Rawdon Adams Returns to the Barbados Space to Spearhead Bitt Inc

The BU household has been following the rise of blockchain technology with great interest. Obviously it is technology at a nascent stage and it is the venture capitalists and early adopters who have the  task of ‘selling’ a new payment mechanism to the population.

The BU household will continue to monitor the progress of the technology and wish Rawdon Adams every success who is the newly appointed CEO of Bitt.com. We have a lot of respect for Rawdon, the BU family should recall he has contributed to the BU forum in the past. He joins Marla Dukharan at Bitt.com where another person we have a lot of respect was recently added to the team to lead the charge.

The Barbados directorate should take note that the OECS sub-region has signed up with Bitt.com to pilot the technology.

The following article extracted from Coindesk.com.

 

Barbados Underground

Bitt, the blockchain payments startup backed by Overstock’s Medici Ventures, has announced the hiring of a new chief executive officer.

The new CEO, Rawdon Adams, takes the helm of the Barbados-based startup just months after it unveiled an ambitious plan to develop a pan-Caribbean settlement network built with blockchain tech. The plan, Bitt said in May, is to create a way to better connect a region with more than a dozen governments, each with their own currency systems.

The startup has also worked with the Central Bank of Barbados on pilot blockchain initiatives.

The appointment of Adams adds heft to the startup’s regional plans. Rawdon is the son of Tom Adams, who served as the country’s prime minister between 1976 and 1985. Tom Adams, in turn, was the son of Sir Grantley Herbert Adams, the first and only prime minister of the former West Indies Federation.

According to LinkedIn, Rawdon previously worked as an analyst for GE Medical Systems and founded market arbitrage software startup ArbMaker in 2008.

Jonathan Johnson, president of Medici Ventures, said in a statement:

“Rawdon is the perfect leader to grow and scale Bitt to the next level and bring to fruition Bitt’s initial vision in the Caribbean.”

Overstock, through Medici, invested $4 million in Bitt in April of last year.

Editor’s Note: This report has been updated for clarity.

 

The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at news@coindesk.com

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180 Comments on “Rawdon Adams Returns to the Barbados Space to Spearhead Bitt Inc”

  1. Vincent Haynes October 1, 2017 at 10:06 AM #

    Bushie

    Hahaha…..Bwoi ah wuh a’we wuddah do wid out your bovine excrement pun a day……keep on doing what you doing…….up and on….

    PLT

    You are welcome

    David

    The only ism one should hold fast too is…pragmatism…..

    Like

  2. Hal Austin October 1, 2017 at 10:07 AM #

    peterlawrencethompson September 30, 2017 at 6:05 PM #

    “How did Bittcoin get regulatory permission, what loops did they have to jump through”

    plt

    Again, I will counsel caution. An unregulated new currency is like the old wild west with the fastest gun winning the prize.
    Blockchain technology ma5y lead to disintermediation, which will put back financial services ages.
    One thing is for sure, the technological revolution will be not be delayed by the lack of proper regulation – which always follows progress.
    Already the exchange value of the currency has dropped since early September by about 25 per cent, as a result of the Chinese prohibition.
    One analyst believes that bitcoin will compete with precious metals in diversified portfolios and predicts that in time it may account for about five per cent of the over US$7.5trn alternative currency market, which is growing spectacularly.
    There are now bitcoin ETFs and there is now a market for clearing bitcoin ETFs, although the SEC has rejected them.
    I say all this to say that caution must be our watch word. Whatever we may feel about ourselves, our financial markets are very under-developed and a mad rush in to cryptocurrencies may end in tears.
    Financial services is highly speculative and there are lots of Bernie Madoffs about. In 1999 some of us were shocked when a book, Dow 36000: The Strategy for Profiting From the Coming Rise in the Stock Market, predicted the Dow would hit that magic number by 2004. The next year we had the Dot.com crash.
    Recently, the Sage of Omaha predicted Dow will reach 1m within a century. Most of us will not be around to see the outcome, but over the last one hundred years the Dow has had compounded annual growth of just under six per cent. Buffet also called derivatives weapons of mass destruction.
    I end by pointing out that some of the very people bitterly opposed to currency derivatives are now advocates of cryptocurrencies. What a strange world.

    Like

  3. Well Well & Consequences Observing Blogger. October 1, 2017 at 10:08 AM #

    PLT…block chain as understood is the future for finance, there is no denying that reality, but it’s all the little follow on scams launched from the block chain platforms. .. are the real problem and what one has to watch out for and be very wary of…for sure.

    Like

  4. Alien October 1, 2017 at 10:27 AM #

    Is it yet possible to secure financing in Bitcoin to be repaid in Bitcoin or is it always necessary to secure financing in dollars, to purchase Bitcoin? Asked another way, are investments in Bitcoin made to become wealthy in Bitcoin or wealthy in dollars?

