Jacob Dienelt, Morgan Stanley investment manager is joining Factom, a
Bitcoin technology company. With such stalwarts joining Bitcoin
startups, it looks crystal clear that they see a lot of potential in
Bitcoin ecosystem – this is indication of better days.
Nonetheless, as Factom is hiring the Morgan Stanley investment manager Jacob Dienelt as its head treasurer, the company says that his vast experience will be extremely useful. Incidentally, Dienelt co-founded the paper Bitcoin wallet company Lazzerbee while working at Morgan Stanley, where he had been for almost a decade.
Moreover, as new startups are trying to attract the assets from other successful financial solutions providers, they definitely are going to benefit from such moves. Dienelt is the latest example of so-called Bitcoin 2.0 firms poaching talent from Wall Street. Another example is of Blythe Masters, former head of commodities trading at JPMorgan Chase & Co.
Though there is not much to know about Factom, the official website says that it is distributed, decentralized protocol running on top of Bitcoin. Meaning, nobody controls it, but that it is software that people all over the world run to make the protocol work. Nonetheless, Factom.org is releasing and maintaining the software.
However, the software is open source, and anyone is free to use it for any purpose. The website says that Factom is a method of creating an immutable audit trail and it is also a mechanism to communicate changes in a system. If your application needs a central server to coordinate processes, you might be able to eliminate the central server in favor of using Factom.
Nonetheless, as Factom is hiring the Morgan Stanley investment manager Jacob Dienelt as its head treasurer, the company says that his vast experience will be extremely useful. Incidentally, Dienelt co-founded the paper Bitcoin wallet company Lazzerbee while working at Morgan Stanley, where he had been for almost a decade.
Moreover, as new startups are trying to attract the assets from other successful financial solutions providers, they definitely are going to benefit from such moves. Dienelt is the latest example of so-called Bitcoin 2.0 firms poaching talent from Wall Street. Another example is of Blythe Masters, former head of commodities trading at JPMorgan Chase & Co.
Though there is not much to know about Factom, the official website says that it is distributed, decentralized protocol running on top of Bitcoin. Meaning, nobody controls it, but that it is software that people all over the world run to make the protocol work. Nonetheless, Factom.org is releasing and maintaining the software.
However, the software is open source, and anyone is free to use it for any purpose. The website says that Factom is a method of creating an immutable audit trail and it is also a mechanism to communicate changes in a system. If your application needs a central server to coordinate processes, you might be able to eliminate the central server in favor of using Factom.
