Blockchain startup Tech Bureau and open-source project NEM make an alliance to share a new Mijin-based core “Catapult”
Blockchain startup Tech Bureau Corp, Osaka, Japan, and open source project NEM have formed an alliance to develop a new blockchain engine, codenamed, “Catapult”. Catapult is a newly amended and augmented version of the current Mijin platform that Tech Bureau has developed previously with the NEM core developers.
NEM is a next-generation blockchain project that was initiated in 2014. NEM has advanced native features such as multi-sig and multi-asset management (codenamed Namespace and Mosaic). Its full set of RESTful APIs allows developers to build applications with simple API calls using the NEM blockchain, which has been running in a stable and production mode for over 2 years.
While NEM is an open source project, and a public blockchain platform, Mijin is a private blockchain product that has been developed by the 3 core developers of NEM along with Tech Bureau since the fall of 2015.
Mijin is a high-performance product that can handle high transaction throughputs, such as 4 digits per second, even on a geographically dispersed network. Mijin has been proven that it can be applied for bank ledger systems in April 2016 by a third party test initiated by a major Japanese bank through Dragonfly Fintech, which uses Mijin at its core.
This new core engine, Catapult, has been under development since the first quarter of 2016 in stealth mode. Tech Bureau is dedicated to its commitment in the open source project of NEM. As such, it will contribute this code base into the NEM open source project when it is completed without any commercial implication. The intent of Tech Bureau to commit and provide for the NEM open source project is to demonstrate its sincere contribution to the NEM open source project, ultimately with the intention to make Mijin and NEM a strong blockchain solution, and to accelerate the growth of both TB, its partners, and NEM in a tightly knitted alliance.
New Common Core “Catapult”
Catapult is a very much improved core solution. The entire architecture will be re-worked. While it is not discerning to the user, the architecture allows for critical and secure operation, and deployment, especially in the financial services industry which requires a high security architecture. Some of the new features in the architecture include:
- Migration from Java to C++ for improved performance
- Optimization of memory management
- Improvement in flexibility
- Improvement in throughput
- Improvement in overall performance
- Improvement in stability
- Switching from http protocol to socket communication
- Optimization of network communication
“Mijin was good for the bank, but Catapult will blow the water out in its performance, architecture, and ease of security configuration and integration into the core banking system. It not only will provide for enhanced throughputs, but the design is broken up into application specific servers for ease of management in a decentralised environment, whether privately or publicly deployed. It shall form the core of the Dragonfly offering, no doubt.” said Lon Wong of Dragonfly Fintech Pte Ltd.
With this architecture, Mijin and NEM shall be creating yet another first in the crypto-sphere. Catapult will mark the beginning of an enterprise class approach. It will create a new standard of design and is unprecedented in the blockchain domain, lifting its bar.
This new technology will be provided not only to Mijin products, but also extended to the NEM open source project.
Formation of new ecosystem
Since the launch, Mijin has been consistent in providing NEM compatible APIs and features for the following reasons:
- Beneficial use of NEM based applications / software
- Sharing developer communities
- Easier integration using both public (NEM) and private (Mijin) blockchain.
Mijin and NEM work hand in hand, not only to maintain a common API specification, but also to create a new ecosystem as a fusion of the Tech Bureau commercial entity and the NEM open source project.
Jaguar0625, a core developer of NEM, said “Partnering with Tech Bureau marks an important milestone in the development of NEM. NEM is a project that started over two years ago but has proven to have staying power. Tech Bureau’s investment in and support of NEM helps secure NEM’s future and its evolution into a premier public blockchain platform. It is quite fortunate that NEM was able to find a company like Tech Bureau to partner with that shares its passion for using blockchain technology to improve the world.”
This new ecosystem will allow us to gather feedback from the NEM community, as well as it will allow us to plan new features and streamline the process for further developments. Consequently, resources for content creation, documentation, and application development to improve PR activities in a multi-language / region environment can also be shared.
Launch of Mijin in summer as an open-source product
Tech Bureau is pleased to announce that it shall contribute the commercial version of Mijin as an open-source product in summer 2016, with a dual-licensing scheme. The official launch date has yet to be confirmed.
In May, 2016, Tech Bureau secured 720 million JPY (6.6 million USD) for its Series A round and has plans for the development of Mijin and NEM, global distribution of Mijin, and expansion of its Zaif crypto exchange service.
Takao Asayama, CEO of Tech Bureau commented “It’s an unprecedented and big challenge for us all to develop products in a more efficient way than ever by fusing a commercial entity and an open source community into one, without conflict, and without interfering the very existence of an open source initiative. However, once the ball gets rolling, future versions of Mijin and NEM will be historical outcomes of this totally new ecosystem.”
Related Links: http://mijin.io/
Tech Bureau: Takao Asayama
TEL:+1-408-627-7755 / E-mail: firstname.lastname@example.org
Date of publication: May 20, 2016