Kaleido’s software-as-a-service blockchain solution now works on Microsoft Azure as well as Amazon Web Services (AWS).
According to an analysis by Keybanc reported by CNBC, that now gives Kaleido clients access to more than 80 percent of cloud infrastructure clients, with support for the top two providers of cloud services. According to the company, this means that potential future Kaleido clients don’t need to worry about which their business partners use.
“Our customers’ digital ecosystems can now grow and scale wherever and however the participants require,” Steve Cerveny, Kaleido Founder and CEO, said in a release. The news means that Kaleido clients should have less friction adopting its products, because they don’t need to worry about persuading business partners to move from Microsoft’s cloud infrastructure to Amazon’s (or vice versa).
Launched in May 2018, ConsenSys-backed Kaleido was built to make it easier for large organizations to move from blockchain pilots to production. Originally created as a collaboration between AWS and the Brooklyn-based venture studio, it was launched with support for businesses consortia in mind.
In its announcement, Kaleido cited building blockchain networks with established brands, such as T-Mobile, Sony, Fox, UnionBank and others.
One Kaleido client, Komgo, provides information for commodity traders, so that single source of truth is available to all market participants. By running on both Azure and AWS, Kaleido makes it easier for potential participants in the network to choose to use Komgo as a source of information, according to blockchain firm.
“As networks on-board new members and scale, these sorts of capabilities from Kaleido are critical to remove friction and tear down barriers to adoption,” Souleïma Baddi, CEO of Komgo, said in the release.
Indeed, as ZDNet reported, many potential enterprise customers have chosen to use more than onemajor cloud service provider, meaning interoperability between cloud services is key to broadening blockchain adoption.
Kaleido’s Cervezny noted:
“We’ve built our platform across the leading public clouds including Microsoft Azure and Amazon Web Services to give our clients the ability to create global, cross-cloud networks. Our customers’ digital ecosystems can now grow and scale wherever and however the participants require.”
The Basel Committee on Banking Supervision, a group of international banking authorities, has warned that the growth of cryptocurrencies poses a number of risks to banks and global financial stability.
The committee – part of the Bank for International Settlements (BIS), widely considered the central bank of central banks – published a statement on Wednesday, saying that potential risks for banks include liquidity, credit and market risks, operational risk (including fraud and cyber risks), money laundering and terrorist financing risk, and legal and reputational risks.
Although banks currently have “very limited” direct exposure to cryptocurrencies, institutions should still “at a mimimum” carry out extensive due diligence and disclose any exposure to crypto assets to minimize the risks, the committee said.
Banks should further have a “clear and robust” risk management framework to deal with the “high degree” of risk posed by cryptocurrencies.
The risk management framework should be “fully integrated” into banks’ overall risks management processes, including those relating to anti-money laundering (AML), combating the financing of terrorism (CFT) and evasion of sanctions, the committee said.
A “comprehensive” assessment of the risks should be incorporated into their internal capital and liquidity adequacy assessment processes, it added.
Additionally, supervisory bodies should be informed of actual or planned cryptocurrency exposure, along with assurance that the institution has fully assessed and mitigated the risks.
Finally, the committee said that it is working with other global standard-setting bodies and the Financial Stability Board (FSB) to arrive at guidance on “prudential treatment” of banks’ exposure to cryptocurrencies in order to “appropriately” reflect the risks.
Last June, BIS said in its Annual Economic Report that it’s hard to see if cryptocurrencies solve any specific economic problem yet. “Transactions are slow and costly, prone to congestion, and cannot scale with demand,” it said at the time.
Long-time Grin coder “Ignotus Peverell” will receive financial support to work on the cryptocurrency, a move that makes him the nascent project’s third paid team member.
In a weekly developer meeting Monday, developers voted to fund Peverell for his work on Grin with roughly $10,000 per month. With 4,919,040 GRIN tokens in circulation, according to CoinMarketCap, the estimated market capitalization of the cryptocurrency is well over $13 million.
Grin, being a relatively new blockchain, went live in mid-January in a bid to implement the privacy-enhancing protocol “MimbleWimble,” designed to obfuscate transaction details such as amount and account addresses. Named after a tongue-tying curse in J.K. Rowling’s best-selling Harry Potter books, the name Ignotus Peverell itself is a pseudonym that references a character within the series.
In the context of the Grin community, Peverell was one of the original creators of the Grin project who back in 2016 started the first implementation of the mimblewimble protocol on GitHub.
A user by the name of “Antioch Peverell” – another Harry Potter character reference – was similarly voted up by the community in late February. Before this, user “Yeastplume” was the sole full-time funded Grin developer.
“There’s no [official] roles. We just continue to work on what we see fit, which so far seems to be working okay.”
Emphasizing in a public Gitter channel that being funded for Grin development work was “risky employment,” Yeastplume later characterized the financial support as more akin to donations.
Monday’s governance meeting also confirmed the “contract and payment” of security auditing firm Coinspect.
Having decided to conduct a third-party review of Grin’s “cryptographic and consensus-critical code,” community members unanimously voted to employ Coinspect over other auditors such as Quarkslab and NCC last month.
Now, having paid a fee up-front to the company of roughly $17,000, Grin community members expect a draft report by April 20. “It’s going to come quickly. They’ve also already produced one excellent vulnerability report,” stated Ignotus Peverell.
As stated on a Github, the estimated cost of the audit is roughly $80,000.
Funds are sourced from the “Grin General Fund,” which back in December of last year raised 17.28 BTC, with an estimated worth at press time of $66,500 specifically for the purposes of this security audit.