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Author Topic: Custom/private blockchains may become popular soon  (Read 4558 times)

gs02xzz

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Custom/private blockchains may become popular soon
« on: July 04, 2015, 01:17:17 am »
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Citi is working on citicoin - https://bitcoinmagazine.com/21077/citi-working-citicoin-cross-border-payments/

If the custom/private blockchains like citicoin gets popular in the future, it will give projects like simcoin a new opportunity in the market. Finacial companies like banks will be more interested in better crypto technology instead of generic blockchains like bitcoins.

NxtChg

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Re: Custom/private blockchains may become popular soon
« Reply #1 on: July 04, 2015, 11:29:11 am »
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As I said before (and many others as well), "private blockchain" is oxymoron. It just doesn't make any sense.

"Blockchain" is just a new buzzword for MBA's to drone about.

Any "research" into it is a pathetic attempt by the banking industry to catch up with the world.
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gs02xzz

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Re: Custom/private blockchains may become popular soon
« Reply #2 on: July 07, 2015, 01:20:09 pm »
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If they fail to come up with private cryptos, there is still a chance that something between might eventually come out. For instance, industry niche cryptos like cryptos to compete in the credit card section, cryptos to compete in the remittance section, and ones in security trading section.

NxtChg

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Re: Custom/private blockchains may become popular soon
« Reply #3 on: July 07, 2015, 01:37:35 pm »
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Yeah, it's pretty clear that in the future there will be lots of coins, co-existing in parallel, so indeed there will always be demand for the most efficient solution.

All I have to do is finish it :)
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gs02xzz

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Re: Custom/private blockchains may become popular soon
« Reply #4 on: July 07, 2015, 06:52:56 pm »
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 8)

NxtChg

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Re: Custom/private blockchains may become popular soon
« Reply #5 on: August 22, 2015, 12:09:38 am »
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Quote
This is why "Private Blockhains", or their true label "AltCoins" (this is not bashing AltCoins), are a lame idea. The Blockchain works because it is a global public ledger and provides transparency without any single entities control. The second you make it private, you have all of the same problems (Blackhawk, Visa, Western Union, Etc...) in a black hole, behind closed doors, while everyone remains in the dark. No one is ever seems to be held liable other than the parties who get shafted for using their services in the first place.

http://news.dinbits.com/2015/08/bitcoinxt-and-blackhawk-why-private.html

And a good article in general.
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gs02xzz

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Re: Custom/private blockchains may become popular soon
« Reply #6 on: August 22, 2015, 02:16:20 pm »
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http://news.dinbits.com/2015/08/bitcoinxt-and-blackhawk-why-private.html
And a good article in general.

The author does have a point. There is always something good, bad, and ugly in everything.


NxtChg

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Re: Custom/private blockchains may become popular soon
« Reply #8 on: September 05, 2015, 05:44:47 pm »
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This still looks like an attempt to catch up with something new they don't fully understand.

It's like if Kodak released Polaroid as an attempt to catch up with digital cameras :)

But Simcoin architecture would certainly be more suitable for inter-bank settlements, if they want to do it like this, instead of making their own custom software.

Although, if you trust your nodes, you can simplify the system A LOT. That's what doesn't make any sense to me.

Why pay the price of decentralization when you don't need one?
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gs02xzz

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Re: Custom/private blockchains may become popular soon
« Reply #9 on: September 05, 2015, 06:18:18 pm »
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They still need the decentralization though in a segement of the marketplace to achieve the better efficiency and security and make the room for regulations and compliance in the same time. It is possible that the different permissible chains can be connected with each other.

NxtChg

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Re: Custom/private blockchains may become popular soon
« Reply #10 on: September 05, 2015, 06:23:47 pm »
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To connect different chains they will use trusted gateways. I just don't see where there is a demand for decentralized systems in heavily regulated banking.

They perfected the current system during a few centuries. What do they want decentralization for? :)
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gs02xzz

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Re: Custom/private blockchains may become popular soon
« Reply #11 on: September 05, 2015, 07:00:06 pm »
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Because it has the potential to lower the cost and increase the automation ( efficiency) though it is only in theory for now. ;D

You know the money is always smart and it always goes to the place with higher profit. Hopefully we can see some permitioned chains in real productions soon. We will know if they works or not.  ;D

NxtChg

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Re: Custom/private blockchains may become popular soon
« Reply #12 on: September 05, 2015, 07:05:35 pm »
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It can't lower cost, because it's a more expensive solution.

Bitcoin is cheaper because it removes overhead and reliability. They want to keep overhead + pay the cost of decentralization.

Doesn't make any sense.
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gs02xzz

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Re: Custom/private blockchains may become popular soon
« Reply #13 on: September 05, 2015, 07:19:22 pm »
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The permisioned chains will still reduce the overhead but may not as much as Bitcoin can do.

Since they are not as decentralized as Bitcoin they don't pay same cost of decentralization as Bitcoin does, which means better security, faster and room for regulations and compliances.

gs02xzz

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Re: Custom/private blockchains may become popular soon
« Reply #14 on: September 15, 2015, 04:39:40 pm »
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