    Like

  5. David October 1, 2017 at 10:31 AM #

    @Vincent

    To your earlier comment which rubbed Bush Tea the wrong way (not getting between you two Combermere boys)forget blockchain and bitcoin technology for the moment. Accept that many Fortune 500 and other top companies in the world are striking alliances with Fintecs to effectively integrate emerging technologies with traditional ‘product’ lines. It is the future. Again, we should support local companies/actors getting in on the ground floor for a change. For too long we have been satisfied with being takers of the technology. The upside to the alliance is that the traditional companies shave the know how/relationships with the oversight bodies therefore there is the expectation from a risk management perspective that a happy balance will be found.

    Like

  6. David October 1, 2017 at 10:34 AM #

    @Alien

    Have we not stressed that it is nascent technology? It is designed to be a currency (crypto) if consumer takeup achieves goal to fit product rollout then who knows what is possible. You should write or call Gabriel Abed, he s a smart fellow. Visit Bitt.com and email them.

    Like

  7. Alien October 1, 2017 at 10:39 AM #

    David, Bit not Bitt. Okay, is it yet possible to secure financing in digital currency to be repaid in digital currency or is it always necessary to secure financing in dollars, to purchase digital currency? Asked another way, are investments in digital currencies made to become wealthy in digital currencies or wealthy in dollars?

    Like

  8. Alien October 1, 2017 at 11:15 AM #

    https://cointelegraph.com/news/how-are-new-bitcoins-created-a-brief-guide-to-bitcoin-mining

    How Are New Bitcoins Created? A Brief Guide to Bitcoin Mining

    9572 Total views 346 Total shares

    Bitcoin is often compared with gold, and one of the chief factors of similarity it the way they’re both obtained. Similarly to gold, new Bitcoins are created via the process called “mining.”

    In fact, Bitcoin mining has a two-fold purpose: it allows for the creation of new coins and facilitates the processing of transactions in the network.

    Another parallel with the precious metal is that there’s a limited amount of Bitcoins that can ever be mined: no more than 21 mln coins. As of 2017, nearly 17 mln Bitcoins have already been mined.

    Mining can be quite a competitive task as new Bitcoins are created at a predictable and fixed rate. Those rates have been defined by Satoshi Nakamoto, the creator of Bitcoin, in the white paper published in 2008.

    The more miners join the network, the more difficult it becomes to make a profit for each of them. Because of that, miners have to remain highly competitive to keep receiving Bitcoins as a reward for validating the transactions.

    What you need to start mining
    Bitcoin mining is the process of adding records of a new transaction to the Blockchain – the public ledger of all transactions that have ever taken place in the Bitcoin network.

    New transactions are added in batches called “blocks” roughly every 10 minutes, hence the name Blockchain. The ledger is needed for the nodes of the Bitcoin network to always be able to confirm valid transactions.

    In order to become a Bitcoin miner, a person first needs a computer and mining software – like the GUIMiner. This program uses the computer’s resources to perform complex mathematical calculations.

    When any one miner succeeds in solving their math problem, they get to create a new block and receive a certain number of Bitcoins as a reward, known as “the block reward.”

    Every 210,000 blocks, or, roughly, every four years, the block reward is halved. It started at 50 Bitcoin per block in 2009, and in 2014 it was halved to 25 Bitcoins per block.

    However, mining on personal computers has only been feasible in the early years of Bitcoin. By now, the network is so competitive, that using specialized hardware is the only way to make a profit.

    The first ASICs – or Application-Specific Integrated Circuits – were introduced in 2013, designed specifically for the purpose of mining from the start.

    Despite the existence of such specialized equipment, the situation didn’t become easier for miners, as new, more efficient ASICs are released all the time. And the problem of paying for electricity bills is only exacerbated by the new, power-hungry hardware.

    Nowadays there are many prominent companies which design and produce mining hardware. Among them, are Bitfury, Bitmain. You may also find used equipment on eBay or Amazon.

    So, to recap, miners use their hardware to verify valid transactions, pack them into blocks, solve mathematical problems during the process which is called “hashing,” and, after getting a correct solution, add new blocks to the Blockchain.

    What is ‘hashing’?
    Bitcoin uses a cryptographic hash function SHA-256 for encryption. This algorithm allows you to take data of any size and turn it into a string of a specific, predefined size. The resulting string is called a “hash,” and the process of applying the hash function to random inputs is called “hashing.”

    It’s impossible to predict what the hash of any one input will be until you actually calculate it. The goal of the miners is to keep feeding the hash function with different inputs until they get a specific hash value which is below a certain threshold, which is called the “difficulty” of network.

    The difficulty is automatically adjusted every 2016 blocks – or, roughly, every 14 days – in accordance with the growing or shrinking combined computational power of the network.

