JP Morgan’s Ethereum-Based Quorum Gets Mixed Reception

JP Morgan’s Ethereum-Based Quorum Gets Mixed Reception

jp-morgan

 

Ethereum has become the latest focus of attention of global banking conglomerate JP Morgan, which has unveiled its latest blockchain-based product.

 

Quorum by JP Morgan: ‘A New Set Of Consensus Rules’

Quorum is a publicly available system JP Morgan is developing as a tool to iron out the “problems” of blockchain technology versus the needs of traditional banking.

“It’s a work in progress implementation of a new set of consensus rules, using an on-chain model to do block creation and validation,” Ethereum core developer Jeffrey Wilcke explained on Reddit in response to community questions Thursday.

Quorum looks to split (or, rather, combine) the functions of public and private blockchains to provide traders with privacy and onlookers — such as the regulator — with appropriate control and overview.

While the announcement marks renewed faith in Ethereum in the wake of its turbulent year following the DAO hack and divisive hard fork, the latest direction has led community members to express mixed feelings. Specifically, the direct involvement of Ethereum developers has spawned skepticism about the ethics of the Quorum project.

Notably, R3CEV director of market research Tim Swanson made a tweet showcasing his doubts:

 

Developers: Different Blockchains ‘Not Inherently Incompatible’

Wilcke, meanwhile, went into further details about the difficulties Quorum would hopefully resolve.

“There’ll be a difference between ‘private’ and ‘public’ on that same chain and also true, global consensus over both public and private will [therefore] never be met,” he continued.

“Consensus can be reached over subsections of the private parts. . .of the state and global consensus can be reached over the public part of the state.”

Fellow developer Hudson Jameson provided additional comment on the niche available for the project to fill.

“Don’t think about private, consortium, and public blockchains as indefinitely incompatible. I believe there will be a future that private/consortium chains will interact and share data with public chains,” he wrote.

“A consortium blockchain gives you the ability to work with other actors without fully trusting them.”

 

A Long Road Ahead

Nonetheless, despite buoyant comments from the JP Morgan camp, Quorum remains very much in its infancy.

“Next week(s) will be [spent] cleaning up the repo and getting it back on to mainline develop, followed by opening up the repo / PR,” Wilcke added.

JP Morgan appears to be noticeably keen not to back down on blockchain. The past two years have seen the departure of its resident expert Blythe Masters, as well as its unsuccessful attempt to patent its own Bitcoin-esque payment system.

“We have people building the most stress-tested financial systems in the world,” the Wall Street Journal quotes Quorum program lead Amber Baldet as saying. “Bringing that enterprise expertise [to blockchain] is one of our strengths.”

What do you think about Quorum, its potential and ethos? Let us know in the comments section below!

[Bitcoin]

October 12, 2016 / by / in , , , , ,

Leave a Reply

Show Buttons
Hide Buttons

IMPORTANT MESSAGE: Scooblrinc.com is a website owned and operated by Scooblr, Inc. By accessing this website and any pages thereof, you agree to be bound by the Terms of Use and Privacy Policy, as amended from time to time. Scooblr, Inc. does not verify or assure that information provided by any company offering services is accurate or complete or that the valuation is appropriate. Neither Scooblr nor any of its directors, officers, employees, representatives, affiliates or agents shall have any liability whatsoever arising, for any error or incompleteness of fact or opinion in, or lack of care in the preparation or publication, of the materials posted on this website. Scooblr does not give advice, provide analysis or recommendations regarding any offering, service posted on the website. The information on this website does not constitute an offer of, or the solicitation of an offer to buy or subscribe for, any services to any person in any jurisdiction to whom or in which such offer or solicitation is unlawful.