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Engineers v. Management: R3 is facing rumblings among its core ranks, but it may not be alone

Disgruntled former employees are nothing new. But a dedicated group chat of over a dozen engineers criticising their employer, R3, is a different story.  R3 is one of the more prominent ventures in the blockchain space, having raised an eye-watering $120 million to fund its middleman-cutting creation and now counting over 200 employees across offices in New York, Brazil and London. Still, while the firm has achieved some public success - including pinning down a consortium of high-profile banks - the aforementioned group chat documents complaints ranging from R3's so-called "poor" company culture and concerns over its core, pay-to-use DLT product; Corda Enterprise. The engineers say they've lost faith in the tech, saying it lacks scalability and "doesn't perform well," as well as questioning Corda's long-term viability; pointing to alleged 5-figure monthly bills for cloud services. Elsewhere, the delay of Corda 4 — the software's latest version— proved to be the final straw for many who subsequently left the blockchain giant earlier this year, amounting to an "exodus" of  around 10% of the global engineer force - including tech leads - according to sources who asked for anonymity on account of NDAs. But there's a key riff underlying these issues that may well go far beyond R3 and stretch to its fast-growing rivals. Indeed, R3's recent departures point to a deeper cultural conflict between the people running the space's biggest enterprise-blockchain firms and the engineers building them. Corda concerns To understand the tensions at R3, it’s worth briefly delineating the key technical grievances shared by its engineers. The first issue is design; what Corda is and the ultimate vision. Sources suggest R3 is struggling to decide its identity, spreading itself “too thin” from being a financial software firm to a broad tech consortium. They also note frustration at the lack of ambition and clarity over what sort of blockchain Corda is trying to be – if indeed, it is intent on DLT. Specifically, there are reportedly divisions between those seeking interoperability and those within management who they call Corda "maximalists,” which has alienated some groups. As a result, there are also concerns that the product will not offer viable efficiency gains for the wide array of businesses being targeted. "The problem is value creation and extraction: if Corda saves your organisation $100k but you have to pay $100k for an annual license, then even if the operation is more efficient...[it's] the same from a value perspective," said one source. Still, R3 is not struggling for sales (though one source added they were "not nearly what they hoped.”). From a revenue perspective, arguably casting a net wide is working for them for now, according to a Forbes article last year. One former engineer also highlighted that there is technical "potential" for Corda to "cut the costs and operation complexity for banks and other business by a large degree." But there is serious doubt over R3’s ability to maximise on its early promise long-term. Sources suggest that the lack of visionary leadership and disjointed design means at best Corda might find muted success within specific sectors like trade finance rather than becoming “a world-changing”, billion-dollar product. "They will get a big bank to implement Corda, I'm sure. But they [R3] will need to spend so much time firefighting it,” one source warned, highlighting underlying issues with its code and suggesting Corda wasn’t hitting the scaling numbers advertised. “They lost sight of the main game - building something that brings value to users,” another who left this month suggested, adding management had closed itself off to outside suggestions. Competition is also heating up. R3 recently fell short in an ambitious bid for the Utility Settlement Coin project, losing to UK rival Clearmatics. The second grievance is over process; how Corda is being built. A particular frustration is that the team is building the tech while simultaneously accumulating around 200 "partners". Engineers report that clients often face sub-par service from what is a work-in-progress, and whose issues go beyond basic teething problems. "Getting Corda running is very complex, and the support is not great...Every client is a cost centre," one source reported. "The size of the customer support team is completely out of whack with the number of clients.” "R3 are just flogging software and it isn't fully baked yet,” another added. [related id="1"]  This is backed up by contacts at one of R3's major clients, Dutch multinational bank ING, which signed a five-year revenue agreement for an unlimited number of Corda Enterprise licenses last year. One source, who left ING last year, recounted the bank's frustration at R3’s handling of their requests for technical support and said they "aren't seeing the value creation for the money they spent." A broader cultural schism Nonetheless, these divisions also tell a more complex story, hinting at the issues facing firms who hire ideologues to operate in deeply corporate structures. Indeed, one way to interpret the tensions at R3 is a cultural gap, stemming from the firm’s roots in traditional finance. In one camp is R3’s founder, Wall Street veteran David Rutter, and the major banks the firm targets as investors and clients; focused on boosting the top-line. In the other camp, there are the blockchain engineers; a unique breed of often talented, bullishly smart, and intransigent individuals, who typically seek disruption over capital gains. Perhaps then it should come as little surprise that R3’s engineers find their finance-minded compatriots less collaborative, open-minded, and innovative than their technical peers. Meanwhile, senior management may see organised push-back from the junior ranks as a mark of dissent and a grave business-risk. These conflicting mindsets also create a stark divergence in approach, according to Richard Crook, an investment banking tech-lead. "There is a big difference between the type of developer found in crypto and those found in the finance domain. If you’ve grown up in crypto, you are like Facebook in its early-days; move quickly and break things,” he told The Block. "R3, on the other hand, doesn't want to break things." Indeed, to its engineers' frustration, R3’s business heads are purposely building the tech to suit the client with a pre-established use-case, rather than a puritan DLT approach. "If you start with the users and then build the tech, it's more successful. Like Facebook. So R3 started with the banks and then built, which is the inverse to Ripple [for example]. Architecturally the tech is different,” Crook explained. This business model is also a key reason behind Corda's “share-nothing” philosophy, as a private blockchain, which has proven unpopular among some developers. Elsewhere, others comment that R3's straight-laced, corporate dynamic has been a necessary ingredient in introducing banks to blockchain, adding institutions would be "repelled" by t-shirt-clad engineers. Crook also suggests R3’s flurry of departures earlier this year is part and parcel of the culture within tech communities. "I am actually surprised it’s only 10%," he said, adding that he expects the firm will now "turn over a third" of their first hires in total. He added: "Many engineers like building new things. They don’t tend to like building on other people’s stuff. Three years in, all the greenfield is gone. A different engineer is needed for the next maturity step." Yet paradoxically, these software firms rely on engineers. And these deeper ideological clashes may well be endemic in other enterprise-blockchain firms like IBM and Consensys, who may be unintentionally building a team of employees with deeply opposing approaches to process, output, and delivery. So does R3 have a revolt on its hands? Perhaps not yet, but the modus operandi is clearly strained and a visionary brain-drain is in motion. Candidates with ideals of changing “the world” are starting to seek less bureaucratic, bottom-up work environments; potentially to the detriment of enterprise-blockchain firms.  R3 did not respond to a request for comment for this piece by the time it went to print.
The Block Crypto

