Key Points

References

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Ready Layer 1 - a token state engine?

Ready Layer 1 article

Thanks Tony McLaughlin. I need to walk through your Ready Layer 1 again with my different contexts hat on. I do see many here focus in on common financial transaction patterns. Beyond finance there are many patterns. I look for common models that support a variety of patterns. Maybe the biggest takeaway I have from the comments is just listing the key assumptions they make about transactions which are relevant to the contexts they look at.

Jim’s Review of "Ready Layer 1” from Tony McLaughlin - ReFi is the way forward

My notes

Digital-Banking-notes1. gdoc

im-digital-platform-banking.docx file

Coming from the world of finance, I fully agree with Tony McLaughlin’s concepts.
Current projects at RLN, RSN, Swift, DTCC, Central banks are moving forward using Ready Layer 1 concepts now
I also see the gaps in DeFi as currently conceived - value, technical, business.
Similar to Tony, the way forward is a connected platform-based hybrid solution that will better address: trust, risk, compliance, stability in markets, investments.
DeFi missed many keys for success.
Traditional Finance didn’t evolve well.
Change leadership comes from building higher value solutions in finance with better trusts, cost, risks, compliance, operations resilience and automation that integrates the existing finance world easily and effectively. That’s the mission.
It’s a mission of open communications, standards, partnerships, iterative delivery.
It’s a time to move past the limited vision and capabilities of DeFi.
It’s time to build better partnerships to create solutions delivering on key criteria for financial solutions.
Large parts of the existing financial systems are working in this space today.
I’ve been involved in many of those projects ( EUBOF, LFDT, INATBA, Digital Government & Identity at RI, RLN, RSN, Hamilton, Swift, Lithium, Fidelity, Sybal, DTCC, Citizens Bank, DSM, US and EU regulations on banking, digital assets etc ).
It’s time for ReFi - Re-imagine Finance ( move past DeFi and CeFi ) - a new, comprehensive model to strengthen existing financial systems for all stakeholders
There is a “Getting Started” model from here that makes sense focused on active participation in the right communities
Borrowing a model from friends who are re-inventing supply chain, it’s not replacing existing systems, it’s improving them by automating trust, compliance, value, efficiency, coordination, integration, efficiencies by seeing all stakeholder groups and then providing the right incentive systems to optimize and grow performance.
The formula for success has already been invented. It’s time to execute it with ReFi