuhgeddaboudit.

Not to be rascist but factual. I think you will soon learn why Japanese are not leaders in software evolution.

[kelsey]

Private block chains are a big yawn, because they break the trustless property of block chains (if you don't understand that, then you shouldn't be investing in anything until you finish a crypto 101 course):

most core crypto concepts are lost on this alt crowd.


gotta love when crypto goes from being an alternative to the greedy bankers of the world, too working for them 

[vaporware asset wizard]

Private block chains are a big yawn, because they break the trustless property of block chains (if you don't understand that, then you shouldn't be investing in anything until you finish a crypto 101 course):

most core crypto concepts are lost on this alt crowd.


gotta love when crypto goes from being an alternative to the greedy bankers of the world, too working for them 

study evolution and learn some history. how do things change? life didn't evolve from amoeba to humans in one go!

having japanese banks assimilate the 'idea' of a shared ledger (even if permissioned) is a stepping stone to decentralised finance. once they start using blockchains they won't go back, and when they fail the 'concept' of blockchains is already established and moving to open shared ledgers is easier.

do you expect banks to accept bitcoin straight off the bat?
do you expect banks to roll-over and die?

bollocks ... they'll evolve

[jabo38]

jabo38,

Why did you make a duplicate thread in this forum? That is frowned upon and can be reported to the moderator.

hi anon,

That post was started by somebody else who isn't a part of the NEM marketing team.  They are also a hero and have a high trust rating, so I would like to think they weren't trying to break any BTT rules.  

Jabo,

Please keep us updated on the technical side of the integration.  Thanks.

Here are some of the APIs

wallet APIs http://nem.io/ncc/index.html
server APIs http://bob.nem.ninja/docs/

And here is the white paper; maybe the best white paper for a blockchain.
http://blog.nem.io/nem-technical-report/

[jabo38]

I have problems with your link. Can you copy the text also here? Gracias.

Here is one of the first Chinese articles http://www.8btc.com/sbi-sumishin-blockchain

That is a major Chinese website that independently reported so that should be readable.

[TPTB_need_war]

Not to be rascist but factual. I think you will soon learn why Japanese are not leaders in software evolution.

An exception might be the Nintendo and Sony Playstation which were the forerunner of the Xbox. That was more an outshoot of Japanese anime (cartoon) culture than software innovation. The programmer Mike Fulton who worked for me back in the 1980s (on WordUp, FONTZ! on the Atari ST) ended up being the head of development relations in the USA for the Playstation. Mike was very diligent and a reasonably smart guy, but I could run rings around him mentally (and athletically but I am now no where near where I was physically then, neither is he lol).

Point of the link above is the Japanese are a corporate culture and do not typically understand hacker culture, concepts which are anti-authoritarian, nor viral growth strategies.

The Playstation succeeded in no small part due to the work of USA developer participation such as that of Mike Fulton on developer relations with USA software developers.

Private block chains are a big yawn, because they break the trustless property of block chains (if you don't understand that, then you shouldn't be investing in anything until you finish a crypto 101 course):

most core crypto concepts are lost on this alt crowd.

gotta love when crypto goes from being an alternative to the greedy bankers of the world, too working for them  

I have no problem if the banks use decentralized block chains, but I do have a very big problem with a world in which instead of one internet, we have many private corporate intranets which can't freely interopt with each other.

The entire reason that corporations must adopt open source and why the world must adopt one internet, is because closed source does not scale. And it causes all sorts of dependencies which muck up degrees-of-freedom and cause Rigor Mortis.

Sorry private block chains are not an evolution. They are devolution. And anyone who doesn't understand that, shouldn't be marketing anything in crypto.

study evolution and learn some history. how do things change? life didn't evolve from amoeba to humans in one go!

having japanese banks assimilate the 'idea' of a shared ledger (even if permissioned) is a stepping stone to decentralised finance. once they start using blockchains they won't go back, and when they fail the 'concept' of blockchains is already established and moving to open shared ledgers is easier.

do you expect banks to accept bitcoin straight off the bat?
do you expect banks to roll-over and die?

bollocks ... they'll evolve

How ever the banks evolve to decentralized block chains, they are extinct. So I don't see the point. NEM is extinct.

[jabo38]

How ever the banks evolve to decentralized block chains, they are extinct. So I don't see the point. NEM is extinct.

NEM's main chain is fully decentralized and uses the same APIs as Mijin.  Mijin is a private fork of NEM that has been optimized for speed and security.  It is a way for banks and/or other large businesses to figuratively speaking "dip their toes into water" of blockchains.  They get full control of their chain, get to build assets and trade with partners they trust.  

Later on if they want to start to trade on a public and open chain with anybody and everybody, in just a few minutes they can have their software ready to work on the NEM main chain.  

With one major banking testing this, and 5000 Japanese companies becoming connected to NEM via Infoteria adapting Mijin, it is reasonable to assume that some will also move off of Mijin and additionally run services on the NEM main chain.

And of course, we hope to sign more contracts and gain more partners too.  If/when those are signed and press releases are issued, then I will update here about that too.

[TPTB_need_war]

So the business model is to get banks to see advantages of block chains but to assuage their fears by giving them private block chains.

Then hope they will see the advantage of block chains but the pain of private block chains and evolve to the wide-world of sharing decentralized infrastructure.

In the meantime, others will be providing the financial services to the users bypassing the banks. Which do you think is a viral fasting growing paradigm?

