Digital Asset is excited to announce that Hyperledger has become one of the most highly requested project participants in the Linux Foundation’s history.
Digital Asset Holdings is absolutely serious in its intention to transform financial services with a help of a distributed ledger. It has just shared exciting news that the Linux Foundation accepted its Hyperledger project.
“The Linux Foundation team has tremendous experience bringing together many large technology companies, a community of individual contributors, and setting up the structures necessary to guide a project across various end user groups. They have proven the model time and again with various successful open source projects like CloudFoundry, Node JS, and the Open Container Initiative; saving billions of dollars of value,” says Digital Asset in the official statement.
Last year Digital Asset Holdings and Hyperledger joined their efforts in adopting the blockchain. By that time Francisco-based Hyperledger had already developed an innovative distributed ledger to allow banks and other financial institutions to clear and settle transactions in real-time. In its work Hyperledger bases on a proven consensus algorithm capable of thousands of transactions per second while other distributed ledgers have an inbuilt crypto-currency.
Last month Digital Asset moved Hyperledger to the independent Linux Foundation. Now it admits that Hyperledger has not only succeeded but became one of the most highly requested project participants in the Linux Foundation’s history.
The Linux Foundation is a nonprofit organization that enables mass innovation through open source. It has recently announced a new collaborative effort to advance the popular blockchain technology. The project, aimed at development of industry-specific applications, platforms and hardware systems supporting business transactions, unites multiple organizations (with Cisco, Deutsche Börse, Fujitsu Limited and IBM, Intel among others).
Digital Asset states: “Technology companies today are well aware of the benefits of having a data backbone, or Enterprise Service Bus, to coordinate data across services within the company. The goal of Hyperledger is to allow expansion of the data backbone concept to the multi-organization level.”
“What we are making available today is the most recent stable version of a combination of many man years of work across multiple startups: Digital Asset, Bits of Proof, Blockstack, and Hyperledger. It is a work in progress and we are in the process of replacing several components, adding others, and integrating with other open source projects. This particularly relates to security, scalability, and privacy, as outlined in the roadmap below.”
Digital Asset appreciates the potential of the blockchain underlining that its design and mature cryptography has been withstanding attacks in the wild, protecting tokens with a market cap in the billions of dollars. However in the traditional representation, blockchain is not suitable for regulated financial infrastructure.
Hyperledger uses UTXO/script as a base and extends it with features required in financial services. Conforming to the UTXO model as a de facto standard opens a larger ecosystem of innovation to draw from.
Digital Asset has made one more announcement concerning a prototype implementation of the Practical Byzantine Fault Tolerance consensus module as an alternative to Proof of Work. “We are collaborating with many of the other members of the project on the consensus module to ensure there is a scalable, secure, Byzantine Fault Tolerant consensus protocol that can provide settlement finality for wholesale financial institutions.” The list of main additions includes signed blocks, multiple native assets and roadmap.
As a reminder, Digital Asset has just raised$50 million from a variety of world’s leading companies. Blythe Masters, CEO of Digital Asset, underlined the importance of recent funding: “These investments represent a tremendous endorsement of Digital Asset from banks, exchanges, settlement and clearing firms, central securities depositories, and market infrastructure and professional services providers. Our strategic investors have come together from across the financial services industry to help drive global adoption of transformative solutions which enhance the vital services that they provide.”
The Australian Stock Exchange (ASX), as one of the chief investors, is planning to develop new post-trade platforms on the blockchain technology. It will fund an initial phase of development and get a warrant that will give it the right to purchase further equity and appoint a director to the Digital Asset’s board. The exchange strives to develop a new post-trade solution for the Australian equity market.