[I'm likely missing something, but]

"EVM-compatible, built on Reth" => they're essentially building a private Ethereum fork with a fancy validator selection process.

Couldn't they just get these benefits (predictable fees, fast settlement) by ... running a database between these financial institutions?

If Stripe controls the validator set (even indirectly), then ... just a distributed database with extra steps, no?

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JeremyNT 6 days ago | parent | next [-]

> Couldn't they just get these benefits (predictable fees, fast settlement) by ... running a database between these financial institutions?

Sure, but they wouldn't get all the legal and regulatory bypass benefits of using cryptocurrency.

	▲	alkonaut 5 days ago \| parent [-]
		Is this like Uber and AirBnB all over? They don't want to be a bank just like Uber doesn't want to be Taxi (means following regulations about insurance, accessibility etc) and AirBnB doesn't want to be a hotel nor a landlord? In some countries, regulators simply point to these companies and say "Ok, so you're driving people around for money thus you are a taxi? How would we not regulate you as a taxi?". And this should apply for a bank or financial institution that tries to avoid banking regulations through technical means, no?

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ygouzerh 5 days ago | parent | prev | next [-]

Indeed! After, a distributed database made for financial systems, that could prevent double spending, provide immutability of the data, includes a mechanism of authentication, with some voting power distributed between a quorum of financial of institutions... it's actually exactly what Reth is.

To have deployed some blockchain layer 1 nodes, it's actually quite similar than deploying a distributed database.

Nowadays, it's actually just easier to fork geth/reth or other engine, and just deploy it. There are so many doc and tooling that can then be reused.

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Jarwain 6 days ago | parent | prev | next [-]

It sounds like different levels of influence/control/responsibility to me.

Fancy validator selection sounds like the individual financial institutions are still responsible for managing and maintaining their nodes, which gives them a fair (as in balanced not fair as in a lot) amount of liability/responsibility/control.

A distributed database, afaik, while geographically distributed, entails more centralization of power/control.

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baby 6 days ago | parent | prev | next [-]

Reth is basically a decentralized database, do you mean that they could have done without the EVM?

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kristjansson 6 days ago | parent | prev [-]

Blockchains are foremost a social technology :)

	▲	sublimefire 6 days ago \| parent \| next [-]
		It is possible to say that about many technologies, e.g. planes, websites, apps, even games.
	▲	fruitworks 6 days ago \| parent \| prev [-]
		All cryptography is about solving coordination problems