SETL now a BTS competitor

[topcandle]

Why r u worried?  Isn't it a good thing?

[Empirical1.2]

If I was a betting man.. I would say these guys might be crytponomex first lawsuit in licensing infringement the way it sounds.

If I was a betting man.. I would be worried they are one of the first to license Graphene from CNX. We just haven't been told about it yet.

The person involved Peter Randall, seems very credible at first glance.

[bobmaloney]

They understand that current financial markets work by force & fraud because this is obvious to anyone with a working mind. Instead of attempting to use blockchain technology as it was intended, to free human transactions from corrupt centralisation, they have opted to build a system with enhanced potential for corruption.  This is the opposite of 'genuine' technical innovation. This project could only be seen as a competitor to Bitshares if network participants do not care about the difference.

I really hope this is not the standard CNX chooses to adopt to define "competition".

I'd be really upset to see that they would concede 99% of the population and potential user base that do not care about the difference - to the centralized, good ol' boy competition in favor of the <1% of us that do care about the difference.



http://cointelegraph.com/news/114993/founder-of-european-stock-exchange-launches-blockchain-startup

SETL will initially target the payments business to subsequently move into financial markets including foreign exchange, bonds and possibly stocks. Much like the Bitcoin blockchain, the SETL blockchain will allow users to transfer both money as well as assets directly among each other.

^^^ This is the very definition of "competition" and as far as I understand, aiming for these markets are the entire reason it was decided to delay Bitshares in order to incorporate white/black-listing and other tools to comply with KYC/AML and other regulator requests.

[Ben Mason]

“Understanding how financial markets work has been key to the design process so far. Solutions in the world of finance need to address practical issues such as capital usage, bank liquidity and regulatory permissions. SETL is the product of the decades of financial markets expertise of its founders as well as genuine technical innovation.”

Condemned by they're own words......

They understand that current financial markets work by force & fraud because this is obvious to anyone with a working mind. Instead of attempting to use blockchain technology as it was intended, to free human transactions from corrupt centralisation, they have opted to build a system with enhanced potential for corruption.  This is the opposite of 'genuine' technical innovation. This project could only be seen as a competitor to Bitshares if network participants do not care about the difference.

I decided to dig a little further into this story.. and I have to call bullshit on it.

The 'announcement' as it were was weak and only made it's way around crypto circles.. which means its likely part of a pump and dump strategy of some sort or attempting to impress someone out there who might be looking to invest in something.

It looks like they literally went over the Bitshares features set and decided to call it all their own but under their control.. as far as features go in this particular application.

If this was real news it would be seen in the likes of Reuters Bloomberg or WSJ.

If I was a betting man.. I would say these guys might be crytponomex first lawsuit in licensing infringement the way it sounds.

I agree, the whole article sounds empty....I really don't know how this stuff gets published.

[BunkerChainLabs-DataSecurityNode]

“Understanding how financial markets work has been key to the design process so far. Solutions in the world of finance need to address practical issues such as capital usage, bank liquidity and regulatory permissions. SETL is the product of the decades of financial markets expertise of its founders as well as genuine technical innovation.”

Condemned by they're own words......

They understand that current financial markets work by force & fraud because this is obvious to anyone with a working mind. Instead of attempting to use blockchain technology as it was intended, to free human transactions from corrupt centralisation, they have opted to build a system with enhanced potential for corruption.  This is the opposite of 'genuine' technical innovation. This project could only be seen as a competitor to Bitshares if network participants do not care about the difference.

I decided to dig a little further into this story.. and I have to call bullshit on it.

The 'announcement' as it were was weak and only made it's way around crypto circles.. which means its likely part of a pump and dump strategy of some sort or attempting to impress someone out there who might be looking to invest in something.

It looks like they literally went over the Bitshares features set and decided to call it all their own but under their control.. as far as features go in this particular application.

If this was real news it would be seen in the likes of Reuters Bloomberg or WSJ.

If I was a betting man.. I would say these guys might be crytponomex first lawsuit in licensing infringement the way it sounds.

[Ben Mason]

“Understanding how financial markets work has been key to the design process so far. Solutions in the world of finance need to address practical issues such as capital usage, bank liquidity and regulatory permissions. SETL is the product of the decades of financial markets expertise of its founders as well as genuine technical innovation.”

Condemned by they're own words......

They understand that current financial markets work by force & fraud because this is obvious to anyone with a working mind. Instead of attempting to use blockchain technology as it was intended, to free human transactions from corrupt centralisation, they have opted to build a system with enhanced potential for corruption.  This is the opposite of 'genuine' technical innovation. This project could only be seen as a competitor to Bitshares if network participants do not care about the difference.

[bobmaloney]

How do you know they didn't just license it from CNX? This would not be considered a competitor to BitShares.. so I would think they would be fine with licensing it... didn't Bytemaster JUST recently say something about a big bank looking at Bitshares?

