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NEM Heading towards Major Blockchain Upgrade ‘Catapult’

The NEM blockchain project while maintaining its strategy and promises concerning the cryptocurrency community introducing a dedicated development studio to support its move towards a major protocol upgrade known as “Catapult.”

The NEM Foundation, a non-profit organization which promotes NEM blockchain tech along with NEM Holdings which is a not-for-profit firm of NEM ventures, announced through a NEM news website about the launch of “NEM Studios” to drive its forthcoming protocol upgrade ‘Catapult’ on June 20.

Reportedly, NEM Studios would be a dedicated back end unit to support the continuing development of Catapult, which is indicated as a next generation of the NEM protocol and a full-featured blockchain engine. Through this initiative, both public and private networks would be able to utilize the unique smart contract plugins. This purportedly ensures a wide range of capabilities, few among them are decentralized swaps, advanced account systems, digital asset creation, and business logic modeling.

The information states that for the Catapult- which is NEMs major upgrade, the team of NEM developers constantly working with Tech Bureau, since 2016. Catapult is planned for the release later this year, while the beta version of Catapult (also called mijin v.2) launched in 2018.

NEM Blockchain

It is proposed that NEM Studios is aiming to assist enterprises globally and promising to deliver them “high speed, configurable and scalable blockchain solution.” All the undertakings while developing the system would be funded by NEM Core, which is a part of the NEM Holdings group. The activities of NEM Studios would also include recruiting an experienced CTO along with the proficient team of developers who would be accountable for the development of the Catapult Core protocol and API layer.

The announcement also mentioned that “The CTO will work in a matrix with the NEM Foundation supporting the continued development of client tools and supporting technologies to make enterprise adoption smoother.”

David Shaw, the Chair and Trustee of NEM Holdings and Chair of the Investment Committee for NEM Ventures would be heading NEM Studios as a Director. Along with him, Alexandra Tinsman, President of the NEM Foundation; and Nate D’Amico would also be included to perform a role of the navigating committee members and would lead the whole concept in terms of the go-to-market strategy for the spearheading project.

Shaw while expressing his excitement towards the imminent project said: “We are thrilled to be creating a dedicated team to bring Catapult to life this year and support its development into the future. We will be looking to recruit the best in the business, with deep technology experience, and look forward to creating a more effective and scalable ecosystem for our community.”

Tinsman, said: “NEM Studios will be focused on creating a more user-friendly network that is built with the end user in mind. Our collaboration with NEM Studios proves our commitment to creating a blockchain that can be leveraged across industries and scaled globally.”

Tech Bureau and Zaif Cryptocurrency Exchange

Tech Bureau is a fintech and cryptocurrency group company in Japan, the U.S., and Europe, develops software and services for blockchain technology. Allegedly, Tech Bureau has also created Zaif cryptocurrency exchange platform which was hacked in September 2018, and later it was acquired by FISCO- the Japanese investment firm.

Tags: NEM Blockchain, NEM Studios, Catapult,Cryptocurrency, Tech Bureau, FISCO, Japanese Investment Firm, Protocol Upgrade,NEM Holdings, NEM Core,Blockchain Technology, David Shaw, Alexandra Tinsman, Nate D’Amico.

Image Source: Twitter/NEM