4 big banks are about to launch a blockchain token digital currency
I don't understand why any person on this planet would be interested in using a blockchain created by financial institutions, but apparently some very big banks are about to launch a digital currency at around 2018.
https://www.cryptocoinsnews.com/blockchain-token-four-big-banks/
They want a coin that has a very specific use case scenario. From what I understand the banks need to be able to create a digital token representing a specific security when the need arises, it wont be decentralized or mined by the public. Its more like a way to own property by controlling a digital asset than a traditional cryptocurrency. If you own the token, you own the security. The token makes it easy to transfer the security. Interesting, as there isnt a lot of focus in the crypto community on owning property using cryptocurrency.
Deutsche bank are desperate to get anyones money to survive i hope it dies out and the rest of the big banks meet there fate like all the people that were swolled with no help in 2008
I suspect the banks feel they have to do this purely out of due diligence. They can't be seen jumping into some new technology over which they have limited control, but if they try with something they have full control of then that is seen as safer. As you say, probably nobody will use these systems, but nevertheless the banks have to go through the motions. It's a learning and experimentation phase. Eventually they'll switch, of course, and use Bitcoin or Ethereum proper, or whatever emerges as the dominant and safest coin.
My question here is, does one coin have to emerge as dominant? I think a healthy competition would always tend to exist between these currencies unless one of them finds a way to employ protectionism.
Ok, I should have written "dominant coins" (plural). I do think there will be three or four. Like with credit cards now, we have Visa, MasterCard, and Amex. I'm the future we'll continue to have Bitcoin, Ethereum, and Steem. Or maybe it'll be Litecoin, Synereo, and Dogecoin, lol.