Ripple partner R3’s David Rutter believes collaboration is key to enhancing legacy institutions’ efficiencies

R3’s Corda Settler entered into a partnership with the centralized payments network, SWIFT in January 2019. R3 also commenced testing its Corda Settler payments engine with XRP, Ripple’s native cryptocurrency. The Brad Garlinghouse-led firm is often dubbed as a potential disrupter of the SWIFT network and the collaboration has been welcomed with open arms by […] The post Ripple partner R3’s David Rutter believes collaboration is key to enhancing legacy institutions’ efficiencies appeared first on AMBCrypto.
AMBCrypto

Ripple XRP Giveaway, Bitcoin Bullish, R3 Expansion & What Coins I'm Buying On The Dip

Support Me On Patreon! https://www.patreon.com/TheModernInvestor ---------------------------------------------------------------------------- Protect And Store Your Crypto With A Ledger Nano: https://www.ledger.com?r=8af3ed38d3b7 ----------------------------------------------------------------------------- Want To Send Me A Tip? Bitcoin Donations Address: 1BYhrLpntMYW97sd8K6fquTcr5MYwPAe2y Ripple (XRP) Donation Address: rsoKR5VHJx84oMTYbS7tWg7g5aFebYirVi Ethereum / KIN / OmiseGo Donation Address: 0x0e5f5CEFaA9A0713AB6D8F79E6679E22d86C21f6 ----------------------------------------------------------------------------- Open An Account With Binance! https://www.binance.com/?ref=22170588 ------------------------------------------------------------------------------ Buy Bitcoin And Ethereum With Fiat On Binance! https://www.binance.je/?ref=35009618 -------------------------------------------------------------------------------- Follow Me On Facebook ! https://www.facebook.com/TheModernInvestor https://www.youtube.com/channel/UC-5HLi3buMzdxjdTdic3Aig Follow Me On Twitter: https://twitter.com/ModernInvest ---------------------------------------------------------------------------------- Very Special Thanks To My Patreon Supporters: Professor Wally From Gunbot University Forex Lens Inc Auspicious Agile & Blockchain Yet Another Nick Bitsource AML Solutions Chris Charles Roman Geber David Chosrova Stuart Niven Larry Gooch Tyler Winklevoss NBKrypto Steven Harper Ulf Fatman Josefsson Mohammad Tabbaa Brian Vaci Jeffrey Pete Mozar Cryptocurrency Logic Jonathan Robert Kraus Josh Gorcyca K9 Ytrup Crypto Jedi Truls Lee 3000 O. Tom Chhuong Kaneko Tomonori Sir Thomas11_11 Mike McCarty Crypto And Beer Shipmate ZEN Lunacy VV Nicola Kenny Mr. Smith Joey The Happy Farmer Damien Walker ---------------------------------------------------------------------------------- Photo Credit To: https://www.borsainside.com/foto-articoli/2019/01/ripple-superera-il-bitcoin-entro-pochi-anni-le-previsioni-di-weiss-ratings.jpg
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TriveAcademy Awarded the Bloconomic Excellence Award at the Bloconomic Expo 2019

