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Polkadot Mainnet Not Yet Live, Just a Mainnet Candidate

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Polkadot (DOT) launched a stand-alone blockchain today, although the network is not considered the project’s mainnet yet.

Polkadot sits under the wing of blockchain infrastructure company Parity Technologies, and the Web3 Foundation, a type of incubator for decentralized tech. The Polkadot protocol aims to provide compatibility across different blockchains.

“There could be more than one chain candidate before it officially transitions to mainnet,” said Peter Mauric, head of public affairs at Parity Technologies. The solution unveiled a testnet of sorts in 2019. Calling the exploratory product “Kusama,” Polkadot did not refer to this as a testnet, but as a “canary network.”

“Polkadot’s first chain candidate (‘CC1’), which may well become the Polkadot mainnet, has been launched,” Ethereum co-founder and Polkadot builder Gavin Wood explained in a May 26 blog post. The recent network launch is part of a gameplan to establish a mainnet blockchain. “CC1 is our first candidate for the Polkadot mainnet,” Wood said.

The chains start off more centralized

The Kusama testnet underwent a similar process, Mauric detailed. The final choice stemmed from two separate experimental blockchain options.

Polkadot calls on Proof-of-Authority consensus, or PoA, during networks’ early phases. PoA utilizes a smaller number of network participants, requiring less approval for any alterations. As a more centralized approach, PoA helps get things off the ground in the early stages.

“It allows for us to ensure stability for validators and gives them the opportunity to signal their intent to validate before we transition to Proof of Stake,” Mauric said of PoA.

Wood said the team hopes the community picks CC1 as the official mainnet chain, although he did not rule out another chain or two coming into the race.

DOT tokenholders can claim and stake their assets

Polkadot ran its initial coin offering in 2017, selling DOT tokens to roughly 4,000 individuals during its presale. Today’s CC1 network news does not unlock those tokens for transfer, although those days are coming, pending governance actions.

Claiming and staking DOT is currently possible, Wood said. He added:

“During this phase, nothing will actually become at stake and no rewards will be paid, however once we move to the next stage, the community validators will be selected to maintain the network according to their overall DOT backing and our Proof-of-Stake system (NPoS) will be live. If you want to be in it from the start, then you’ll need to stake now.”

Earlier in 2020, Polkadot unveiled Kusama integration with Chainlink, another project working on the interoperability side of the industry.

Source: https://cointelegraph.com/news/polkadot-mainnet-not-yet-live-just-a-mainnet-candidate

Blockchain

MAS completes multi-currency blockchain testing

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The Monetary Authority of Singapore (MAS) has completed its fifth and final testing phase for a multi-currency blockchain payments network.

MAS believes the prototype could change cross-border multi-currency payments

Codenamed Project Ubin, the blockchain network is jointly developed with JP Morgan and investment firm Temasek.

MAS announced the fifth phase of the project on 11 November 2019, following the successful development of a blockchain-based prototype for multi-currency payments.

Phase five of the test saw payments successfully settled in different currencies on the same network.

It validated the use of smart contracts on the payments network prototype for settlement, conditional payments and escrow for trade.

MAS believes that the prototype could enable faster and cheaper transactions than “conventional cross-border payments channels”.

The regulator adds that its current system can serve as a test network for collaboration with other central banks for developing “next generation cross-border payments infrastructure”.

To that end MAS has made technical specifications public to “further industry development”.

“As with all innovation adoption, there is a time for experimentation, and a time for commercialisation,” says Sopnendu Mohanty, chief fintech officer at MAS.

“Project Ubin has worked with the financial industry and blockchain community on a journey of experimentation, prototyping and learning.

“Following the successful experimentation over five phases, we look forward to greater adoption and live deployment of blockchain technology.”

Related: MAS launches $1.25m fintech challenge to tackle climate change & COVID-19

Source: https://www.fintechfutures.com/2020/07/mas-completes-multi-currency-blockchain-testing/

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Cloudflare CFO Thomas Seifert Joins First Derivatives’ Board

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Jefferies Group LLC, an American investment bank, announced this week that it has secured a new Chief Financial Officer (CFO) with Matthew Larson to take on the role effective from the 24th of August 2020.

