Ethereum has dominated DApps for years, but the old proof-of-work Ethereum blockchain suffers from significant scalability limitations that, paired with the ongoing decentralized finance craze, resulted in slow transaction processing and high—and sometimes ludicrous—fees for the users of the network. This has pushed more than a few smart contract developers to choose competing blockchains, sidechains, or second-layer scalability solutions.
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Facebook, Google want to be your banker
In separate announcements, Facebook unveiled a non-blockchain payments tool that could compete with Libra, and Google said it will offer consumer checking accounts
The tech giants that already know everything about you, and now they want to be your banker, too. What could possibly go wrong?
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DJ D-Sol, who also goes by the name of David Solomon, moonlights as CEO of Goldman Sachs (via instagram.com/djsolmusic).Goldman Sachs CEO David Solomon says bank payments will be tokenized on a blockchain
All major banks are looking at the potential of stablecoins
The world’s banking payment system is going to be tokenized on a blockchain, according to the head of Goldman Sachs. In a discussion of Facebook’s new Libra cryptocurrency with the French news site Les Echo on June 28, Goldman Sachs CEO David Solomon said he finds the “principle interesting” and the fifth-largest American bank, does “extensive research on the concept of tokenization.”
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Facebook is joining Apple and Google in coming after Citibank and Chase
The social media giant’s Libra cryptocurrency is about a lot more than just payments
The tech giants are coming for the banks. If there’s one message to be taken out of Facebook’s aggressive push into blockchain-based payments via its new cryptocurrency, libra, it’s that Facebook is now also a FinTech company.