TriveAcademy, a player in building the blockchain technology infrastructure which also conducts training classes and consultation processes was awarded for the “Bloconomic Excellence Award – Best Blockchain Technology Developer Award” at the  Bloconomic Expo 2019. The Bloconomic Expo 2019 is organized by the Malaysian Blockchain Association and Alphacap Sdn. Bhd. As a sponsor partner for Bloconomic event, TriveAcademy has presented their latest technology and applications of Trivechain 2.0 to the public at the expo. Trivechain just launched TRVC App which all the speakers’ and volunteers’ certificates is been blockchain in their TRVC app. After a successful fork on April 22, 2019, the new version of Trivechain 2.0 has been successfully forked, deployed and is running steadily. Trivechain 2.0 has include major changes such as adjustments to their Proof-of-Work algorithm from X11 to X16R and Proof-of-Stake collateral from 1,000 TRVC to 10,000 TRVC. The mining hash rate and the number of masternode needs to catch up slowly and be supported by a new community. The hash power and number of masternodes is increasing gradually every day indicating a significant increase from the date it was forked. In an interview with Tan, he said that “Trivechain 2.0, as a blockchain platform, will create a highly compatible community to attract developers and entrepreneurs around the world to become part of the Trivechain community. This community along with a number of open source products will offer and create a more conducive ecosystem for developers. This allows the chain to provide the most favorable conditions for its users to develop its application.” Trivechain 2.0 is offering another alternative open source platform for developers to develop their new blockchain base business ventures. The platform is ready for deployment and for those who are interested to catch new mining trend. Come and join the Trivechain community! You are invited to apply for the development fund through the DAO governance system to build a friendly and efficient development ecosystem in the blockchain environment. Visit the official website at www.trivechain.com for more details. About Trivechain (TRVC): Trivechain (TRVC) is a games and entertainment public blockchain protocol managed by Decentralized autonomous organization (DAO) which focuses on games and entertainment to enter the new era digital age with implementation of blockchain-based technology and DApps (decentralized applications). Facebook: https://www.facebook.com/trivechainMedium: https://medium.com/trivechainTwitter: https://twitter.com/trivechain_trvcReddit: https://www.reddit.com/user/TRVC-2Telegram: t.me/trivechain The post TriveAcademy Awarded the Bloconomic Excellence Award at the Bloconomic Expo 2019 appeared first on Bitcoin Garden.
Bitcoin Garden

Wanchain, Civic, Aion and Tael Top All Cryptos; Coins in Aggregate Up 3.13% Overall, 34 Coins Cross Key Moving Average

