After more than two years of work, NEM is about to finish the process to update its Blockchain. This change will be named “Catapult“ and is currently in Beta mode. The update will bring, among other changes, Aggregated transactions and Multi-Level Multisignature accounts.
What is Catapult?
Catapult is a Blockchain engine that can work in both public and private networks, among the novelties that it brings, we can find:
Exclusive accessories for Smart Contracts which will allow the creation of safer digital assets, decentralized swaps (currency agreement between two parties), advanced account systems and business logic modeling.
As confirmed by the NEM team, this update will become the main engine of NEM.
The Catapult Beta, also called mijin v.2, has three phases planned in its Open Source Project, Dual-licensing sales will begin in Phase 3.
Phase 1: Catapult Developer Preview and SDK releases. (end of March 2018).
Phase 2: Evaluation release of mijin v.2 Catapult Core Engine. (April 2018).
Phase 3: Dual-licensing of mijin v.2 in both Commercial and Open Source licenses. (May 2018).
This blockchain update has been directed by Tech Bureau, a Crypto-Fintech Lab (Crypto-Fintech Lab.) which develops software and services based on cryptographic currency and block chain technology.
Lon Wong (President, NEM.io Foundation) has commented on this:
“We’re proud to partner with Tech Bureau, as we believe the new Catapult blockchain technology platform is the future standard for mainstream enterprise and organizational infrastructures. Catapult is more than just an improvement to the NEM Blockchain. It is an industry milestone that opens up new capabilities for blockchain database functionality.”
News in the Blockchain of NEM
Catapult brings several new features that make NEM Blockchain unique, at least for now:
Aggregated transactions combine several transactions into one. Catapult generates a Smart Contract and when all parties have approved the transaction, all of them are executed at once. (It’s the only Blockchain with this feature). These aggregate transactions will make possible decentralized swaps, automatic transaction fee payments and Multi-Asset Escrowed Transactions.
Multi-Level Multisignature accounts:
It is the first time that a Blockchain admits multi-level multi-signature accounts, this adds the “AND/OR” logic to multi-signature transactions. You can also consider this as “nested signatures.” This allows a large variety of business logic which will allow the detection of fraud, account recovery, manufacturing and supply chains.
In summary, Catapult is faster, safer and with many more applications than any other Blockchain.