Even though most people tend to overlook the NEM ecosystem, this particular cryptocurrency project is coming together nicely. With the release of Catapult, things will only get better from here on out. This full-featured blockchain engine offers a lot of benefits to developers and corporations.
Catapult in a Nutshell
The concept of Catapult is rather straightforward. It is a blockchain engine which supports both public and private chains through unique smart contract plugins. This opens up a lot of new opportunities for interested parties to explore in the months and years to come. More competition in the world of blockchains and smart contracts can only be considered a good thing.
How Does it all Work?
The concept of smart contract plugins will certainly attract a lot of attention. According to the NEM team, these plugins have many use cases. Among the possibilities are bulletproof digital asset creation, decentralized swaps, and business logic modeling, all of which sound pretty appealing.
It is expected Catapult will continue to evolve in the months to come. If things go according to plan, it will become the new core NEM engine, which is something to look forward to for NEM supporters. Some of the more intriguing aspects of Catapult include improvements to speed and scalability, aggregated transactions, and multi-level signature accounts.
Aggregated transactions combine multiple transactions into one, allowing for trustless, atomic cross-chain transactions. Catapult achieves this by generating a one-time disposable smart contract which executes all transactions once all parties approve the transaction. It is a very different approach compared to what most blockchain projects are offering right now, but that is not necessarily a bad thing.
Who Will use Catapult?
Even though the technology is quite versatile, finding use cases for Catapult may not be so easy for most people. The NEM team is confident their creation can serve any type of project, from voting and insurance to medical records and encrypted messaging. Whether or not enterprises and developers will flock to this new solution is very difficult to predict.