ChainBLX CEO Karl Seelig made a really interesting presentation at the CB Blockchain Conference which aired on SiliconValley TV https://www.youtube.com/watch?v=RKWbirokMvk Karl is at 3:27:52 of the video.
I thought I would make a summary of the presentation for the community here. A lot of new insight came to light regarding the development of the company, and other info that I don’t believe ChainBLX has previously released. Here’s a recap:
What does ChainBLX do?
“ChainBLX creates an open marketplace for any type of digital certificate. Currently the banking industry works with blackpools exchanging trades after hours. We bring this onto blockchain.”
ChainBLX’s development steps to date:
Dec 2017 Legal Analysis (worldwide compliance)
Dec 2017 New Consensus Algorithm
Jan 2018 Technical Analysis
Jan 2018 ChainBLX Founded
Jan 2018 Davos ChainBLX First Presentation
Feb 2018 Articles in Enterprise Times, Coin Telegraph Interview, Forum Discussion
Mar 2018 Formation of Companies for: Hedge Fund, Mutual Fund, Stock Exchange
Karl Seelig on the philosophy of building a company around blockchain tech:
“Normally when you build a company, you think about how to keep all the power to yourself and so on. With blockchain it’s totally different. You want to decentralize, you want to give the power to everyone. So you have to always plan how to write yourself out of this equation.”
Karl Seelig describing the sequence of challenges and solutions in developing the ChainBLX platform:
"We started by asking: what do we need to execute trades?
(We realized) that we needed multiple funds to legally issue certificates on the blockchain.
Then you come to the next problem: What do you do with the dividends that are paid? Wow you need another fund that can put the dividends as an I.O.U and attaches it to the stock… Then you need a fund which is basically a currency exchange because you have trades in euros, dollars… And you have to have the opportunity for people to buy stocks directly with bitcoin.
The next issue was: How do we reward the miners? How do we reward everyone on the blockchain? So we came up with a management fund. The management fund takes 0.25% from a trade, and goes up from there. This percentage from each trade goes into the management fund. This creates an internal currency as a base which rises."
This is just a brief summary of the interview so please feel free to add anything you like!