I'd be surprised if this was the case because Randall claims that they have internally tested SETL to 5,000 TPS.

According to bytemaster, we have heard of at least a couple different 2.0 TPS tests, one well below 5,000 TPS, due to speed issues concerning the creation of the transactions, IIRC. As well as the 180,000 TPS test, which is where the "conservative" 100,000 TPS claim is supposedly based.

It sounds to me that this is more of an Ethereum-like projection of possible capability.

My first thought was something like Hyperledger (which has used the 5,000 TPS claim in the past) - but the articles keep referring to a "blockchain", so...probably not.



Additionally, how would this *NOT* be considered a competitor to Bitshares?

[bulletproof]

Who is or will be building a 100,000 TPS distributed blockchain exchange and ledger for them?

CMX..?

Agree with @Shentist, makes about as much sense as  a centralized exchange like NASDAQ using a blockchain. Be interesting to see where block signing occurs in this system - and how 'distributed' it is in reality. Seems 'blockchain' is fast becoming a buzzword Finance houses feel a need to bandy about just to prove they are moving with the times - whilst missing the whole essence of the technology.

[BunkerChainLabs-DataSecurityNode]

Just read this article on cointelegraph

http://cointelegraph.com/news/114993/founder-of-european-stock-exchange-launches-blockchain-startup

Basically, they offer 100,000 transactions per second on their own blockchain.  They require all keys to be registered by a regulatory body, which sounds a lot like bts proposed ability to whitelist.

Its making me nervous that all the competitors are popping up as our product continues to have endless upgrades & feature adds without ever having a release.  Even if these competitors don't offer everything bts 2.0 is promising, it seems like there is someone to compete with almost every product bts offers.  I think the ability they have to offer 100k tps really blunts our edge.

How do you know they didn't just license it from CNX? This would not be considered a competitor to BitShares.. so I would think they would be fine with licensing it... didn't Bytemaster JUST recently say something about a big bank looking at Bitshares?

Clearly not a big bank.  They're getting their facts wrong anyhow. We do 150K TPS not 100K TPS.  If they can announce, why can't we announce?  Why didn't the mention BTS?

NDA most likely.. dont want their competition running to the store where they just got their shiny new purse to show off.

[inarizushi]

Well... what's the point of a centralized blockchain anyway ?

[topcandle]

Just read this article on cointelegraph

http://cointelegraph.com/news/114993/founder-of-european-stock-exchange-launches-blockchain-startup

Basically, they offer 100,000 transactions per second on their own blockchain.  They require all keys to be registered by a regulatory body, which sounds a lot like bts proposed ability to whitelist.

Its making me nervous that all the competitors are popping up as our product continues to have endless upgrades & feature adds without ever having a release.  Even if these competitors don't offer everything bts 2.0 is promising, it seems like there is someone to compete with almost every product bts offers.  I think the ability they have to offer 100k tps really blunts our edge.

How do you know they didn't just license it from CNX? This would not be considered a competitor to BitShares.. so I would think they would be fine with licensing it... didn't Bytemaster JUST recently say something about a big bank looking at Bitshares?

Clearly not a big bank.  They're getting their facts wrong anyhow. We do 150K TPS not 100K TPS.  If they can announce, why can't we announce?  Why didn't the mention BTS?

[BunkerChainLabs-DataSecurityNode]

Just read this article on cointelegraph

http://cointelegraph.com/news/114993/founder-of-european-stock-exchange-launches-blockchain-startup

Basically, they offer 100,000 transactions per second on their own blockchain.  They require all keys to be registered by a regulatory body, which sounds a lot like bts proposed ability to whitelist.

Its making me nervous that all the competitors are popping up as our product continues to have endless upgrades & feature adds without ever having a release.  Even if these competitors don't offer everything bts 2.0 is promising, it seems like there is someone to compete with almost every product bts offers.  I think the ability they have to offer 100k tps really blunts our edge.

How do you know they didn't just license it from CNX? This would not be considered a competitor to BitShares.. so I would think they would be fine with licensing it... didn't Bytemaster JUST recently say something about a big bank looking at Bitshares?

[Shentist]

SETL will introduce a permissioned blockchain that is set to run on enterprise level servers and is said to be able to handle 100,000 transactions per second.

they will run on ENTERPRISE level servers, so they are not decentraliced.

this is just a company using blockchain technology to proof what happens inside their "blackbox". As far as i understand it, this is a centralized solution.

[Empirical1.2]

That's a coincidence...

[MrJeans]

Perhaps its a centralized blockchain, hence the speeds.
Financial sector does not really care much about the academic decentralized debate, its more about improving efficiency and cutting costs.
One node with a maybe two backups of the chain is good enough.