Larson will be succeeding Teresa Gendron as the Group CFO, who has been the interim CFO of Jefferies following the passing of its former CFO, Peg Broadbent.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

Larson joins the investment bank from Barclays Americas, where he is currently the CFO, a role he has held for more than three years, his LinkedIn profile shows. He is also the CFO of Barclays PLC’s Global Markets business. 

Earlier in his career, Larson was a Managing Director at Goldman Sachs. During his time with the company, which spanned for eight years, he held several roles in the Finance Division

Commenting on the appointment, Rich Handler, Chief Executive Officer of Jefferies Group, and Brian Friedman, Chairman of the Executive Committee of Jefferies, said in the statement: “We are very pleased that Matt will soon become Jefferies Group’s CFO. 

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“Matt’s experience and skills make him well qualified to be our CFO and to oversee our corporate support functions. We want to thank Teri for the tremendous support she has given Jefferies Group as its interim CFO. 

“We look forward to Teri and Matt working closely together as the respective CFOs of Jefferies Financial Group Inc. and Jefferies Group.”

In addition to his career experience, Larson is a Certified Public Accountant. He graduated from the Idaho State University, where he obtained a Bachelor of Science in Finance.

Jefferies sees solid Q2 2020 performance

The appointment of Larson, which was announced on Monday, follows on from Jefferies reporting a record financial performance for the second quarter of 2020.

As Finance Magnates reported, during the second quarter, the company saw net revenue of $1.03 billion, pre-tax income of $173 million, net earnings of $129 million, and return on tangible equity of 11.6 per cent.

Source: https://platoblockchain.net/cloudflare-cfo-thomas-seifert-joins-first-derivatives-board/

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Jefferies Group Names Matthew Larson as Chief Financial Officer

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Jefferies Group LLC, an American investment bank, announced this week that it has secured a new Chief Financial Officer (CFO) with Matthew Larson to take on the role effective from the 24th of August 2020.

Larson will be succeeding Teresa Gendron as the Group CFO, who has been the interim CFO of Jefferies following the passing of its former CFO, Peg Broadbent.

The Most Diverse Audience to Date at FMLS 2020 – Where Finance Meets Innovation

Larson joins the investment bank from Barclays Americas, where he is currently the CFO, a role he has held for more than three years, his LinkedIn profile shows. He is also the CFO of Barclays PLC’s Global Markets business. 

Earlier in his career, Larson was a Managing Director at Goldman Sachs. During his time with the company, which spanned for eight years, he held several roles in the Finance Division

Commenting on the appointment, Rich Handler, Chief Executive Officer of Jefferies Group, and Brian Friedman, Chairman of the Executive Committee of Jefferies, said in the statement: “We are very pleased that Matt will soon become Jefferies Group’s CFO. 

Suggested articles

SquaredFinancial Launches New Partnership ProgrammeGo to article >>

“Matt’s experience and skills make him well qualified to be our CFO and to oversee our corporate support functions. We want to thank Teri for the tremendous support she has given Jefferies Group as its interim CFO. 

“We look forward to Teri and Matt working closely together as the respective CFOs of Jefferies Financial Group Inc. and Jefferies Group.”

In addition to his career experience, Larson is a Certified Public Accountant. He graduated from the Idaho State University, where he obtained a Bachelor of Science in Finance.

Jefferies sees solid Q2 2020 performance

The appointment of Larson, which was announced on Monday, follows on from Jefferies reporting a record financial performance for the second quarter of 2020.

As Finance Magnates reported, during the second quarter, the company saw net revenue of $1.03 billion, pre-tax income of $173 million, net earnings of $129 million, and return on tangible equity of 11.6 per cent.

Source: https://platoblockchain.net/jefferies-group-names-matthew-larson-as-chief-financial-officer/

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