    If the network became more powerful over the last 2016 blocks, then the difficulty value is decreased to make it harder to find a valid hash and vice versa.

    Considering the immense computational power that the Bitcoin network currently employs, it takes trillions of computer-generated guesses from all over the world until the right hash value is found by someone. And if you are the first to do it – congrats! You have just mined a block and got a reward of 12,5 Bitcoins.

    Pitfalls to avoid in mining
    As with any other activity, mining has some pitfalls to avoid. Let’s take a closer look at some mistakes usually made by newbie miners:

    You shouldn’t start mining without preparations. Given that it is a highly competitive sphere, profitable mining requires thorough planning and preparation. Many examples can be found of people, who had bought too much hardware equipment without calculating all the costs of running it and the likely profit rates. After finding out that they can’t maintain profitable operations with their equipment, these unfortunate miners usually have to re-sell it at a large discount.

    You also shouldn’t follow the hype and mine whatever coin that is the most trendy at the moment. From time to time, one coin or another will get overhyped, and a lot of new miners will start pouring in, driving the difficulty of its network up. As a result, mining becomes very hard for everyone, and almost no one manages to make a profit. This scenario has taken place recently with Ethereum, for example.

    What you should do, is take good care of your PC. Mining places a huge load on the computer’s processors, which have to run at full capacity all the time. If done without proper care, it might cause hardware malfunctions.

    All in all, mining is both a difficult and profitable business to get involved in. But if you’re going to try it – good luck to you!

    Like

  9. Vincent Haynes October 1, 2017 at 11:20 AM #

    David

    One wonders why the USA the present control of world currencies thanks to the Saudis&oil, up to 2016 was against it and are presently warming to it.

    Why did China the next world power ditch it,is the next question that needs answering before the Caribbean and little Bim jump in.

    Like

  10. Alien October 1, 2017 at 12:03 PM #

    How to get a Bitcoin loan
    https://www.bitbond.com/resources/bitcoin-loan/

    Like

  11. peterlawrencethompson October 1, 2017 at 12:17 PM #

    @Vincent Haynes October 1, 2017 at 11:20 AM #

    The answers to your questions are simple. The American financial regulatory agencies are still against Bitcoin; they have never warmed to it and they never will because its cryptographic properties make it useful for money laundering and other untraceable transactions, posing a threat to their financial infrastructure. What they have done is begun to use blockchain technology, which is completely independent of and predates Bitcoin by decades, to improve their own financial infrastructure. The Chinese are no different: they have blocked Bitcoin, but are no doubt using blockchain technology in their own financial infrastructure.

    Like

  12. David October 1, 2017 at 12:22 PM #

    RBC using blockchain for payments between U.S., Canadian banks

     

    An RBC sign is seen in the financial district on Bay Street in Toronto.

    MARK BLINCH/THE GLOBE AND MAIL

    MATT SCUFFHAM

    TORONTO

    REUTERS

    SEPTEMBER 27, 2017SEPTEMBER 27, 2017

    Royal Bank of Canada is experimenting with blockchain to help move payments between its U.S. and Canadian banks, one of the bank’s senior executives told Reuters on Thursday.

    Martin Wildberger, RBC’s executive vice president for innovation and technology, said use of distributed ledger technology, or DLT, would improve the speed of payments, reduce complexity and lower costs.

    The bank developed the system over the past six months at an RBC blockchain technology center in Toronto, deploying software developed by a cross-industry open-source blockchain consortium known as Hyperledger.

    The technology was integrated into RBC’s existing systems several weeks ago as a "shadow" to RBC’s primary ledger, letting the bank monitor payments in real-time as they travel between the United States and Canada, he said.

    "We wanted to set it up as a shadow ledger so that we can demonstrate our leadership in exploiting that technology while at the same time recognizing that the technology is still early in its adoption phase," Wildberger said.

    Blockchain emerged in 2009 as the system underpinning the cryptocurrency bitcoin, allowing people to quickly and anonymously exchange electronic currency. It is a shared ledger of transactions maintained by a network of computers rather than a central authority.

    Investors have since put billions of dollars into developing blockchain, betting the technology could make banking operations faster, more efficient and more transparent.

    Although concerns remain about the legitimacy of bitcoin, which JP Morgan Chief Executive Jamie Dimon described as a fraud earlier this month, the credibility of the blockchain technology itself has increased.

    A growing number of senior bankers have said they believe it will eventually revolutionize the way payments are made across the industry, reducing complexity and costs of back-office processes.

    "Everybody recognizes blockchain will be transformative and critical," said Wildberger. "At the same point in time, I think everybody recognizes these are early days."

    RBC is looking to use blockchain to improve its rewards and loyalty offers and trade finance capabilities, he said.