Duh it is even close unless the old world paradigms can persist. NEM is leveraging the dinosaurs (who move too slow and will be dying off do the paradigm shift which renders them unneeded).

Will some banks find a way to leverage block chains and morph their business models? Yes maybe. But my bet is the entrepreneurs will beat them to it and scale orders-of-magnitude faster. Why? Because banks are behemoths blinded by their own protection of their historic business models (their inertia).

Again the point of my first link about Japanese programmers being aligned to corporate culture and continuity of authority is apropos.

Perhaps I am wrong and banks have some inertia that is important and users can't transition fast enough to the new paradigms. Bitcoin has shown that in many scenarios users can't make that clean break, e.g. in money transmitting the last mile is still the problem (getting the BTC converted to something fiat cash users can spend). But I am trying to drill right through this problem and blow the doors off it. I don't see NEM going for such a radical strategy. Instead they are betting that a radical innovator like me (and an army of entrepreneurs that will follow any successful paradigm shift) can't break down the Coasian barrier that is allowing banks to continue methodically in their old world stupor (and only dipping their toes in private chains). Coasian barriers fall in a waterfall collapse.

Yes I understand banks have a lot more money than we do. I am also confident (based on how technological shifts destroy the old) that when the Berlin wall falls, it will be rapid fall to irrelevance for the old paradigm that was once so powerful. Example how is retail sales of software-in-a-box doing this days as compared to the 1980s and early 1990s.

Perhaps it is safe route for the programmers of NEM to take. They will be assured of well paid jobs. But I don't see how these developments necessarily make NEM more attractive for investors or users of NEM?

I am not making any judgment about their technical and programming capabilities, which apparently are not derelict. It is nice to have synergy rolling with a good team of developers. But developers do not trump marketing. Not even close. What is extremely rare is to have capable developers who are also very astute marketers. It is a a mix of skills that doesn't naturally occur frequently, because engineering is such a different mindset from marketing. I feel it is like two different people inside me in that when I am doing engineering it is so opposite to the way I am thinking when I am doing marketing.

Good luck.

[jabo38]

I am not making any judgment about their technical and programming capabilities, which apparently are not derelict. It is nice to have synergy rolling with a good team of developers. But developers do not trump marketing. Not even close. What is extremely rare is to have capable developers who are also very astute marketers. It is a a mix of skills that doesn't naturally occur frequently, because engineering is such a different mindset from marketing. I feel it is like two different people inside me in that when I am doing engineering it is so opposite to the way I am thinking when I am doing marketing.

Good luck.

Right, developers don't make good marketers as a rule, and most of our developers would probably be pretty poor marketers.  That is why early on the core team divided up into a marketing team (the part I am on) and a development team.  In my opinion the development team is stronger than the marketing team, but we are trying hard with what we have. (no VC money, and not a lot of good connections at the start but good tech to talk about during cold calls and real names with real faces and real hands to shake during meetings) We are especially lucky in that Makoto as a developer has also turned out to be that rare instance of a good marketer too, so he is taking on a stronger role marketing these days than developing.  Having watched Makoto in person, I can say he is a naturally likeable guy who comes off quite well in person.  The kind of person that guys want to hang around and drink a beer with, but maybe the kind that girls aren't interested in so much. hahahaha.  That is actually good for us as girls aren't as big of a distraction to him then as they are lots of the rest of us.  I'm just worried what will happen when he is really rich.  :-)

[jabo38]

Perhaps it is safe route for the programmers of NEM to take. They will be assured of well paid jobs. But I don't see how these developments necessarily make NEM more attractive for investors or users of NEM?

We are trying to build a vibrant full economy on the blockchain with all kinds people, services, organizations and businesses, not just banks and big businesses, but boot strapping the NEM blockchain with services from major bank(s) and services from thousands of companies (if we get that to come to full fruition) isn't a bad way to bootstrap a chain.  If we have that as a base, then hopefully we can get all the rest of the regular people coming.

[TPTB_need_war]

Okay apologies to shoot at your balloon then if you are young guys taking your first shot at entreprenurialism and winging it. You will learn a lot as you go along. It is fun to sleep under the desks and share evening beer and pizza. Wish I could still eat like that.

I hope he can deviate from the profile of a Japanese hacker as one who can only conform to norms and authority. And who can accept radical shifts in direction based on changing winds of understanding about what is important and scalable. I can change my mind in an instant when I realize that another perspective is superior to the one I had. Adaptability is very important, because we are the R&D phase of crypto.

As I said in my prior post, I can't entirely rule out the potential to get some where with the banks. But it feels to me to be "slogging in mud" direction. But I am not in the trenches with you all so perhaps I don't see something that you see.

Try to articulate to us better about how this impacts us and how we fit in.

I am interested to work with talented and fun people who can adapt quickly.

[kelsey]

Bitcoin has shown that in many scenarios users can't make that clean break, e.g. in money transmitting the last mile is still the problem (getting the BTC converted to something fiat cash users can spend). But I am trying to drill right through this problem and blow the doors off it. I don't see NEM going for such a radical strategy. Instead they are betting that a radical innovator like me (and an army of entrepreneurs that will follow any successful paradigm shift) can't break down the Coasian barrier that is allowing banks to continue methodically in their old world stupor (and only dipping their toes in private chains).

now this is the real game in town. maybe at best its a long way from becoming a reality or at worst an idealists unrealistic fantasy. but for a p2p currency to ultimately succeed this step (ie too and from fiat) needs to be eliminated entirely.