6 Banks to Issue Stablecoin Using IBM Tech

Banco Bradesco, Korean Bank Busan and Philippine Rizal Commercial Banking Corporation and others are going to use BWW to issue own stablecoin
19 March 2019   224

Six international banks announced their intention to issue their own fiat currency based stablecoin using the IBM Wire blockchain system. This is reproted by Cheddar.

The statement was made by representatives of IBM and Stellar during the Money 2020 Asia conference held in Singapore. Among those who want to issue their own "stablecoins": Brazilian Banco Bradesco, South Korean Bank Busan, as well as the Philippine Rizal Commercial Banking Corporation.

The rest of the issuers are not yet known, however, according to IBM’s blockchain head Jess Lund, some of them are going to issue stablecoins based on the Indonesian rupee and euro.

The Blockchain World Wire (BWW) platform developed by IBM and Stellar was launched last year. It allows banks to make cross-border payments in real time. To date, 44 financial institutions have connected to BWW

Bitcoin SV Blockchain to Undergo Reorganization

This happened due to the fact that some blocks were rejected by Bitcoin SV blockchain
19 April 2019   104

Several blocks were rejected by the Bitcoin SV network after the addition, which caused the re-organization in the blockchain's history.

Almost each time someone is trying to produce a very large block on the BSV chain, there’s a reorg. Just an hour ago our Blockchair engine has witnessed a 3-block reorg (I think that's a record)! Blocks #578640–578642 got orphaned by a longer chain because they were too big

Nikita Zhavoronkov

Lead developer, Blockchair

The large blocks, about which Zhavoronkov writes, are no longer displayed by the blockchain browser, since they are not part of the main chain in which they were located until a certain moment, until they were replaced by another chain, which eventually became dominant.

This is basically exactly the problem the BU gigabock testnet identified. At sizes > 100mb the mempools were so out of sync that blocks were basically transmitted as full blocks.

BSV had ONE 128mb block and it caused a six block reorg. On the BU testnet sustained 128mb blocks caused a total breakdown of the chain where there were so many reorgs that every node had a different view of the state of the blockchain.

Chris Pacia

Developer, Bitcoin

Thus, Chris assumes that the problem is caused not by the malicious actions of the network members, but by its functional bug. 

This update is noticeable in the background of recent Bitcoin SV delisting campaign, which was started by the number of big exchanges as a reply to lawsuit by Craig Wright, BSV supporter, against anonymous critic.