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R3 Sends Cease-and-Desist to Bitcoin Developer Peter Todd

Bitcoin and banks were never supposed to go hand-in-hand. So, in 2015, when the world’s largest financial institutions began investigation the technology behind Bitcoin, blockchain, it took many people by surprise. Now, approximately two years after those efforts began in earnest, it seems there’s somewhat of a clash taking place between Bitcoin and the consortium through which the world’s largest banks investigate blockchain technology, R3.

The blockchain consortium, whose main goal is to cut costs for the back office processes at major banks, seems to have no problem lobbying legal threats at members of the Bitcoin Community who do not follow the consortium’s line.

Peter Todd, longtime Bitcoin Core developer, seems to be the latest Bitcoiner to receive legal threats lobbied by R3.

Prior art basically means that it’s been done before or whatever R3 is working on is already known. (ever heard of Bitcoin or like any alternative digital blockchain?)

GoldSilverBitcoin, furthermore, has gained access to evidence that Mr. Todd is hardly the first Bitcoin community participant to receive threats from R3, as a popular Bitcoin website has also received heat for publishing not-so-flattering stories about R3 partners.

Upon making the cease and desist public, Mr. Todd also confirmed that R3 has vetoed third party peer review of its technology; namely, Corda, which Mr. Todd helped develop. R3 has maintained Corda is designed as a open-source platform.

Ultimately, all Mr. Todd did was question R3’s patent, which put the consortium on edge, which in recent weeks has left Morgan Stanley and Goldman Sachs as partners.

Mr. Todd clarifies, he was never paid for Proofchains, a precursor to Corda that R3 hired him to further develop.

R3 gained notoriety for bringing together 70 of the world’s largest financial institutions to investigate blockchain technology with an eye towards revolutionizing the way the world does business.

R3 says it will be open-sourcing Corda next week on Wednesday. Stay tuned.


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