Unifying Banks & Blockchains @Coinbase
Speaker: Jim Posen
Coinbase converts blockchain currency with traditional/fiat currency. Started doing that in 2012. Then added support for European banks in 2014. Then in 2015, added an Exchange.
In 2016, the Rails app was becoming a problem and the BitCoin logic started to degrade. Created first microservice at that point. Now support multiple currencies. Still maintain monolithic Rails app.
- definition – Bitcoin is a scarce digital asset and a protocol for transfering the asset over the internet. “Email” is overloaded in two ways as well.
- Public transactions ledger
- About 30 minutes for transactions to clear – regardless of hours and holidays
- Irreversible payments
- Uploads batch file daily to the originating depository financial institution (ODFI). Clears thorough ACH operator to receiving depository financial institution (RDFI) and receiver receives
- The RDFI has 24 hours to return for insufficient funds
- Then the receiver can challenge/return for up to 60 days – important consumer protection, but a challenge
- Bitcoin uses gossip protocol where nodes talk to other nodes
More happened after I left. The session was good. I had a hard stop today and had to leave.