JP Morgan & Co, the company behind JP Morgan Chase bank and many historical legal formations including that of General Electric, after the merger
JP Morgan & Co, the company behind JP Morgan Chase bank and many historical legal formations including that of General Electric, after the merger of Edison General Electric, and Thomson-Houston Electric Company in 1892, the formation of United States Steel Corporation, International Harvester, a US agricultural machine, and construction products manufacturer, and AT&T – is now entering a new era of technological advancement, introducing its very own blockchain platform.
Quorum, is an enterprise-focused version of Ethereum, according to JP Morgan & Co, ideal for any application requiring high speed and high throughput processing of private transactions within a permissioned group of known participants.
Quorum supports both transaction-level privacy and network-wide transparency, customizable to business requirements
- All public and private smart contracts and overall system state derived from a single, shared, complete blockchain of transactions validated by every node in the network.
- Private smart contract state is known to and validated by only parties to the contract and approved third parties, like regulators.
- Smart contracts written for an existing Ethereum implementation remain network-transparent on Quorum out of the box.
- Enhancing many existing smart contract designs to meet privacy requirements is simple and straightforward.
- The Zero-knowledge Security Layer allows for cryptographically assured, private settlement of digitized assets on Quorum.
Quorum supports institutional transaction volumes
- Quorum networks process dozens to hundreds of transactions per second, depending on how the network and smart contracts are configured. Further optimization is ongoing.
- Rather than proof-of-work (mining), Quorum uses the vote-based QuorumChain, RAFT, or Istanbul BFT (Contributed by AMIS) consensus algorithms.
Quorum supports blockchain transactions among a permissioned group of known participants
- In the initial release, permissioning is manually managed, though planned updates include smart contract based governance tools that allow an agreed upon entity to maintain operational control and enforce cybersecurity best practices.
- Transaction validation and block creation are distributed throughout the network.
- Integrated with Comae’s Porosity, the first decompiler for the Ethereum Virtual Machine.
Unlike, most recently developed blockchain-based start-ups, Quorum is not using its own token, therefore it won’t be listed in CoinMarketCap.com, pretty much staying on a level on its own, or on a level where corporate titans stand, including IBM’s Hyperledger, R3’s Corda among other.
That would make natural sense since the money will be flowing in a JP Morgan backed platform could be ten times (if not more) equal to the whole CoinMarketCap participants combined, including Bitcoin’s capitalization.
For that matter, while the platform will be transparent to its corporate users, it won’t be available to the public.
After recent announcements from various governmental institutions including G20 on regulating cryptocurrencies and blockchain-focused fintech sectors, major banking institutions would naturally seek for an early position in this new, innovative, yet volatile scene.