What is – Enterprise Ethereum? Details Emerge on Secret Blockchain Project

A secretive project that would aim to make ethereum more suitable for corporate users is taking form, according to numerous sources familiar with the project.

Rumored to be called Enterprise Ethereum, the precies nature of the effort remains veiled behind an unusual degree of privacy – especially so for participants who are better known for their work ter more semi-transparent open-source communities.

Based on comments from sources, the group – which has the appearance of a broad consortium – intends to remain quiet until it is ready for a forthcoming public launch. Yet, word is already beginning to leak out.

On Thursday, 15th December, a group of startup founders and representatives from some of the world’s largest financial institutions reportedly gathered te Fresh York to discuss the common problems they face when building enterprise applications on ethereum.

On webpagina at the undisclosed location emerges to have bot several bulge bracket banks, including at least one who wasgoed te the past involved with R3CEV, a stock exchange and a major software provider, among others.

Independently confirmed attendees include Deloitte blockchain spin-off Nuco, Taiwanese blockchain consortium Amis and ConsenSys, an ethereum toneel known for working closely with major tech firms including Crimson Hat and Microsoft.

Tho’ all the parties involved were discreet, a few extra details have begun to take form.

ConsenSys chief of staff Jeremy Millar, who previously worked at Goldman Sachs and Barclays, described the secretive project to CoinDesk, stating:

“Wij are collaborating with a number of large corporate users of ethereum ter banking, energy, supply chain, insurance and other industries along with leading enterprise technology vendors and blockchain startups to establish a standard for private ethereum networks.”

According to Millar, who joined ConsenSys after founding enterprise blockchain consulting rigid Ledger Vrouwen LLP, the work is being done te partnership with numerous Ethereum Foundation members and core contributors.

Emphasis on privacy

Present at the meeting wasgoed Alex Liu, founder of blockchain consortium Amis.

A former employee of Qualcomm and Samsung, Liu indicated that the Enterprise Ethereum project would consist of an “enterprise-grade stack” and provide devices for users with requests to ensure the privacy of transactions – a major ache point for institutions today.

But, he added that the technology would leverage the strengths of ethereum’s public blockchain.

“The scalability, security, privacy that any enterprise blockchain will want, those are being added or addressed,” Liu told CoinDesk, adding:

“But you’ll also see interaction with the public chain.”

Te the days following the Ethereum Enterprise meeting, Nuco co-founder Matthew Spoke confirmed he wasgoed ter Fresh York City to participate ter the event.

Possible motives

So far, the reason for the secrecy shows up to be concerns about the competition coming from other sectors of the blockchain industry. But, there’s reason to be skeptical about this possible reasoning for the group’s launch.

Former IBM blockchain developer Henning Diedrich, who left the company last year to work on his own clever contract language, contends that ethereum’s software is already suitable for private blockchains that he tested at IBM.

However, he noted that the relatively nascent state of enterprise products like Hyperledger and R3CEV’s Corda podium may be forcing enterprise rente te a more sturdy suggesting from ethereum, a comparatively more tested alternative.

However Diedrich argued that ethereum developers still have slagroom to improve the product, he remains skeptical that a large-scale ethereum consortium is even necessary.

“Sure you can always make it lighter,” he said. “But the thresholds are being tackled.”

Not so swift

Regardless of who else might be involved, blockchain consortia have already proven their capability to help organizers recruit high-profile participants.

Ethereum users are no different, according to Hudson Jameson, a former lead blockchain researcher at USAA, and now a member of the Ethereum Foundation.

Jameson told CoinDesk that he believes “2018 is going to have a number of consortiums, primarily inbetween banks that are all testing on ethereum or ethereum derivatives.”

But, to his skill, not a single one of his peers at the Ethereum Foundation wasgoed at that secretive meeting ter Fresh York City on 15th December.

Spil for Alex Liu, he’s not astonished te the least that little is known about “Ethereum Enterprise”, if it exists.

Liu indicated the secrecy is part of the project, but only for the brief term.

“Spil you’ll see, the most titillating thing to come out of it wasgoed a series of events overheen the next month or two months that will become successively more formal.”

Industrial manufacturing picture via Shutterstock

The leader ter blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a stringent set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests te cryptocurrencies and blockchain startups.


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