Digital Asset blames failure of CHESS blockchain clearing system
According to news on June 23, Digital Asset, a New York company that was previously responsible for developing a blockchain clearing system for the Australian Stock Exchange (ASX), blamed ASX for canceling the plan and blamed ASX for its failure. Meanwhile, ASX representatives pushed back, saying Digital Asset's claims were misleading.
Digital Asset co-founder Eric Saraniecki told attendees at the Parliamentary Joint Committee on Enterprise and Finance on June 8 that the blockchain upgrade failed for two main reasons. First, Saraniecki claimed that ASX was unwilling to hand over important test data that would allow Digital Asset to better test the functionality of the new system: "This affected our ability to design a product that met all of their requirements," he said. Not sure why the ASX was so reluctant to hand over these key figures, but it ultimately led to Digital Asset having to "assume in the air".
Second, Saraniecki said that while the ASX was openly talking about a "big bang" approach to replacing its nearly 30-year-old CHESS platform, it was simultaneously telling Digital Asset to retain outdated elements of the old system. This reportedly led to further feuds between the two companies and the eventual failure of the upgrade implementation.
Digital Asset co-founder Eric Saraniecki told attendees at the Parliamentary Joint Committee on Enterprise and Finance on June 8 that the blockchain upgrade failed for two main reasons. First, Saraniecki claimed that ASX was unwilling to hand over important test data that would allow Digital Asset to better test the functionality of the new system: "This affected our ability to design a product that met all of their requirements," he said. Not sure why the ASX was so reluctant to hand over these key figures, but it ultimately led to Digital Asset having to "assume in the air".
Second, Saraniecki said that while the ASX was openly talking about a "big bang" approach to replacing its nearly 30-year-old CHESS platform, it was simultaneously telling Digital Asset to retain outdated elements of the old system. This reportedly led to further feuds between the two companies and the eventual failure of the upgrade implementation.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.