Catapult has been developed by the NEM ecosystem, and with the release of this system, things are likely to get a lot better for NEM, which is often overlooked.
Catapult is a blockchain engine, which is capable of supporting both public and private chains through unique smart contract plugins. This simple concept could actually open up great opportunities, and it could soon be facing competition from other blockchains and smart contracts.
So, just how will Catapult work? According to NEM itself, the smart contract plugins that it uses have many different uses; including a bulletproof digital asset creation, decentralised swaps, along with business logic modelling. The development is not final, and will continue over the next few months; however, there is hope that it will become the new core NEM engine – something that again will be music to their supporters ears and can only boost the system. On top of everything, they have some more interesting features, including improvement to speed and scalability, aggregated transactions and multi-level signature accounts.
The aforementioned aggregated transactions is capable of combining a number of different transactions into just one, which means that trustless atomic cross-chain transactions can take place. The way that Catapult are able to achieve this is by generating a one-time disposable smart contract, which actually executes all the transactions, but only one all parties approve them. No other blockchain projects are offering this right now.
Catapult has been designed so that it can be used by anyone. The technology is incredibly versatile, leaving the team confident that their creation can serve all projects; “from voting and insurance to medical records and encrypted messaging”.
Catapult really is looking promising, and has the potential to be a great project; however, it is impossible to predict just how it will perform, and whether enterprisers and developers will immediately use this new solution.
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