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1/ Our global financial market infrastructure (FMI) is underpinned by a number of systems that are the glue that holds our financial markets together.
2/ The #FED reserve defines them as the "multilateral systems among participating financial institutions, including the system operator, used for the purposes of clearing, settling, or recording payments, securities, derivatives, or other financial transactions."
congrats to the @fnality and @clearmatics teams on the hard work at turning USC into its own capitalized entity:
globalcustodian.com/utility-settle…
small thread below:
globalcustodian.com/utility-settle…
small thread below:
i should probably put together a timeline so people could understand the significance of this development.
but in short: central bank reserves are held in a segregated account and tokenized so that they can be used for settling transactions.
this is not commercial bank money.
but in short: central bank reserves are held in a segregated account and tokenized so that they can be used for settling transactions.
this is not commercial bank money.
this puts it in a different league from faux "stablecoins" which are backed by deposits in a commercial bank and therefore take on the credit risk of those smaller banks.
here's a related article i put together on this topic last year:
fintechpolicy.org/?p=30609
here's a related article i put together on this topic last year:
fintechpolicy.org/?p=30609
Breaking: yesterday the Stellar network went down for about 2 hours... only those who run validators noticed it.
no new transactions were added for ~2 hours.
network stats:
dashboard.stellar.org
no new transactions were added for ~2 hours.
network stats:
dashboard.stellar.org
what basically happened was that a critical mass of nodes went down causing a cascading failure and so the entire network went down but because it isn't frequently used, few noticed.
this scenario was discussed in a new paper from @yongdaek et al. sites.google.com/view/stellar-a…
#XLM
this scenario was discussed in a new paper from @yongdaek et al. sites.google.com/view/stellar-a…
#XLM
here is a site tracking validating node activity: stellarbeat.io
i guess it is time to update AreWeDecentralizedYet (which was originally created by @ummjackson):
arewedecentralizedyet.com
i guess it is time to update AreWeDecentralizedYet (which was originally created by @ummjackson):
arewedecentralizedyet.com
