The NEM Blockchain Project, Version 2.0 - Catapult
Another next milestone for the blockchain tech sector is achieved.
NEM, an ongoing open source distributed ledger technology project, is releasing the whitepaper on a private chain that is being developed by Tech Bureau. Codenamed Catapult, it shall be a successor and second iteration of Tech Bureau’s much touted Mijin private blockchain technology. It is a complete re-hash of the entire blockchain in C++. Further, the platform is re-architected to make use of API gateways, providing superior performance in terms of speed, connectivity, security, extensibility, scalability, and flexibility.
“Catapult is redefining the blockchain architecture landscape. It not only improves on the utility of the blockchain technology, but it also brings enterprise class design into the otherwise rigid and cumbersome blockchain solutions that we are used to.” says Lon Wong, CEO of Dragonfly Fintech & core member of the NEM project.
The new architecture allows for true permissioning where every user can be permitted or not, to use the blockchain, or just to see her account activities. All existing business rules of an entity can be reused and integrated with the Catapult via its powerful API gateway.
Further, Catapult is an open system and therefore is a universal standard of, and by itself. Any system can be used to communicate with it, provided it adheres to the standard web design standard.
This flexibility allows for the Catapult blockchain to not only assume 3 important roles - public permission-less, private partially permissioned, and absolutely permissioned - but also allows it to be inter-operable and shareable among different clusters of distributed ledgers.
“Catapult shall be complemented by Dragonfly Fintech’s solution to interoperate from one blockchain cluster to another seamlessly. Together, our solutions shall put us in the forefront of blockchain technology.” — Takao Asayama, Tech Bureau, Corp.
As a permissioned blockchain, the Catapult has been internally tested to scale to 3,000 transactions per second. Catapult will be released as an open source solution and shall be incorporated into the NEM public chain at some point in the future.
Read the complete whitepaper here, BTW there's a short comparison with existing other solutions (Ethereum, Bitcoin, R3’s Corda) in section six of the .PDF, too.
About Tech Bureau
Tech Bureau Corp. provides a crypto exchange “Zaif” and a private blockchain product “mijin” utilizing NEM technology. “Mijin” has been tested intensively as a high-throughput ledger engine in various applications and proven its applicability to banking systems.
About Dragonfly Fintech
Dragonfly Fintech Pte Ltd, is a Singapore financial technology company. The company provides services for financial instrument transactions in the areas of payment, settlement, and clearing using blockchain technology.
About NEM
NEM is an innovative blockchain technology project. It is written in Java and JavaScript with 100% original source code. NEM has a stated goal of a wide distribution model and has introduced new features in blockchain technology in its proof-of-importance (POI) algorithm. NEM also features an integrated P2P secure and encrypted messaging system, multisignature accounts and an Eigentrust++ reputation system.
NEM’s Cryptocurrency token XEM is traded at various major Online Exchanges since early 2015.
NEM has gone through extensive open alpha testing starting 2014. The production public chain is running flawlessly since March 31, 2015.
NEM (all its participating nodes) will soon upgrade from Java to C++ to further enhance performance.
