2020-07-15

Attendees:

• Ram Jagadeesan
• Vipin Bharathan
• Clive Boulton

Agenda:

Round-robin

Discussion:

Real-time trading vs Periodic settlement in the capital markets and it's architecture. 

• E-thaler built on BESU is using ERC 1155
• Proposed new lab for xcsi (cross chain settlement instruction)
• central bank obligations  pretty much dominates all other settlements, 
• In business practice trading is RT, but settlements are not (they are periodic).
• Relatively simple in the US with 5 Big Banks.

Primitives for trusted settlements 

• Timestamps 
  • NIST
  • https://en.wikipedia.org/wiki/ANSI_ASC_X9.95_Standard 

Who is building the networks?

• China (topdown) is building the BSN  ( https://medium.com/@vipinsun/bsn-the-internet-of-blockchains-aa4360b8f7c9 )

 Cross-chain integration tooling 

• HL Cactus ( https://www.hyperledger.org/use/cactus )
  • Business plugins and ledger plugins bootstrap process ( 2020-07-13 Meeting Notes )

The GAMA FANGS have driven the NoSQL / NewSQL database movement on hypervisors 

• What is consistency anyway...discussed is the difference between partitioned vs global consensus. 
• Adabi blames Spanner for ( http://dbmsmusings.blogspot.com/2018/09/newsql-database-systems-are-failing-to.html )

Over the past decade, application developers have discovered that it is extremely difficult to build bug-free applications over database systems that do not guarantee consistency. This has led to a surprising shift in momentum, with many of the more recently released systems claiming to guarantee consistency (and be CP from CAP). Included in this list of newer systems are: Spanner (and its Cloud Spanner counterpart), FaunaDB, CockroachDB, and YugaByte. In this post, we will look more deeply into the consistency claims of these four systems (along with similar systems) and note that while some do indeed guarantee consistency, way too many of them fail to completely guarantee consistency. We will trace the failure to guarantee consistency to a controversial design decision made by Spanner that has been tragically and imperfectly emulated in other systems.

Permissioned blockchain looks like NewSQL?

• Spanner solves global locking using time-series buckets to arrive at consistency for consensus
• Permissioned blockchain solves consensus for consistency
• Both use trusted-time stamps to stop byzantine issues.
• Spanners time buckets are optimized for undersea optical cable network latency
• Blockchain time buckets are optimized for settlements which are periodic.     

Future work

• Should blockchain integration frameworks be optimized for global locks?
• Are other global applications such as SAP/Oracle ERP candidates to integrate with global locks using HL blockchains?  
• Do we have any speakers?