Peter Todd, the Core Bitcoin Developer has recently tweeted about his work with R3CEV, the New York-based fintech company responsible for the development of blockchain technology that banking consortium. His tweet comes at the time R3CEV announced the release of its distributed ledger technology, Corda built using the blockchain technology originally introduced by Bitcoin.
R3CEV is a New York-based fintech innovation company that partnered with an international banking consortium comprised of about 40 well-known banks from around the world to research and develop an alternative to bitcoin blockchain. The main idea behind this initiative was to replicate the efficiency of the bitcoin network into the conventional banking system. It will also help the banking sector to compete with bitcoin and bitcoin-based financial services in terms of the transaction fees and speed of transactions.
During the development, R3CEV has had and continues to have the best of minds from the cryptocurrency industry working on the development of blockchain. Peter Todd and Mike Hearn are two of the well-known names who are also part of it.
Peter Todd’s tweet about the development of Corda, the decentralized blockchain for financial services garnered mixed reactions from the bitcoin community. Some of them started drawing a comparison between Peter Todd and Mike Hearn. Mike Hearn had earlier earned the wrath of the bitcoin community after he wrote in his blog that bitcoin is a failed experiment and it is too late to make any changes to it.
The social forum, Reddit had some people writing comments spewing hatred towards Peter Todd’s alleged lack of commitment towards the blockchain technology. Peter Ross, on the other hand, has responded to the comments on Twitter by saying that the technology developed has to be appreciated and that’s exactly what the tweet was about. Peter Todd didn’t really have the best of experience while working with R3CEV. He, however, refused to share any details about any possible misunderstanding or difference of opinion between both the parties.
The apparent comparison drawn between Mike Hearn and Peter Todd seems to be driven by the brief stint he had with R3CEV. Mike Hearn, however, has joined R3CEV after calling it quits with Bitcoin. Peter Todd is deemed as a bitcoin futurist in some circles, but not all of his views about the future of bitcoin is popular among the community. He has also been too vocal about other altcoins and crypto technology protocols like Hyperledger and even Ethereum which he had called a school project.
On the other hand, the R3CEV’s distributed ledger solution for the financial industry is a breakthrough nevertheless. If Corda gains enough traction among the banking consortium, it may soon extend to other banks across the world, until all financial institutions are connected to a massive blockchain grid.
Ref: Reddit |Dreadful Future of Cryptocurrencies - Medium |Introduction to R3 Corda | Image: R3CEV