The RB Blockchain team jumps to create new startups using R3 Rope


A blockchain group from the Royal Bank of Scotland (RBS) set off to launch a blockchain venture study called Chorum.

Exclusive to CoinDesk, Richard Crook, head of the RBS innovation team, brings with him engineers Mark Simpson, Ben Wyeth and Farzad Pezeshkpour.

Their move is the latest in a series of departures from professionals of the business blockchain, from financial institutions to startups of this year. Others include Amber Baldet, who left JPMorgan Chase to start Clovyr, and Julio Faura and Ed Budd, who left Santander and Deutsche Bank respectively to form Adhara.

Ma Chorum stands out in at least one way. Normally, when the blockchain-minded bankers set sail, it is to freeze with some variant of ethereum, often to enter the umbrella of ConSensys, another venture production firm.

However, Crook and his team, which developed the Cordite token project on the R3 Rope platform (as previously reported by CoinDesk), will continue to work closely with that software in the new Chorum study.

Asked why the bank was going, Crook told Coindesk,

"RBS was a tremendous sponsor and employer, but the blockchain space has grown and surpassed that of the incumbents including RBS. part of this wave of both financial and other perturbations "

Crook said he left RBS with a solid blockchain strategy, noting that the bank has an investment in R3 and has a number of business projects on the move including some related to Cordite company tokens.

But he admitted that for now at least, "the blockbuster capacity of RBS left a lot to the bank". The representatives of RBS did not respond to requests for comments by press time.

Crook said that Chorum (the name refers to a chorus, and was used in the original Corda document) will function as a blockchain study from which full-blown startups start (a model similar to ConsenSys & # 39; ).

He also said that Chorum will work closely with the co-founder of R3 Todd MacDonald, who is in charge of tokenising the assets on the Corda platform.

Sale of tokens [19659013] David Williams, former CEO and co-founder of the Avanti Communications broadband satellite operator, will lead Crook and his engineers as Chorum CEO.

Williams explained that Chorum's flagship protocol is a blockchain and a business ecosystem called Arqit. He argued that Arqit was resistant to quantum, which means it would be safe from attack even from a powerful future quantum computer (a long-term existential concern in the blockchain world).

Arqit has just received a "significant investment" in a pre-sale token from Singapore's cryptographic fund Neo Global Capital (NGC), which is part of China's blockbuster giant Neo, Williams said.

The project uses the open source chord code base and a "performance proof" secret sauce "consensus (" a method of equitable cost distribution to the nodes "), with added quantum cryptography, he said. [19659016] "Our approach is to build blockchain systems at their own expense, either alone or as consortia, and then look at a sector or market and offer that blockchain in a software-as-a-service model," Williams said. 19659002] As for the sale of tokens, Williams said he uses the standard etherem ERC-20 and Arqit will migrate to a native currency when the mainnet, or live version of his blockchain, laun Ches. He said the hard cap for the proceeds of the sale is $ 30 million, and the initial indication is increasing this amount will not be a problem thanks to the support of NGC.

He also framed the project with a nationalist touch, telling CoinDesk:

"We will build a public blockchain British capital, the United Kingdom's infrastructure. I do not think there's anyone else in London with their protocol. "

The leader of the blockchain news, CoinDesk is a reference point that aims at the highest journalistic standards and adheres to a strict set of editorial policies.ConDesk is an independent operating subsidiary of the Digital Currency Group, which invests in cryptocurrencies and blockchains startup.

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