    Canada’s central bank said in May that it had decided against using blockchain to provide the underlying infrastructure for the country’s interbank payment system after a year-long investigation, saying "too many hurdles" had to be overcome to make the approach viable.

    Stephen Poloz on the economic issue that keeps him up at night(THE CANADIAN PRESS)

    Like

  13. Vincent Haynes October 1, 2017 at 12:48 PM #

    PLT

    Thanks

    Like

  14. Alien October 1, 2017 at 12:58 PM #

    Six myths about blockchain and Bitcoin: Debunking the effectiveness of the technology
    https://www.kaspersky.com/blog/bitcoin-blockchain-issues/18019/

    Like

  15. Alien October 1, 2017 at 1:07 PM #

    Blockchain technology: 9 benefits & 7 challenges
    https://www2.deloitte.com/nl/nl/pages/innovatie/artikelen/blockchain-technology-9-benefits-and-7-challenges.html

    Like

  16. Alien October 1, 2017 at 1:29 PM #

    How do blockchain businesses make money?
    https://www.quora.com/How-do-blockchain-businesses-make-money

    How can I make money with blockchain technology?
    https://www.quora.com/How-can-I-make-money-with-blockchain-technology

    Like

  17. peterlawrencethompson October 1, 2017 at 1:37 PM #

    @Alien October 1, 2017 at 12:58 PM #
    Thanks Alien

    Like

  18. Alien October 1, 2017 at 1:43 PM #

    Certified Blockchain Professional (CBCP)TM
    https://blockchaininstituteoftechnology.com/certifications/certified-blockchain-professional/

    Like

  19. Well Well & Consequences Observing Blogger. October 1, 2017 at 3:39 PM #

    As long as a person you do not get CHAINED to any of it, end up on the TRADING BLOCK with everything you worked your whole life to attain is in someone else’s control in a
    STOCK MARKET….it will be just fine.

    All of those key words are ominous and have been for centuries, as long as you understand them, you can avoid pitfalls.

    I wonder if the world’s crooks who appear to reincarnate after every generation are doomed to use the same words over and over through eternity.

    Like

  20. SuckaBubby October 2, 2017 at 10:31 PM #

    Only a matter of time, coupled with wireless technologies and the cell phones, this cryptocurrency business will be embedded into the human body,ultimately aiming to encode it into the human genome.The promotion, security, you are your own money,the evil,no man may buy or sell , save he has the mark of the beast.

    Like

  21. Money Brain, October 2, 2017 at 10:52 PM #

    Sucky,
    They are already implants in the hand of employees in some Corps in the US.

    Like

  22. Well Well & Consequences Observing Blogger. October 3, 2017 at 5:36 AM #

    One of the Dakotas already have chips implanted in citizens, a university designed them and people are now walking barcodes to be scanned…

    …..am sure within the the next 20 years most states would have achieved the branding of the sheeple.

    The Caribbean should stay well away from herding and branding their people, once again reinstituting slavery.

    Slaves do not want to be free, they want to become slave masters.

    Like

  23. SuckaBubby October 3, 2017 at 8:24 AM #

    Correct @ Money brain and Well well.They are optional trial runs.The cashless supermarket has already been implemented and also under a trial basis.

    Like

  24. Money Brain, October 3, 2017 at 9:02 AM #

    There is NO WAY that I will accept the Mark of The BEAST!

    Like

  25. Well Well & Consequences Observing Blogger. October 3, 2017 at 3:42 PM #

    MoneyB….got that right, it will be the permanent enslavement of EVERYONE…for thousands of years to come, the plan has been in place for decades, they dont want to let go…too greedy and selfish.

    Every security expert, programmer encoder and cryotographer I know is saying the same thing, stay away from these scams, particularly Caribbean people who are the most vulnerable to con artists.

    “James Austin Bynoe
    September 28, 2017 at 10:51 pm
    As a cyber security expert for over 20+ years …. being an early adopter of blockchain technology will be a huge ERROR for the region.

    While the bitcoin sharks, opportunist and their minions are working to mind trick central banks across the region … it is important to note that the region as a whole is “totally unprepared” for digital currency from the cyber security perspective.”

    Like

  26. Money Brain, October 4, 2017 at 9:16 AM #

    Vinni,
    They dont have a clue where Bitcoin is going. But the Governments will be hunting all BITTerly.

    In 1653 just one Supreme Tulip bulb sold for an entire good size farm!!!!! When the inevitable collapse came it bankrupted Holland and mashed up the finances for years.

    Like

  27. Vincent Haynes October 6, 2017 at 5:03 PM #

    MB

    Yup…..another take on it…..

    IMF Chief Christine Lagarde thinks bitcoin could give central banks a run for their money.
    -1:26
    5,795 Views
    CNBC Crypto
    1 hr ·

    Like

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