The Big Winners From Yesterday Over the past day, the top performing coin out of the 133 coins we are tracking was Wanchain, which offered a day-over-day return 90.53%. Rounding out the top four currencies for the day were Civic, Aion, and Tael, which provided holders with returns of 27.02%, 26.53%, and 22.7% for the day. These moves were quite significant, in the sense that they were well outside of the volatility each of the respective coins had seen for the past two weeks. Crypto brokers to trade the currencies mentioned here: Gate, Yobit, Stex, Binance, DDEX, ETHfinex The Crypto Big Picture Overall, the average change in coin price for the coins we’re tracking was up 3.1253%. On a more granular level, 65% of the coins we’re tracking were up while 35% of the coins were down. Below we can see the average daily change for the coins we are tracking our index over time. 34 coins are especially close to their 20 day moving average, and thus may be worth watching for technical traders who view the 20 day moving average as a key support/resistance level. Crypto brokers to trade the currencies mentioned here: Gate, Yobit, Stex, Binance, DDEX, ETHfinex Currencies With Significant Price Moves Here’s a list of the specific coins that crossed their key moving average level: Status, district0x, Loopring, 0x, SingularDTV, SONM, IOTA, Verge, AirSwap, Request, Viberate, Power Ledger, Ripio Credit Network, Agrello, BlockMason Credit Protocol, Aeron, Genesis Vision, Po.et, Tierion, Tael, Time New Bank, Waves, OST, NavCoin, Lunyr, AppCoins, VIBE, Nucleus Vision, POA Network, Groestlcoin, Skycoin, Civic, Streamr DATAcoin, Dock. Also of note is that 66 of the 133 we track have contracting volatility. Volatility contraction often precedes a breakout, so this may be something to watch. Below is a chart that zooms in a bit more, showing 4 coins trading below their 20 day moving average and exhibiting contracting volatility. Are these coins ready for a rally? Crypto brokers to trade the currencies mentioned here: Gate, Yobit, Stex, Binance, DDEX, ETHfinex Article by SixJupiter The post Wanchain, Civic, Aion and Tael Top All Cryptos; Coins in Aggregate Up 3.13% Overall, 34 Coins Cross Key Moving Average appeared first on DecentralPost.
DecentralPost

Futures trading platform Digitex prepares for public testnet, announces release date

Digitex, a trading platform for crypto futures contracts, announced today that it will be launching its public testnet on Nov. 30, 2019. The exchange plans to open their market starting with BTC/USD perpetual swap contracts. According to the exchange website, contracts for additional coins will be added based on user demand. For market makers and takers, Digitex won’t charge for any transactions. The project plans to cover all operational costs by creating value/demand around the Digitex Futures (DGTX) token. It will do this by minting a small number of tokens each year. The exchange will launch as a centralized exchange first but will continue to work on providing users with non-custodial (decentralized) accounts. This will allow users to have 100% ownership of their funds at all times while still able to make real-time trades and lightning speed. You know that Adam has been busy behind the scenes preparing to launch the game-changing, robust & rapid-fire #DigitexFutures #Exchange. But, our marketing efforts have been ramping up too & we’re pleased to announce that our community is growing globally! https://t.co/O8Ll6n9ot4 — Digitex (@DigitexFutures) August 21, 2019 Trading On The Testnet SmartDec, the development firm working with Digitex, is developing and vigorously testing the platform, preparing it for production. On the testnet, the firm says the exchange will be able to handle over 10,000 users trading concurrently and up to 50,000 transactions per second. A date has not been set for the Digitex platform’s mainnet launch yet, but the project team has said that testnet trading is anticipated to last for two months. After the testnet stage wraps up, Digitex plans to launch on the Ethereum mainnet. At that time, users can trade futures contracts in real-time using DGTX tokens. 2019: The Year of Crypto Futures Trading As it stands, 2019 is shaping up to be an important year for emerging futures trading platforms in crypto. The launch of Bakkt, another highly-anticipated trading platform, is scheduled for Sept. 23, 2019. Bakkt has garnered a lot of media attention thanks to the establishment of major partnerships and its focus on support for institutional investors. Digitex is aiming to appeal to a broader range of users and traders. According to the Digitex homepage, the platform has over 1.54 million signups on its waitlist. The post Futures trading platform Digitex prepares for public testnet, announces release date appeared first on CryptoSlate.
Cryptoslate

Blockchain.com integrates BitPay into its wallet

Blockchain, a cryptocurrency wallet and trading platform, has partnered with cryptocurrency payments processor, BitPay. According to a blog post by Blockchain, the firm has integrated BitPay into the Blockchain Wallet so users "can pay for products and services from an extensive network of merchants without ever giving up control of your private keys."  Blockchain is one of the largest cryptocurrency wallet providers in the world with approximately 41 million users to date. The firm recently announced the launch of a cryptocurrency exchange focused with a focus on fast trade execution.
The Block Crypto
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