JPMorgan Chase unveils distributed cryptographic ledger prototype 'Juno'

JPMorgan Chase has reportedly unveiled a prototype of what it calls a “distributed cryptographic ledger,” which it presented during a meeting this week of the open-source Hyperledger Project, led by the Linux Foundation.

The "distributed cryptographic ledger" prototype, called Juno, was presented by developer威尔•马里诺on March 3. JPMorgan Chase Executive大卫•沃尔said at the meeting that JPMorgan Chase has been developing the prototype since September last year and that the prototype is just one of several concepts JPMorgan Chase is working on.

Juno provides support for a smart contract language called 'Hopper' and a permissioned ledger network. The development of Juno was inspired by a consensus algorithm called 'Tangaroa', which itself is based on another consensus algorithm called 'Raft', which is said to provide better scalability than POW.

According to JPMorgan Chase's introduction at the meeting, consensus on the Juno platform is achieved through an electoral system.

At the meeting, it was also demonstrated how value is transferred between participants in this network. Nodes in this network have the right to vote, and they determine a "leader" and a group of "followers".

Once the election is complete, the client node issues a command to the "leader" - transferring $1 billion between two to three accounts created by the client and then distributing it to a group of "followers."

The project's GitHub page explains:

“Once the command is replicated to the majority of nodes, the command is applied by the leader, which issues a response to the client. At this point, the followers also apply the final transfer command. When all of this is complete, the resilience of the network can be tested. The leader is terminated and the last follower is elected as the new leader.

Marino and Wall stressed at the meeting that the prototype is still a work in progress and that future versions of the Juno program will be released along with other expansions.

In summary, JPMorgan Chase is more interested in the scalability of distributed ledgers. This report by JPMorgan Chase is also a showcase of the latest developments made by members of the Hyperledger project.

Last month, the Linux-led Hyperledger project committee elected its first chair and heard a presentation from tech giant Intel on the use of blockchain technology in virtual sports gaming.

For more information on the Juno prototype, read the JPMorgan report here.

Original article: http://www.coindesk.com/jpmorgan-juno-hyperledger-blockchain/
By Stan Higgins
Translator: printemps
Editor: printemps
Source (translation): Babbitt Information (http://www.8btc.com/jpmorgan-juno ‎)